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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.
Needham raised the firm's price target on Penguin Solutions to $80 from $60 and keeps a Buy rating on the shares. The company has delivered a strong quarter, increasing AI-driven Sales by 104%y/y and raising its revenue guidance across all three segments, the analyst tells investors in a research note. The management's