Penguin Solutions (NASDAQ:PENG) Cut to “Buy” at Wall Street Zen

Wall Street Zen downgraded shares of Penguin Solutions (NASDAQ:PENG) from a strong-buy rating to a buy rating in a report published on Sunday morning,Wall Street Zen reports.

Several other brokerages have also recently weighed in on PENG. Deutsche Bank Aktiengesellschaft set a $100.00 price target on shares of Penguin Solutions in a research report on Friday, October 9th. Needham & Company LLC raised their price objective on shares of Penguin Solutions from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, October 7th. Weiss Ratings raised shares of Penguin Solutions from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, October 16th. Rosenblatt Securities boosted their target price on shares of Penguin Solutions from $80.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, October 7th. Finally, Barclays increased their price target on shares of Penguin Solutions from $40.00 to $60.00 and gave the company an “underweight” rating in a research note on Wednesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $87.50.

Penguin Solutions Stock Up 7.4%

NASDAQ:PENG opened at $58.99 on Friday. Penguin Solutions has a one year low of $16.04 and a one year high of $89.86. The stock has a 50 day moving average price of $56.02 and a 200 day moving average price of $43.31.

Penguin Solutions (NASDAQ:PENG) last released its quarterly earnings data on Tuesday, October 6th. The company reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.23. The company had revenue of $566.68 million for the quarter, compared to analyst estimates of $520.99 million. During the same period last year, the firm posted $0.11 EPS. Penguin Solutions has set its FY 2027 guidance at 3.750-5.15 EPS. As a group, equities analysts forecast that Penguin Solutions will post 4.05 earnings per share for the current fiscal year.

Insider Buying and Selling at Penguin Solutions

In related news, SVP Joseph Clark sold 869 shares of the firm’s stock in a transaction dated Friday, October 23rd. The stock was sold at an average price of $51.52, for a total transaction of $44,770.88. Following the completion of the sale, the senior vice president directly owned 85,853 shares of the company’s stock, valued at approximately $4,423,146.56. This trade represents a 1.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Anne Kuykendall sold 4,000 shares of the business’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $50.58, for a total transaction of $202,320.00. Following the completion of the sale, the senior vice president owned 112,994 shares in the company, valued at approximately $5,715,236.52. This trade represents a 3.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 5,607 shares of company stock worth $287,740. Corporate insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Penguin Solutions

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in shares of Penguin Solutions in the 2nd quarter worth approximately $581,658,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Penguin Solutions in the 2nd quarter valued at approximately $150,192,000. Paradigm Capital Management Inc. NY acquired a new stake in Penguin Solutions in the 2nd quarter valued at approximately $52,135,000. William Blair Investment Management LLC acquired a new stake in Penguin Solutions in the 2nd quarter valued at approximately $34,207,000. Finally, Bank of New York Mellon Corp purchased a new stake in Penguin Solutions in the second quarter valued at approximately $22,503,000.

About Penguin Solutions

Penguin Solutions, Inc provides technology products and services for data center, cloud, artificial intelligence, high-performance computing, edge computing and embedded applications. The company designs and delivers memory products, computing platforms and integrated infrastructure intended to help organizations manage demanding workloads and deploy specialized technology environments.

Its offerings include memory modules and other memory-related products, high-performance computing systems, servers, storage and networking solutions, and software and services for infrastructure management.