Needham Investment Management LLC Purchases New Shares in Penguin Solutions, Inc. $PENG

Key Points

• Needham Investment Management LLC acquired 100,000 shares of Penguin Solutions, Inc. (NASDAQ:PENG) for approximately $1,737,000, representing about 0.19% ownership of the company.
• Several institutional investors purchased new positions in Penguin Solutions during the 1st quarter, with notable acquisitions valued between $28,000 and $62,000.
• Following insider trading activity, executive Jack A. Pacheco sold 63,447 shares of stock, reducing his ownership by 21.83%, while the company has an average price target of $27.13 from analysts.

Needham Investment Management LLC purchased a new stake in shares of Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 100,000 shares of the company's stock, valued at approximately $1,737,000. Needham Investment Management LLC owned about 0.19% of Penguin Solutions as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of PENG. Crews Bank & Trust acquired a new stake in shares of Penguin Solutions during the first quarter worth $28,000. IFP Advisors Inc acquired a new stake in shares of Penguin Solutions during the first quarter worth $39,000. CWM LLC acquired a new stake in shares of Penguin Solutions during the first quarter worth $39,000. Virtus Advisers LLC acquired a new stake in shares of Penguin Solutions during the first quarter worth $43,000. Finally, PNC Financial Services Group Inc. acquired a new stake in shares of Penguin Solutions during the first quarter worth $62,000.

Wall Street Analysts Forecast Growth

PENG has been the subject of several recent analyst reports. Loop Capital increased their price objective on shares of Penguin Solutions from $30.00 to $35.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Wall Street Zen cut shares of Penguin Solutions from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 12th. JMP Securities reiterated a "market outperform" rating and set a $26.00 price objective on shares of Penguin Solutions in a research report on Wednesday, July 9th. Zacks Research cut shares of Penguin Solutions from a "strong-buy" rating to a "hold" rating in a report on Monday. Finally, The Goldman Sachs Group raised their price target on shares of Penguin Solutions from $22.50 to $25.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $27.13.

Insider Transactions at Penguin Solutions

In other news, Director Penny Herscher sold 2,046 shares of Penguin Solutions stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $25.42, for a total transaction of $52,009.32. Following the completion of the transaction, the director directly owned 18,222 shares in the company, valued at $463,203.24. This trade represents a 10.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jack A. Pacheco sold 63,447 shares of Penguin Solutions stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $24.83, for a total transaction of $1,575,389.01. Following the transaction, the executive vice president owned 227,231 shares of the company's stock, valued at $5,642,145.73. This represents a 21.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,175 shares of company stock valued at $1,644,448 over the last quarter. Corporate insiders own 2.60% of the company's stock.

Penguin Solutions Stock Up 4.9%

Shares of NASDAQ PENG traded up $1.19 during mid-day trading on Wednesday, reaching $25.64. 2,247,343 shares of the company's stock traded hands, compared to its average volume of 862,191. The stock has a market cap of $1.34 billion, a P/E ratio of -91.57 and a beta of 2.13. The business has a 50-day simple moving average of $23.83 and a 200 day simple moving average of $20.17. Penguin Solutions, Inc. has a 1-year low of $14.20 and a 1-year high of $26.16. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.62 and a quick ratio of 2.24.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last issued its quarterly earnings data on Tuesday, July 8th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.30 by $0.17. The firm had revenue of $324.25 million during the quarter, compared to analysts' expectations of $330.82 million. Penguin Solutions had a negative net margin of 0.68% and a positive return on equity of 13.27%. Penguin Solutions has set its FY 2025 guidance at 1.750-1.850 EPS. On average, analysts expect that Penguin Solutions, Inc. will post 1.05 EPS for the current fiscal year.

About Penguin Solutions

Penguin Solutions, Inc engages in the designing and development of enterprise solutions worldwide. It operates through three segments: Advanced Computing, Integrated Memory, and Optimized LED. It offers dynamic random access memory modules, solid-state and flash storage, and other advanced integrated memory solutions for networking and telecom, data analytics, artificial intelligence and machine learning applications; and supply chain services, including procurement, logistics, inventory management, temporary warehousing, programming, kitting, and packaging services.