These Analysts Boost Their Forecasts On Penguin Solutions After Upbeat Q3 Results

Penguin Solutions Inc. (NASDAQ: PENG ) on Tuesday announced better-than-expected third-quarter financial results.

Penguin reported adjusted earnings per share of 84 cents, beating the consensus estimate of 54 cents.

In addition, it reported revenue of $478.71 million, beating the consensus estimate of $405.53 million. “Penguin Solutions delivered a record quarter, exceeding expectations for both net sales and EPS.

This profitable growth acceleration reinforces our confidence that our AI Factory Platform strategy is working,” said Kash Shaikh, CEO of Penguin.

Penguin raised its fiscal-year adjusted earnings per share guidance from $2.30 to between $2.55 and $2.65, versus the consensus estimate of $2.23.

In addition, it raised its fiscal-year revenue guidance from $1.60 billion to between $1.64 billion and $1.69 billion, versus the consensus estimate of $1.55 billion.

Penguin shares rose 17% to trade at $73.39 on Wednesday.

These analysts made changes to their price targets on Penguin following earnings announcement.

Needham analyst Matthew Calitri maintained the stock with a Buy and raised the price target from $60 to $80.

Stifel analyst Brian Chin maintained the stock with a Buy and boosted the price target from $66 to $75.

Considering buying PENG stock? Here’s what analysts think: Photo via Shutterstock