Penguin Solutions, Inc. (PENG) shares rose 5.73% in after-hours trading to $19.18, following the company's announcement of its new name and the release of its financial results for the fourth quarter and full year of fiscal 2024. The company has strategically shifted its focus towards AI infrastructure, utilizing advanced hardware from industry leaders like NVIDIA, AMD, and Dell Technologies. This move has been well-received by analysts, with JMP Securities assigning an 'Outperform' rating and setting a target price of $23.
The company's expansion of its OriginAI® infrastructure, aimed at boosting performance and efficiency in AI applications, has also contributed to the positive sentiment. Penguin Solutions is preparing to showcase its comprehensive AI infrastructure at the SC24 conference, highlighting its innovations in high-performance computing and memory technologies.