Bastion Asset Management Inc. Invests $1.32 Million in Penguin Solutions, Inc. (NASDAQ:PENG)

Key Points

• Bastion Asset Management Inc. acquired 69,301 shares of Penguin Solutions, valued at approximately $1.32 million, representing about 0.13% of the company's stock.
• Insider transactions included EVP Jack A. Pacheco selling 63,447 shares, reducing his ownership by 21.83%, while Director Penny Herscher sold 2,046 shares, indicating significant insider activity.
• Analysts have positive outlooks for Penguin Solutions, with several firms raising their target price and issuing buy ratings, reflecting confidence in the company's future earnings growth.

Bastion Asset Management Inc. purchased a new position in Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 69,301 shares of the company's stock, valued at approximately $1,324,000. Bastion Asset Management Inc. owned about 0.13% of Penguin Solutions at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Royce & Associates LP acquired a new position in shares of Penguin Solutions in the first quarter worth $14,020,000. Foundry Partners LLC acquired a new position in Penguin Solutions during the first quarter worth $11,989,000. P.A.W. Capital Corp acquired a new position in Penguin Solutions during the first quarter worth $7,816,000. Bank of New York Mellon Corp acquired a new position in Penguin Solutions during the first quarter worth $5,959,000. Finally, Peregrine Capital Management LLC acquired a new position in Penguin Solutions during the first quarter worth $4,616,000.

Penguin Solutions Price Performance

Penguin Solutions stock traded down $0.46 during mid-day trading on Wednesday, reaching $24.17. The company had a trading volume of 416,574 shares, compared to its average volume of 880,085. Penguin Solutions, Inc. has a fifty-two week low of $14.20 and a fifty-two week high of $25.94. The company has a current ratio of 2.62, a quick ratio of 2.24 and a debt-to-equity ratio of 1.08. The company has a market cap of $1.27 billion, a P/E ratio of -86.30 and a beta of 1.98. The business has a fifty day simple moving average of $21.01 and a 200 day simple moving average of $19.47.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last posted its quarterly earnings results on Tuesday, July 8th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.17. Penguin Solutions had a negative net margin of 0.68% and a positive return on equity of 13.27%. The firm had revenue of $324,251 billion during the quarter, compared to the consensus estimate of $330.82 million. On average, equities research analysts predict that Penguin Solutions, Inc. will post 1.05 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PENG shares. The Goldman Sachs Group upped their price target on shares of Penguin Solutions from $22.50 to $25.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Loop Capital raised their price target on shares of Penguin Solutions from $30.00 to $35.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. JPMorgan Chase & Co. raised their price target on shares of Penguin Solutions from $21.00 to $24.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Wall Street Zen cut shares of Penguin Solutions from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 12th. Finally, JMP Securities restated a "market outperform" rating and set a $26.00 price target on shares of Penguin Solutions in a research note on Wednesday, July 9th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Penguin Solutions presently has an average rating of "Buy" and a consensus target price of $27.13.

Insider Activity

In other Penguin Solutions 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 value of $52,009.32. Following the sale, the director owned 18,222 shares of the company's stock, valued at approximately $463,203.24. The trade was a 10.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Jack A. Pacheco sold 63,447 shares of Penguin Solutions stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $24.83, for a total transaction of $1,575,389.01. Following the completion of the sale, the executive vice president directly owned 227,231 shares in the company, valued at approximately $5,642,145.73. This represents a 21.83% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,175 shares of company stock worth $1,644,448. Insiders own 2.60% of the company's stock.

Penguin Solutions Company Profile

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.