Penguin Solutions (NASDAQ:PENG) Stock Price Up 2.3% – Still a Buy?

Penguin Solutions (NASDAQ:PENG)’s stock price was up 2.3% during mid-day trading on Tuesday . The stock traded as high as $19.35 and last traded at $19.33. Approximately 284,235 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 1,038,775 shares. The stock had previously closed at $18.89.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PENG. Citizens Jmp upgraded shares of Penguin Solutions to a “strong-buy” rating in a research report on Monday, November 18th. Barclays dropped their price target on Penguin Solutions from $27.00 to $22.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Needham & Company LLC cut their price target on shares of Penguin Solutions from $35.00 to $25.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. The Goldman Sachs Group assumed coverage on shares of Penguin Solutions in a report on Friday, November 1st. They set a “buy” rating and a $21.00 price objective on the stock. Finally, Stifel Nicolaus lowered their target price on Penguin Solutions from $32.00 to $27.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $23.60.

Penguin Solutions Stock Performance

The company has a market capitalization of $1.03 billion, a PE ratio of -19.42 and a beta of 1.74. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.65 and a quick ratio of 2.19.

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

Insiders Place Their Bets

In other Penguin Solutions news, insider Joseph Gates Clark sold 2,264 shares of the business’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 of the company’s stock, valued at $1,679,982.50. The trade was a 2.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.40% of the company’s stock.

Penguin Solutions Company Profile

SMART Global Holdings, Inc, a memory-focused company, engages in the designing and development of enterprise solutions in the United States, China, Europe, and internationally. It operates through Memory Solutions, Intelligent Platform Solutions, and LED Solutions segments. The company offers dynamic random access memory modules, solid-state and flash storage, and other advanced 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.