Pacific Ridge Capital Partners LLC Purchases New Holdings in Penguin Solutions, Inc. (NASDAQ:PENG)

Key Points

• Pacific Ridge Capital Partners LLC has acquired a new position in Penguin Solutions, purchasing 42,935 shares valued at approximately $746,000.
• Several hedge funds have made new acquisitions in Penguin Solutions, with notable investments including Allspring Global Investments Holdings LLC at $779,000.
• Analysts have varied new price targets for PENG with a consensus rating of "Buy" and a target price averaging around $27.13.

Pacific Ridge Capital Partners LLC acquired a new position in Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 42,935 shares of the company's stock, valued at approximately $746,000. Pacific Ridge Capital Partners LLC owned approximately 0.08% of Penguin Solutions as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Royce & Associates LP purchased a new stake in shares of Penguin Solutions during the 1st quarter valued at $14,020,000. Foundry Partners LLC purchased a new stake in shares of Penguin Solutions during the 1st quarter valued at $11,989,000. P.A.W. Capital Corp purchased a new stake in shares of Penguin Solutions during the 1st quarter valued at $7,816,000. Bank of New York Mellon Corp purchased a new stake in shares of Penguin Solutions during the 1st quarter valued at $5,959,000. Finally, LPL Financial LLC purchased a new stake in shares of Penguin Solutions during the 1st quarter valued at $5,463,000.

Insider Transactions at Penguin Solutions

In other news, 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 sale, the director directly owned 18,222 shares in the company, valued at $463,203.24. This trade represents a 10.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jack A. Pacheco sold 63,447 shares of the firm's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $24.83, for a total value 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 worth $1,644,448 over the last 90 days. Insiders own 2.60% of the company's stock.

Penguin Solutions Stock Performance

PENG traded down $0.76 during midday trading on Friday, hitting $22.81. 851,992 shares of the company were exchanged, compared to its average volume of 1,378,293. The company's 50 day simple moving average is $21.34 and its 200 day simple moving average is $19.55. The firm has a market capitalization of $1.20 billion, a price-to-earnings ratio of -81.46 and a beta of 2.02. The company has a current ratio of 2.62, a quick ratio of 2.24 and a debt-to-equity ratio of 1.08. Penguin Solutions, Inc. has a 1-year low of $14.20 and a 1-year high of $25.94.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last announced its quarterly earnings results on Tuesday, July 8th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.17. The company had revenue of $324,251 billion for the quarter, compared to the consensus estimate of $330.82 million. Penguin Solutions had a positive return on equity of 13.27% and a negative net margin of 0.68%. As a group, sell-side analysts predict that Penguin Solutions, Inc. will post 1.05 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PENG. Loop Capital increased their price objective on Penguin Solutions from $30.00 to $35.00 and gave the company a "buy" rating in a report on Monday, July 14th. JMP Securities reissued a "market outperform" rating and issued a $26.00 target price on shares of Penguin Solutions in a research report on Wednesday, July 9th. Rosenblatt Securities reissued a "buy" rating and issued a $27.00 target price on shares of Penguin Solutions in a research report on Thursday, July 3rd. Needham & Company LLC upped their target price on Penguin Solutions from $27.00 to $30.00 and gave the company a "buy" rating in a research report on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. upped their target price on Penguin Solutions from $21.00 to $24.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Penguin Solutions currently has a consensus rating of "Buy" and a consensus target price 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.