Penguin Solutions (NASDAQ:PENG) Given New $23.00 Price Target at Barclays

Penguin Solutions (NASDAQ:PENG) had its price objective lifted by equities research analysts at Barclays from $22.00 to $23.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price target would suggest a potential upside of 20.23% from the stock’s current price.

PENG has been the topic of a number of other research reports. Stifel Nicolaus lowered their price objective on shares of Penguin Solutions from $32.00 to $27.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Rosenblatt Securities restated a “buy” rating and set a $27.00 price objective on shares of Penguin Solutions in a research report on Thursday, December 19th. Needham & Company LLC increased their price target on shares of Penguin Solutions from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday. Citizens Jmp upgraded shares of Penguin Solutions to a “strong-buy” rating in a research report on Monday, November 18th. Finally, The Goldman Sachs Group began coverage on shares of Penguin Solutions in a research report on Friday, November 1st. They issued a “buy” rating and a $21.00 price target on the stock. Six investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $25.43.

Penguin Solutions Trading Down 3.6 %

PENG traded down $0.71 during midday trading on Thursday, reaching $19.13. The company’s stock had a trading volume of 1,194,688 shares, compared to its average volume of 869,715. The company’s 50-day simple moving average is $18.49. Penguin Solutions has a 1 year low of $14.87 and a 1 year high of $29.81. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.65 and a quick ratio of 2.19. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of -19.13 and a beta of 1.69.

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

Insider Activity at Penguin Solutions

In other news, insider Joseph Gates Clark sold 2,264 shares of the firm’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $17.50, for a total value of $39,620.00. Following the completion of the sale, the insider now owns 95,999 shares in the company, valued at approximately $1,679,982.50. This trade represents a 2.30 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jack A. Pacheco sold 13,334 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $20.05, for a total transaction of $267,346.70. Following the completion of the sale, the chief operating officer now owns 235,960 shares of the company’s stock, valued at $4,730,998. This trade represents a 5.35 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 22,264 shares of company stock valued at $440,287. 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.