Penguin Solutions (NASDAQ:PENG) Trading Up 1.6% – Time to Buy?

Penguin Solutions (NASDAQ:PENG) shares were up 1.6% on Monday . The stock traded as high as $20.20 and last traded at $19.87. Approximately 475,939 shares traded hands during trading, a decline of 45% from the average daily volume of 864,901 shares. The stock had previously closed at $19.55.

Analysts Set New Price Targets

PENG has been the subject of a number of analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $27.00 target price on shares of Penguin Solutions in a research note on Thursday, April 3rd. The Goldman Sachs Group cut their price target on shares of Penguin Solutions from $26.00 to $22.50 and set a “buy” rating on the stock in a report on Thursday, April 3rd. JPMorgan Chase & Co. started coverage on shares of Penguin Solutions in a report on Monday, March 31st. They issued a “neutral” rating and a $20.00 price objective for the company. Wall Street Zen raised shares of Penguin Solutions from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 22nd. Finally, Rosenblatt Securities restated a “buy” rating and set a $27.00 target price on shares of Penguin Solutions in a report on Thursday, April 17th. One research analyst has rated the stock with a hold rating, six have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Penguin Solutions presently has a consensus rating of “Buy” and a consensus target price of $24.94.

Penguin Solutions Trading Up 1.6%

The company’s fifty day moving average is $17.45 and its 200-day moving average is $18.80. The company has a current ratio of 2.33, a quick ratio of 1.75 and a debt-to-equity ratio of 1.61. The firm has a market capitalization of $1.05 billion, a P/E ratio of -38.21 and a beta of 1.97.

Penguin Solutions (NASDAQ:PENG) last released its earnings results on Wednesday, April 2nd. The company reported $0.52 earnings per share for the quarter, topping 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 firm had revenue of $365.52 million during the quarter, compared to analyst estimates of $344.44 million. The company’s quarterly revenue was up 28.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Penguin Solutions will post 1.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Jack A. Pacheco sold 3,219 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $20.00, for a total value of $64,380.00. Following the completion of the sale, the executive vice president now directly owns 231,548 shares of the company’s stock, valued at approximately $4,630,960. This represents a 1.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Penguin Solutions

A number of institutional investors and hedge funds have recently bought and sold shares of PENG. Inspire Investing LLC bought a new stake in Penguin Solutions in the 1st quarter valued at $407,000. Rhumbline Advisers bought a new stake in shares of Penguin Solutions in the first quarter valued at about $2,639,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new stake in Penguin Solutions during the first quarter worth about $2,248,000. Optimize Financial Inc acquired a new stake in Penguin Solutions during the first quarter worth about $1,756,000. Finally, Goldman Sachs Group Inc. bought a new position in Penguin Solutions during the first quarter valued at about $3,259,000.

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.