69,301 Shares in Penguin Solutions, Inc. (NASDAQ:PENG) Purchased by Bastion Asset Management Inc.

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) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 69,301 shares of the company's stock, valued at approximately $1,324,000. Bastion Asset Management Inc. owned approximately 0.13% of Penguin Solutions as of its most recent filing with the Securities & Exchange Commission.

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

Insider Buying and Selling

In other Penguin Solutions news, EVP Jack A. Pacheco sold 63,447 shares of the company's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $24.83, for a total value of $1,575,389.01. Following the transaction, the executive vice president owned 227,231 shares of the company's stock, valued at approximately $5,642,145.73. This represents a 21.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Penny Herscher sold 2,046 shares of the company's stock in a transaction on 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 directly owned 18,222 shares of the company's stock, valued at approximately $463,203.24. This represents a 10.09% 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 90 days. 2.60% of the stock is currently owned by insiders.

Penguin Solutions Price Performance

Shares of NASDAQ:PENG opened at $25.16 on Friday. The firm's 50 day moving average is $20.77 and its two-hundred day moving average is $19.40. Penguin Solutions, Inc. has a 52 week low of $14.20 and a 52 week high of $25.94. The firm has a market capitalization of $1.32 billion, a P/E ratio of -89.85 and a beta of 1.98. The company has a current ratio of 2.62, a quick ratio of 2.24 and a debt-to-equity ratio of 1.08.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last posted its quarterly earnings data on Tuesday, July 8th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.17. The business had revenue of $324,251 billion 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%. Analysts anticipate that Penguin Solutions, Inc. will post 1.05 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PENG shares. The Goldman Sachs Group raised their target price 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. JMP Securities reissued a "market outperform" rating and issued a $26.00 target price on shares of Penguin Solutions in a report on Wednesday, July 9th. Needham & Company LLC raised their target price on shares of Penguin Solutions from $27.00 to $30.00 and gave the stock a "buy" rating in a report on Tuesday. JPMorgan Chase & Co. raised their target price on shares of Penguin Solutions from $21.00 to $24.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $27.00 target price on shares of Penguin Solutions in a report on Thursday, July 3rd. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $27.13.

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.

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