Pinnacle Associates Ltd. Makes New $892,000 Investment in Penguin Solutions, Inc. (NASDAQ:PENG)

Key Points

• Pinnacle Associates Ltd. acquired 51,353 shares of Penguin Solutions, Inc. valued at approximately $892,000, representing 0.10% ownership as of their recent SEC filing.
• Various institutional investors have also made significant stakes in Penguin Solutions, including Foundry Partners LLC, which invested about $11.99 million.
• Penguin Solutions received multiple positive ratings from analysts, with price targets raised by firms such as Loop Capital and Needham & Company, indicating a consensus buy rating with a target price of $27.13.

Pinnacle Associates Ltd. bought a new position in shares of Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund bought 51,353 shares of the company's stock, valued at approximately $892,000. Pinnacle Associates Ltd. owned 0.10% of Penguin Solutions at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. New York State Teachers Retirement System bought a new position in shares of Penguin Solutions in the 1st quarter worth about $248,000. Allspring Global Investments Holdings LLC bought a new stake in Penguin Solutions during the 1st quarter worth approximately $779,000. Cambridge Investment Research Advisors Inc. bought a new stake in Penguin Solutions during the 1st quarter worth approximately $188,000. Principal Financial Group Inc. purchased a new position in shares of Penguin Solutions in the 1st quarter worth approximately $4,608,000. Finally, Amalgamated Bank purchased a new position in shares of Penguin Solutions in the 1st quarter worth approximately $264,000.

Analysts Set New Price Targets

Several equities analysts recently commented on PENG shares. Loop Capital upped their price objective on Penguin Solutions from $30.00 to $35.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Rosenblatt Securities reiterated a "buy" rating and issued a $27.00 price objective on shares of Penguin Solutions in a research report on Thursday, July 3rd. The Goldman Sachs Group increased their target price on Penguin Solutions from $22.50 to $25.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Wall Street Zen cut Penguin Solutions from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 12th. Finally, Needham & Company LLC raised their price objective on Penguin Solutions from $27.00 to $30.00 and gave the company a "buy" rating in a research note on Tuesday, July 22nd. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Penguin Solutions has a consensus rating of "Buy" and a consensus target price of $27.13.

Insiders Place Their Bets

In other Penguin Solutions news, EVP Jack A. Pacheco sold 63,447 shares of Penguin Solutions stock in a transaction on 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 completion of the transaction, the executive vice president owned 227,231 shares of the company's stock, valued at approximately $5,642,145.73. The trade was a 21.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Penny Herscher sold 2,046 shares of Penguin Solutions 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 completion of the sale, the director owned 18,222 shares in the company, valued at approximately $463,203.24. This trade represents a 10.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,175 shares of company stock valued at $1,644,448 in the last ninety days. 2.60% of the stock is owned by corporate insiders.

Penguin Solutions Trading Down 1.3%

NASDAQ:PENG traded down $0.31 during mid-day trading on Thursday, hitting $23.68. 359,625 shares of the stock traded hands, compared to its average volume of 879,404. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of -84.43 and a beta of 1.98. The firm's 50 day moving average is $21.13 and its two-hundred day moving average is $19.50. Penguin Solutions, Inc. has a 52 week low of $14.20 and a 52 week high of $25.94. The company has a quick ratio of 2.24, a current ratio of 2.62 and a debt-to-equity ratio of 1.08.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last released its quarterly earnings data 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 for 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%. On average, equities research analysts predict that Penguin Solutions, Inc. will post 1.05 earnings per share for the current year.

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.