Fisher Asset Management LLC Buys Shares of 36,599 Penguin Solutions, Inc. $PENG

Key Points

• Fisher Asset Management bought a new stake in Penguin Solutions in the fourth quarter, acquiring 36,599 shares worth about $716,000 and representing roughly 0.07% of the company.
• Several other hedge funds also increased or initiated positions, while insiders have been selling shares; over the last 90 days, insiders sold 72,769 shares worth about $2.69 million.
• Penguin Solutions has seen strong recent performance and solid results: shares were up 3.3% to $55.83, the company beat quarterly EPS and revenue estimates, and analysts currently rate it a Moderate Buy with an average price target of $27.25.

Fisher Asset Management LLC purchased a new position in shares of Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 36,599 shares of the company's stock, valued at approximately $716,000. Fisher Asset Management LLC owned about 0.07% of Penguin Solutions at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of PENG. Optimize Financial Inc grew its position in Penguin Solutions by 1.5% in the 4th quarter. Optimize Financial Inc now owns 56,354 shares of the company's stock valued at $1,102,000 after buying an additional 808 shares during the last quarter. William Blair Investment Management LLC purchased a new position in Penguin Solutions during the 4th quarter worth $18,290,000. LSV Asset Management lifted its stake in shares of Penguin Solutions by 66.5% in the 4th quarter. LSV Asset Management now owns 948,170 shares of the company's stock worth $18,546,000 after acquiring an additional 378,802 shares during the period. FourThought Financial Partners LLC acquired a new stake in shares of Penguin Solutions in the 4th quarter worth $231,000. Finally, Covestor Ltd boosted its holdings in shares of Penguin Solutions by 4.7% in the fourth quarter. Covestor Ltd now owns 15,535 shares of the company's stock valued at $304,000 after acquiring an additional 695 shares in the last quarter.

Insider Transactions at Penguin Solutions

In related news, SVP Joseph Gates Clark sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $39.99, for a total value of $199,950.00. Following the completion of the transaction, the senior vice president directly owned 76,776 shares of the company's stock, valued at $3,070,272.24. This trade represents a 6.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Maximiliane C. Straub sold 3,000 shares of Penguin Solutions stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the transaction, the director directly owned 51,975 shares of the company's stock, valued at approximately $2,546,775. This represents a 5.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 72,769 shares of company stock worth $2,690,851. 2.90% of the stock is currently owned by insiders.

Penguin Solutions Stock Up 3.3%

Shares of NASDAQ PENG opened at $55.83 on Friday. The company has a quick ratio of 1.55, a current ratio of 2.10 and a debt-to-equity ratio of 1.09. Penguin Solutions, Inc. has a 52 week low of $16.04 and a 52 week high of $60.87. The firm has a 50-day moving average price of $32.37 and a 200 day moving average price of $24.08. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of 77.54 and a beta of 2.66.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last issued its earnings results on Wednesday, April 1st. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.09. Penguin Solutions had a net margin of 4.07% and a return on equity of 19.94%. The company had revenue of $343.00 million for the quarter, compared to analyst estimates of $339.00 million. Equities research analysts anticipate that Penguin Solutions, Inc. will post 1.66 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PENG. Rosenblatt Securities reiterated a "buy" rating and set a $30.00 price target on shares of Penguin Solutions in a research note on Monday, March 30th. Needham & Company LLC lifted their price objective on Penguin Solutions from $25.00 to $27.00 and gave the company a "buy" rating in a report on Thursday, April 2nd. Barclays cut Penguin Solutions from an "overweight" rating to an "equal weight" rating and boosted their target price for the stock from $23.00 to $27.00 in a research report on Wednesday, April 22nd. Weiss Ratings downgraded Penguin Solutions from a "hold (c)" rating to a "hold (c-)" rating in a research note on Wednesday, May 13th. Finally, Zacks Research raised Penguin Solutions from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 7th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Penguin Solutions has an average rating of "Moderate Buy" and an average price target of $27.25.

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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