Penguin Solutions (NASDAQ:PENG) Receives “Buy” Rating from Rosenblatt Securities

Penguin Solutions (NASDAQ:PENG)‘s stock had its “buy” rating reiterated by stock analysts at Rosenblatt Securities in a research note issued to investors on Thursday,Benzinga reports. They currently have a $27.00 price objective on the stock. Rosenblatt Securities’ price target would suggest a potential upside of 28.24% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. The Goldman Sachs Group reduced their target price on shares of Penguin Solutions from $26.00 to $22.50 and set a “buy” rating for the company 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 set a “neutral” rating and a $20.00 target price for the company. Needham & Company LLC reissued a “buy” rating and set a $27.00 target price on shares of Penguin Solutions in a report on Thursday, April 3rd. Finally, Wall Street Zen raised shares of Penguin Solutions from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 22nd. One investment analyst has rated the stock with a hold rating, six have given a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $24.94.

Penguin Solutions Stock Up 4.2%

NASDAQ:PENG opened at $21.06 on Thursday. The company has a current ratio of 2.63, a quick ratio of 2.21 and a debt-to-equity ratio of 1.04. The firm has a fifty day simple moving average of $18.94 and a 200-day simple moving average of $18.90. Penguin Solutions has a 12 month low of $14.20 and a 12 month high of $22.67.

Penguin Solutions (NASDAQ:PENG) last issued its earnings results on Wednesday, April 2nd. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.19. Penguin Solutions had a negative net margin of 0.46% and a positive return on equity of 13.15%. The firm had revenue of $365.52 million during the quarter, compared to analysts’ expectations of $344.44 million. The business’s revenue for the quarter was up 28.3% on a year-over-year basis. As a group, research analysts expect that Penguin Solutions will post 1.05 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. purchased a new position in Penguin Solutions in the first quarter valued at $3,259,000. Voya Investment Management LLC increased its holdings in Penguin Solutions by 34.1% in the first quarter. Voya Investment Management LLC now owns 29,202 shares of the company’s stock valued at $507,000 after buying an additional 7,421 shares in the last quarter. Inspire Investing LLC purchased a new stake in shares of Penguin Solutions during the first quarter worth about $407,000. Rhumbline Advisers purchased a new stake in shares of Penguin Solutions during the first quarter worth about $2,639,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in shares of Penguin Solutions during the first quarter worth about $2,248,000.

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.