Penguin Solutions (NASDAQ:PENG) Lowered to Buy Rating by Wall Street Zen

Wall Street Zen lowered shares of Penguin Solutions (NASDAQ:PENG) from a strong-buy rating to a buy rating in a report released on Sunday.

Other research analysts also recently issued research reports about the stock. Stifel Nicolaus boosted their price objective on shares of Penguin Solutions from $66.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. Citigroup reiterated an “outperform” rating on shares of Penguin Solutions in a research note on Wednesday, July 8th. Needham & Company LLC lifted their target price on Penguin Solutions from $60.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, July 8th. Weiss Ratings upgraded Penguin Solutions from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, July 8th. Finally, Citizens Jmp upped their price target on Penguin Solutions from $65.00 to $85.00 and gave the company a “market outperform” rating in a report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Penguin Solutions presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.33.

Penguin Solutions Stock Performance

Shares of PENG stock opened at $53.85 on Friday. Penguin Solutions has a 1 year low of $16.04 and a 1 year high of $89.86. The firm’s fifty day simple moving average is $62.97 and its 200 day simple moving average is $37.00. The firm has a market capitalization of $2.76 billion, a P/E ratio of 38.19 and a beta of 2.83. The company has a current ratio of 1.54, a quick ratio of 1.10 and a debt-to-equity ratio of 0.65.

Penguin Solutions (NASDAQ:PENG) last released its earnings results on Tuesday, July 7th. The company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.63 by $0.21. Penguin Solutions had a net margin of 6.44% and a return on equity of 28.23%. The firm had revenue of $478.71 million during the quarter, compared to analysts’ expectations of $407.47 million. During the same period in the prior year, the company earned $0.52 EPS. As a group, sell-side analysts predict that Penguin Solutions will post 2.08 EPS for the current year.

Insider Buying and Selling at Penguin Solutions

In other news, SVP Joseph Gates Clark sold 10,351 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $58.87, for a total value of $609,363.37. Following the completion of the transaction, the senior vice president owned 66,425 shares in the company, valued at approximately $3,910,439.75. This represents a 13.48% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sandeep Nayyar sold 7,107 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $43.48, for a total transaction of $309,012.36. Following the transaction, the director directly owned 25,417 shares of the company’s stock, valued at $1,105,131.16. The trade was a 21.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 58,351 shares of company stock worth $2,859,351. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PENG. State Street Corp boosted its holdings in Penguin Solutions by 3.2% during the fourth quarter. State Street Corp now owns 2,957,938 shares of the company’s stock valued at $57,857,000 after purchasing an additional 91,805 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Penguin Solutions by 4.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,388,748 shares of the company’s stock worth $46,726,000 after buying an additional 95,585 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Penguin Solutions by 596.8% in the 4th quarter. Invesco Ltd. now owns 1,992,415 shares of the company’s stock worth $38,972,000 after buying an additional 1,706,482 shares in the last quarter. Paradigm Capital Management Inc. NY lifted its position in shares of Penguin Solutions by 73.8% during the 1st quarter. Paradigm Capital Management Inc. NY now owns 1,605,100 shares of the company’s stock worth $28,250,000 after buying an additional 681,700 shares during the period. Finally, Ophir Asset Management Pty Ltd boosted its stake in Penguin Solutions by 234.3% in the 4th quarter. Ophir Asset Management Pty Ltd now owns 1,211,612 shares of the company’s stock valued at $23,699,000 after buying an additional 849,178 shares in the last quarter.

About Penguin Solutions

Penguin Solutions, Inc engages in the designing and development of enterprise solutions worldwide. It operates through three segments: Advanced Computing, Integrated Memory, and Optimized LED. It offers dynamic random access memory modules, solid-state and flash storage, and other advanced integrated memory solutions for networking and telecom, data analytics, artificial intelligence and machine learning applications; and supply chain services, including procurement, logistics, inventory management, temporary warehousing, programming, kitting, and packaging services.