Penguin Solutions (NASDAQ:PENG) Stock Price Up 0.8% – Time to Buy?

Shares of Penguin Solutions (NASDAQ:PENG) shot up 0.8% during mid-day trading on Wednesday . The stock traded as high as $20.54 and last traded at $20.23. 104,265 shares were traded during trading, a decline of 90% from the average session volume of 1,036,045 shares. The stock had previously closed at $20.06.

Analyst Ratings Changes

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

Penguin Solutions Price Performance

The company has a market cap of $1.10 billion, a P/E ratio of -20.23 and a beta of 1.74. The company has a current ratio of 2.65, a quick ratio of 2.19 and a debt-to-equity ratio of 1.65.

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). The business had revenue of $311.15 million for the quarter, compared to the consensus estimate of $325.00 million. Penguin Solutions had a positive return on equity of 8.05% and a negative net margin of 4.48%. Equities research analysts expect that Penguin Solutions will post 1.33 EPS for the current year.

Insider Buying and Selling at Penguin Solutions

In other Penguin Solutions news, insider Joseph Gates Clark sold 2,264 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $17.50, for a total transaction of $39,620.00. Following the completion of the sale, the insider now directly owns 95,999 shares in the company, valued at $1,679,982.50. This trade represents a 2.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.40% of the company’s stock.

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.