314,518 Shares in Penguin Solutions, Inc. (NASDAQ:PENG) Acquired by LPL Financial LLC

Key Points

• LPL Financial LLC has acquired approximately 314,518 shares of Penguin Solutions, Inc. (NASDAQ:PENG) valued at around $5.46 million, indicating institutional interest in the company.
• Executives of Penguin Solutions have sold a total of 66,175 shares in the past 90 days, suggesting potential insider activity that may affect investor sentiment.
• Wall Street analysts are optimistic about Penguin Solutions, with a consensus rating of "Buy" and an average price target of $27.13 per share.

LPL Financial LLC acquired a new position in shares of Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 314,518 shares of the company's stock, valued at approximately $5,463,000. LPL Financial LLC owned approximately 0.59% of Penguin Solutions at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Crews Bank & Trust acquired a new position in Penguin Solutions during the 1st quarter worth $28,000. IFP Advisors Inc acquired a new position in Penguin Solutions during the 1st quarter worth $39,000. CWM LLC acquired a new position in shares of Penguin Solutions in the 1st quarter valued at about $39,000. KLP Kapitalforvaltning AS acquired a new position in shares of Penguin Solutions in the 1st quarter valued at about $167,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Penguin Solutions in the 1st quarter valued at about $174,000.

Insider Transactions at Penguin Solutions

In other Penguin Solutions news, Director Penny Herscher sold 2,046 shares of the business's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $25.42, for a total transaction of $52,009.32. Following the sale, the director directly owned 18,222 shares in the company, valued at approximately $463,203.24. The trade was a 10.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction of $1,575,389.01. Following the sale, the executive vice president owned 227,231 shares in the company, valued at $5,642,145.73. This trade represents a 21.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,175 shares of company stock valued at $1,644,448 over the last three months. 2.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PENG has been the subject of several research reports. JPMorgan Chase & Co. lifted their price target on shares of Penguin Solutions from $21.00 to $24.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $27.00 price target on shares of Penguin Solutions in a report on Monday. Loop Capital lifted their price target on shares of Penguin Solutions from $30.00 to $35.00 and gave the company a "buy" rating in a report on Monday, July 14th. JMP Securities reaffirmed a "market outperform" rating and issued a $26.00 price target on shares of Penguin Solutions in a report on Wednesday, July 9th. Finally, Needham & Company LLC lifted their price target on shares of Penguin Solutions from $27.00 to $30.00 and gave the company a "buy" rating in a report on Tuesday, July 22nd. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $27.13.

Penguin Solutions Stock Performance

Penguin Solutions stock traded down $0.40 during midday trading on Friday, reaching $23.77. 576,366 shares of the stock traded hands, compared to its average volume of 871,692. The company has a current ratio of 2.62, a quick ratio of 2.24 and a debt-to-equity ratio of 1.08. The firm has a fifty day moving average price of $22.27 and a two-hundred day moving average price of $19.75. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of -84.89 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 (EPS) for the quarter, beating analysts' consensus estimates of $0.30 by $0.17. The firm had revenue of $324,251 billion during the quarter, compared to analyst estimates of $330.82 million. Penguin Solutions had a negative net margin of 0.68% and a positive return on equity of 13.27%. On average, equities research analysts forecast that Penguin Solutions, Inc. will post 1.05 earnings per share for the current year.

Penguin Solutions 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.