Clearbridge Investments LLC Has $8.73 Million Position in Penguin Solutions, Inc. $PENG

Key Points

• Clearbridge Investments cut its Penguin Solutions stake by 7% in the fourth quarter, but still held 446,146 shares worth about $8.73 million at the end of the period.
• Penguin Solutions reported better-than-expected quarterly results, posting EPS of $0.52 versus the $0.43 consensus and revenue of $343 million versus $339 million expected.
• Despite mixed analyst views, the stock has seen bullish price-target increases from firms like Stifel and Rosenblatt, while insiders also sold shares in recent months.

Clearbridge Investments LLC reduced its holdings in shares of Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) by 7.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 446,146 shares of the company's stock after selling 33,775 shares during the period. Clearbridge Investments LLC owned about 0.85% of Penguin Solutions worth $8,727,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. William Blair Investment Management LLC acquired a new stake in shares of Penguin Solutions in the 4th quarter valued at approximately $18,290,000. Fisher Asset Management LLC acquired a new stake in shares of Penguin Solutions in the 4th quarter valued at approximately $716,000. State of Alaska Department of Revenue raised its position in shares of Penguin Solutions by 98.3% in the 4th quarter. State of Alaska Department of Revenue now owns 47,576 shares of the company's stock valued at $930,000 after acquiring an additional 23,582 shares during the period. Kennedy Capital Management LLC raised its position in shares of Penguin Solutions by 31.9% in the 3rd quarter. Kennedy Capital Management LLC now owns 992,168 shares of the company's stock valued at $26,074,000 after acquiring an additional 240,159 shares during the period. Finally, Barclays PLC raised its position in shares of Penguin Solutions by 46.9% in the 3rd quarter. Barclays PLC now owns 1,055,189 shares of the company's stock valued at $27,730,000 after acquiring an additional 336,644 shares during the period.

Penguin Solutions Stock Performance

PENG opened at $58.52 on Thursday. The business's 50-day moving average price is $39.92 and its two-hundred day moving average price is $26.67. Penguin Solutions, Inc. has a 1 year low of $16.04 and a 1 year high of $73.24. The company has a market capitalization of $2.97 billion, a price-to-earnings ratio of 81.28 and a beta of 2.89. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.10 and a quick ratio of 1.55.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last released its quarterly earnings results on Wednesday, April 1st. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.09. Penguin Solutions had a return on equity of 19.94% and a net margin of 4.07%.The firm had revenue of $343.00 million for the quarter, compared to the consensus estimate of $339.00 million. Equities analysts expect that Penguin Solutions, Inc. will post 1.79 EPS for the current fiscal year.

Insider Transactions at Penguin Solutions

In other Penguin Solutions news, Director Maximiliane C. Straub sold 3,000 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the transaction, the director owned 51,975 shares of the company's stock, valued at $2,546,775. This represents a 5.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Joseph Gates Clark sold 10,351 shares of the company's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $58.87, for a total value of $609,363.37. Following the transaction, the senior vice president directly owned 66,425 shares of the company's stock, valued at approximately $3,910,439.75. This trade represents a 13.48% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 83,120 shares of company stock worth $3,300,214. Company insiders own 2.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PENG. Zacks Research downgraded shares of Penguin Solutions from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 1st. Needham & Company LLC boosted their price target on shares of Penguin Solutions from $25.00 to $27.00 and gave the company a "buy" rating in a report on Thursday, April 2nd. Stifel Nicolaus boosted their price target on shares of Penguin Solutions from $24.00 to $66.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. Weiss Ratings lowered shares of Penguin Solutions from a "hold (c)" rating to a "hold (c-)" rating in a report on Wednesday, May 13th. Finally, Rosenblatt Securities boosted their price target on shares of Penguin Solutions from $54.00 to $65.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. Six investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Penguin Solutions presently has an average rating of "Moderate Buy" and a consensus price target of $36.88.

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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