Rosenblatt Securities Issues Positive Forecast for Penguin Solutions (NASDAQ:PENG) Stock Price

Penguin Solutions (NASDAQ:PENG) had its price objective increased by Rosenblatt Securities from $65.00 to $75.00 in a research report report published on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts also recently weighed in on PENG. Weiss Ratings downgraded shares of Penguin Solutions from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, May 13th. Barclays cut shares of Penguin Solutions from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $23.00 to $27.00 in a research note on Wednesday, April 22nd. Stifel Nicolaus increased their price target on shares of Penguin Solutions from $24.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Needham & Company LLC raised their price objective on shares of Penguin Solutions from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, April 2nd. Finally, Zacks Research raised shares of Penguin Solutions from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Penguin Solutions has a consensus rating of “Moderate Buy” and an average price target of $38.12.

Penguin Solutions Stock Performance

Shares of PENG opened at $63.21 on Monday. The company has a market cap of $3.21 billion, a PE ratio of 87.58 and a beta of 2.83. The company has a current ratio of 2.10, a quick ratio of 1.55 and a debt-to-equity ratio of 1.09. The stock has a 50-day moving average price of $54.96 and a 200-day moving average price of $32.37. Penguin Solutions has a 12-month low of $16.04 and a 12-month high of $77.40.

Insider Buying and Selling at Penguin Solutions

In related news, SVP Joseph Gates Clark sold 10,351 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $58.87, for a total value of $609,363.37. Following the sale, the senior vice president directly owned 66,425 shares of the company’s stock, valued at $3,910,439.75. This represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sandeep Nayyar sold 7,107 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $43.48, for a total transaction of $309,012.36. Following the sale, the director owned 25,417 shares in the company, valued at approximately $1,105,131.16. This trade represents a 21.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 83,120 shares of company stock valued at $3,486,734. Company insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Penguin Solutions

A number of hedge funds have recently bought and sold shares of PENG. State Street Corp grew its position in Penguin Solutions by 3.2% during the fourth quarter. State Street Corp now owns 2,957,938 shares of the company’s stock valued at $57,857,000 after buying an additional 91,805 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Penguin Solutions by 4.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,388,748 shares of the company’s stock worth $46,726,000 after buying an additional 95,585 shares in the last quarter. Invesco Ltd. grew its stake in Penguin Solutions by 596.8% during the fourth quarter. Invesco Ltd. now owns 1,992,415 shares of the company’s stock valued at $38,972,000 after acquiring an additional 1,706,482 shares in the last quarter. Paradigm Capital Management Inc. NY increased its holdings in Penguin Solutions by 73.8% in the 1st quarter. Paradigm Capital Management Inc. NY now owns 1,605,100 shares of the company’s stock valued at $28,250,000 after acquiring an additional 681,700 shares during the last quarter. Finally, Ophir Asset Management Pty Ltd increased its holdings in Penguin Solutions by 234.3% in the 4th quarter. Ophir Asset Management Pty Ltd now owns 1,211,612 shares of the company’s stock valued at $23,699,000 after acquiring an additional 849,178 shares during the last quarter.

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.