Penguin Solutions (NASDAQ:PENG) Given Average Rating of “Buy” by Brokerages

Shares of Penguin Solutions (NASDAQ:PENG) have been assigned an average rating of “Buy” from the eight research firms that are covering the stock, Marketbeat.com reports. Six research analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $25.43.

A number of equities analysts have recently issued reports on PENG shares. Loop Capital started coverage on shares of Penguin Solutions in a report on Tuesday, January 7th. They issued a “buy” rating and a $30.00 price target for the company. Needham & Company LLC increased their price target on shares of Penguin Solutions from $25.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, January 9th. Barclays increased their price target on shares of Penguin Solutions from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, January 9th. Citizens Jmp raised shares of Penguin Solutions to a “strong-buy” rating in a research note on Monday, November 18th. Finally, JMP Securities started coverage on shares of Penguin Solutions in a research note on Monday, November 18th. They issued an “outperform” rating and a $23.00 price objective on the stock.

Penguin Solutions Stock Up 1.1 %

Shares of PENG opened at $18.27 on Monday. The company has a 50-day moving average of $20.13. The company has a debt-to-equity ratio of 1.61, a current ratio of 2.33 and a quick ratio of 1.75. The stock has a market cap of $973.63 million, a P/E ratio of -35.13 and a beta of 1.70. Penguin Solutions has a 52-week low of $14.87 and a 52-week high of $22.67.

Insiders Place Their Bets

In other Penguin Solutions news, SVP Joseph Gates Clark sold 2,131 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $20.94, for a total transaction of $44,623.14. Following the sale, the senior vice president now directly owns 89,469 shares of the company’s stock, valued at $1,873,480.86. This trade represents a 2.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jack A. Pacheco sold 6,667 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $20.55, for a total transaction of $137,006.85. Following the transaction, the chief operating officer now owns 231,548 shares in the company, valued at approximately $4,758,311.40. The trade was a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,131 shares of company stock valued at $462,557 in the last ninety days. 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.