Penguin Solutions (NASDAQ:PENG) Coverage Initiated by Analysts at Loop Capital

Loop Capital started coverage on shares of Penguin Solutions (NASDAQ:PENG) in a report released on Tuesday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $30.00 price target on the stock.

Several other research firms also recently issued reports on PENG. The Goldman Sachs Group assumed coverage on shares of Penguin Solutions in a research note on Friday, November 1st. They set a “buy” rating and a $21.00 price objective for the company. Barclays lowered their price target on Penguin Solutions from $27.00 to $22.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Citizens Jmp upgraded Penguin Solutions to a “strong-buy” rating in a research note on Monday, November 18th. JMP Securities began coverage on Penguin Solutions in a research note on Monday, November 18th. They issued an “outperform” rating and a $23.00 target price for the company. Finally, Needham & Company LLC dropped their target price on Penguin Solutions from $35.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Penguin Solutions has an average rating of “Buy” and a consensus target price of $25.00.

Penguin Solutions Stock Performance

PENG opened at $19.84 on Tuesday. Penguin Solutions has a 1 year low of $14.87 and a 1 year high of $29.81. The business has a 50 day moving average of $18.42. The firm has a market capitalization of $1.06 billion, a PE ratio of -19.84 and a beta of 1.69. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.65 and a quick ratio of 2.19.

Penguin Solutions (NASDAQ:PENG) last announced its quarterly earnings results on Tuesday, October 15th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.04). The company had revenue of $311.15 million during the quarter, compared to analyst estimates of $325.00 million. Penguin Solutions had a negative net margin of 4.48% and a positive return on equity of 8.05%. As a group, sell-side analysts expect that Penguin Solutions will post 1.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Penguin Solutions

In other news, insider Joseph Gates Clark sold 2,264 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $17.50, for a total transaction of $39,620.00. Following the transaction, the insider now owns 95,999 shares of the company’s stock, valued at approximately $1,679,982.50. This trade represents a 2.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Jack A. Pacheco sold 6,666 shares of Penguin Solutions stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $20.00, for a total value of $133,320.00. Following the completion of the transaction, the chief operating officer now owns 235,960 shares of the company’s stock, valued at $4,719,200. This trade represents a 2.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 22,264 shares of company stock valued at $440,287 in the last three months. Corporate insiders own 2.60% of the company’s stock.

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.