The Goldman Sachs Group Cuts Penguin Solutions (NASDAQ:PENG) Price Target to $22.50

Penguin Solutions (NASDAQ:PENG) had its target price lowered by The Goldman Sachs Group from $26.00 to $22.50 in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts have also issued reports on PENG. JPMorgan Chase & Co. assumed coverage on Penguin Solutions in a research report on Monday, March 31st. They issued a “neutral” rating and a $20.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $27.00 price target on shares of Penguin Solutions in a report on Thursday. Loop Capital started coverage on shares of Penguin Solutions in a report on Tuesday, January 7th. They set a “buy” rating and a $30.00 price objective for the company. Rosenblatt Securities reissued a “buy” rating and issued a $27.00 target price on shares of Penguin Solutions in a research report on Thursday. Finally, Barclays increased their target price on Penguin Solutions from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, January 9th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $24.94.

Penguin Solutions Stock Performance

Penguin Solutions stock opened at $15.19 on Thursday. The business’s 50 day moving average is $19.35. The firm has a market cap of $809.49 million, a price-to-earnings ratio of -29.21 and a beta of 1.83. Penguin Solutions has a one year low of $14.23 and a one year high of $22.67. The company has a quick ratio of 1.75, a current ratio of 2.33 and a debt-to-equity ratio of 1.61.

Penguin Solutions (NASDAQ:PENG) last posted its quarterly earnings data on Wednesday, April 2nd. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.19. Penguin Solutions had a negative net margin of 2.21% and a positive return on equity of 11.70%. The company had revenue of $365.52 million during the quarter, compared to analysts’ expectations of $344.44 million. The firm’s revenue was up 28.3% on a year-over-year basis. On average, analysts forecast that Penguin Solutions will post 1.05 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Joseph Gates Clark sold 2,131 shares of the stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $20.94, for a total value of $44,623.14. Following the completion of the transaction, the senior vice president now directly owns 89,469 shares of the company’s stock, valued at $1,873,480.86. This represents a 2.33 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Jack A. Pacheco sold 6,667 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $22.14, for a total value of $147,607.38. Following the completion of the sale, the chief operating officer now owns 231,548 shares in the company, valued at approximately $5,126,472.72. This represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,684 shares of company stock valued at $393,617. 2.60% of the stock is currently owned by insiders.

Penguin Solutions Company Profile

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.