Amundi Sells 134,096 Shares of Penguin Solutions, Inc. $PENG

Key Points

• Amundi cut its Penguin Solutions stake by 88.5% in the first quarter, selling 134,096 shares and retaining 17,347 shares valued at approximately $305,000.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $63.33; several firms recently raised their targets to between $75 and $85.
• Penguin Solutions exceeded quarterly expectations, reporting $0.84 in EPS versus a $0.63 estimate and revenue of $478.71 million versus $407.47 million expected. Insiders sold 19,678 shares worth about $1.16 million during the latest quarter.

Amundi reduced its holdings in shares of Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) by 88.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,347 shares of the company's stock after selling 134,096 shares during the period. Amundi's holdings in Penguin Solutions were worth $305,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Farther Finance Advisors LLC increased its stake in Penguin Solutions by 187.0% in the 4th quarter. Farther Finance Advisors LLC now owns 1,452 shares of the company's stock worth $28,000 after purchasing an additional 946 shares during the period. Kestra Advisory Services LLC purchased a new stake in shares of Penguin Solutions during the fourth quarter valued at approximately $29,000. Raymond James Financial Inc. purchased a new stake in shares of Penguin Solutions during the second quarter valued at approximately $37,000. Torren Management LLC bought a new position in shares of Penguin Solutions in the fourth quarter worth approximately $48,000. Finally, Advisory Services Network LLC bought a new position in shares of Penguin Solutions in the third quarter worth approximately $50,000.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PENG. Weiss Ratings upgraded shares of Penguin Solutions from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, July 8th. Needham & Company LLC raised their target price on Penguin Solutions from $60.00 to $80.00 and gave the stock a "buy" rating in a research note on Wednesday, July 8th. Rosenblatt Securities boosted their price target on Penguin Solutions from $65.00 to $75.00 and gave the company a "buy" rating in a report on Monday, July 6th. Citigroup restated an "outperform" rating on shares of Penguin Solutions in a report on Wednesday, July 8th. Finally, Citizens Jmp upped their price target on Penguin Solutions from $65.00 to $85.00 and gave the company a "market outperform" rating in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Penguin Solutions has a consensus rating of "Moderate Buy" and an average target price of $63.33.

Insider Buying and Selling

In other Penguin Solutions news, SVP Joseph Gates Clark sold 1,327 shares of Penguin Solutions stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $57.47, for a total value of $76,262.69. Following the completion of the sale, the senior vice president owned 63,056 shares of the company's stock, valued at approximately $3,623,828.32. The trade was a 2.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Anne Kuykendall sold 4,000 shares of Penguin Solutions stock in a transaction on Monday, June 15th. The stock was sold at an average price of $64.38, for a total value of $257,520.00. Following the completion of the sale, the senior vice president directly owned 120,794 shares of the company's stock, valued at $7,776,717.72. The trade was a 3.21% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 19,678 shares of company stock valued at $1,160,946 over the last quarter. Company insiders own 2.90% of the company's stock.

Penguin Solutions Price Performance

Shares of NASDAQ PENG opened at $58.73 on Thursday. The company has a 50 day simple moving average of $62.66 and a two-hundred day simple moving average of $40.11. Penguin Solutions, Inc. has a fifty-two week low of $16.04 and a fifty-two week high of $89.86. The company has a market capitalization of $3.01 billion, a price-to-earnings ratio of 41.65 and a beta of 2.87. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.10 and a current ratio of 1.54.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last released its earnings results on Tuesday, July 7th. The company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.63 by $0.21. The business had revenue of $478.71 million for the quarter, compared to the consensus estimate of $407.47 million. Penguin Solutions had a return on equity of 28.23% and a net margin of 6.44%.During the same period in the previous year, the company posted $0.52 earnings per share. Analysts expect that Penguin Solutions, Inc. will post 2.08 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.

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