PENG · Penguin Solutions, Inc.

바클레이스, 루멘텀 투자의견 ‘비중확대’로 상향…알레그로·펭귄은 하향

펭귄솔루션즈, 6억5,000만 달러 규모 0.00% 전환사채 사모 발행 확정

펭귄솔루션즈(Penguin Solutions), 6억 5천만 달러 규모 전환사채 발행 계획

펭귄솔루션즈(Penguin Solutions), FY2026 EPS 약 2.60달러로 상향…FY2027 매출 및 EPS 약 30% 성장 전망 신호

화요일 시간외 거래에서 주목해야 할 종목: 파이서브(FISV), 펭귄솔루션즈(PENG), 프린시플파이낸셜그룹(PFG)

펭귄 솔루션즈, 3분기 실적 및 전망이 예상치 상회하며 급등

펭귄 솔루션즈(Penguin Solutions) 비(非)GAAP 주당순이익(EPS) $0.84, 시장 예상치보다 $0.28 상회, 매출 $4억 7,900만 달러, 시장 예상치보다 $5,764만 달러 상회

펭귄솔루션즈(Penguin Solutions) 2026년 3분기 실적 프리뷰

퀀트 스냅샷: PENG, LEVI가 상위권 주도…EPAC, SMPL은 하위권에 머물러

펭귄솔루션즈, 실적 가이던스 상단 달성 기대에 급등…CFO 교체도 발표

펭귄 솔루션스: 진짜 AI 변곡점, 단 하나의 큰 변수

• Penguin Solutions has reached an operational inflection point, with record revenues and triple-digit growth in AI accelerator memory and infrastructure lines.
• PENG's adjusted operating margin improved to 13.4%, but gross margins declined and free cash flow remains significantly negative due to heavy working capital absorption.
• Competition is intense, with larger rivals like Super Micro, Dell, and HPE, while PENG's product-heavy mix and customer concentration pose ongoing risks.
• I maintain a cautious buy at ~$60, favoring initial positions only if gross margin stabilizes and cash flow turns positive in coming quarters.

펭귄 솔루션스: 2026 회계연도 3분기 사상 최대 성장, 더 높은 목표주가 뒷받침

• I am reiterating Penguin Solutions as a Strong Buy rating with a revised price target of $119 post Q3 2026 results.
• PENG delivered record Q3 revenue of $479M (+48% y/y), non-GAAP operating income up 67%, and EPS up 79% to $0.84.
• The stock trades at 16.71x FWD non-GAAP earnings and 10.63x FWD EV/EBITDA, both below their sector medians despite faster revenue, EBITDA, and EPS growth.
• The main risks are weaker memory pricing, elevated working-capital requirements, dilution, and slower margin conversion.

펭귄 솔루션스: 매출의 74%는 AI지만 이익의 89%는 메모리 사이클

• Penguin Solutions’ Q3 print on July 7 showed a record quarter, guidance raised, and AI now three-quarters of the business.
• Memory added $145M of the $154M in total revenue growth. Memory operating income more than quintupled and is now 89% of total segment operating income. And memory’s own gross margin went up, 21% to 30%.
• The Advanced Computing segment, which owns the AI narrative, saw revenue coming in flat. Its cost of goods rose 35%. So its gross margin collapsed from 43.4% to 26.5%, and its operating income fell from $24.7M to $3.9M.
• The market is paying a durable-AI-platform multiple for what is, this quarter, a specialty-memory company having a very good cycle with a thin-margin AI-systems business bolted on. At 24x forward, the good news is in the price, and the risk/reward from here is skewed against the buyer.

펭귄 솔루션즈: 밝은 미래, 그러나 투자자 낙관론에 달렸다

• Penguin Solutions, Inc. delivered a record quarter, with net sales up 48% y/y to $479M, driven by surging AI memory demand.
• PENG's Integrated Memory segment soared 111% y/y, while non-hyperscale AI infrastructure revenues rose 81%, highlighting broad-based AI-driven growth.
• Operating leverage drove non-GAAP operating margin to 13.4% and net income to $44.7M, up 1600% y/y, with robust liquidity and a healthy balance sheet.
• PENG management raised FY26 revenue growth guidance to 22% (from 12%) and expects 30% growth in 2027, but the current risk/reward is less appealing after the stock’s rally.

펭귄솔루션즈: 3분기 실적 이후 지금도 매수하기 늦지 않았다

• Penguin Solutions is strategically positioned to benefit from the AI infrastructure and memory boom, with robust partnerships including Dell and Nvidia.
• The company delivered record Q3 net sales of $479M (up 48% YoY), driven by triple-digit Integrated Memory growth.
• Despite gross margin contraction to 28%, strong expense control enabled operating margin expansion and 79% YoY EPS growth, beating expectations.
• I initiate PENG stock with a buy rating, viewing its current valuation as opportunistic given accelerating momentum, resilient profitability, and long-term AI tailwinds.