Covestor Ltd Makes New Investment in Penguin Solutions, Inc. (NASDAQ:PENG)

Key Points

• Covestor Ltd recently acquired 13,413 shares of Penguin Solutions, Inc. valued at approximately $233,000, as part of its first-quarter investments.
• Penguin Solutions' stock has seen fluctuations, with a 52-week low of $14.20 and a high of $25.94, currently trading at $23.26.
• Several analyst firms have boosted their price targets on Penguin Solutions, with Needham & Company raising it to $30.00 while maintaining a "buy" rating.

Covestor Ltd acquired a new stake in shares of Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 13,413 shares of the company's stock, valued at approximately $233,000.

Other hedge funds have also recently modified their holdings of the company. Crews Bank & Trust purchased a new stake in Penguin Solutions in the 1st quarter worth about $28,000. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Penguin Solutions during the first quarter worth approximately $188,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Penguin Solutions during the first quarter worth approximately $779,000. Amalgamated Bank purchased a new position in shares of Penguin Solutions during the first quarter worth approximately $264,000. Finally, New York State Teachers Retirement System purchased a new position in shares of Penguin Solutions during the first quarter worth approximately $248,000.

Insider Buying and Selling

In related news, EVP Jack A. Pacheco sold 63,447 shares of the business's stock in a transaction dated 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 completion of the sale, the executive vice president directly owned 227,231 shares of the company's stock, valued at $5,642,145.73. The trade was a 21.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Penny Herscher sold 2,046 shares of the firm's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $25.42, for a total transaction of $52,009.32. Following the completion of the transaction, the director owned 18,222 shares in the company, valued at approximately $463,203.24. The trade was 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 worth $1,644,448 in the last quarter. Insiders own 2.60% of the company's stock.

Penguin Solutions Stock Performance

Shares of PENG stock traded up $0.11 during mid-day trading on Monday, hitting $23.37. The stock had a trading volume of 814,744 shares, compared to its average volume of 1,012,012. The company's 50-day simple moving average is $21.97 and its 200-day simple moving average is $19.65. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.62 and a quick ratio of 2.24. The firm has a market cap of $1.22 billion, a PE ratio of 19.88 and a beta of 2.02. Penguin Solutions, Inc. has a fifty-two week low of $14.20 and a fifty-two week high of $25.94.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last posted its 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. The firm had revenue of $324,251 billion during the quarter, compared to the consensus estimate of $330.82 million. Penguin Solutions had a negative net margin of 0.68% and a positive return on equity of 13.27%. Sell-side 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 research firms have recently issued reports on PENG. Rosenblatt Securities reiterated a "buy" rating and set a $27.00 price objective on shares of Penguin Solutions in a research note on Monday. Needham & Company LLC lifted their price objective on shares of Penguin Solutions from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. Loop Capital lifted their price objective 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. lifted their price objective 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. Finally, The Goldman Sachs Group lifted their price objective 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. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $27.13.

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.