Pinnacle Associates Ltd. Takes Position 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. acquired a new stake in Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 51,353 shares of the company's stock, valued at approximately $892,000. Pinnacle Associates Ltd. owned 0.10% of Penguin Solutions as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Foundry Partners LLC bought a new stake in Penguin Solutions in the first quarter worth about $11,989,000. P.A.W. Capital Corp acquired a new position in shares of Penguin Solutions in the 1st quarter worth approximately $7,816,000. Bank of New York Mellon Corp bought a new stake in shares of Penguin Solutions in the 1st quarter worth approximately $5,959,000. Peregrine Capital Management LLC acquired a new stake in Penguin Solutions during the first quarter valued at approximately $4,616,000. Finally, Principal Financial Group Inc. bought a new stake in Penguin Solutions during the first quarter worth approximately $4,608,000.

Insiders Place Their Bets

In other Penguin Solutions news, Director Penny Herscher sold 2,046 shares of the company's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $25.42, for a total value of $52,009.32. Following the transaction, the director directly owned 18,222 shares of the company's stock, valued at $463,203.24. This represents a 10.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Jack A. Pacheco sold 63,447 shares of the firm'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 sale, the executive vice president directly owned 227,231 shares of the company's stock, 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 sold 66,175 shares of company stock worth $1,644,448 over the last ninety days. 2.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on PENG shares. JPMorgan Chase & Co. upped their price target on Penguin Solutions from $21.00 to $24.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Loop Capital upped their target price on Penguin Solutions from $30.00 to $35.00 and gave the company a "buy" rating in a report on Monday, July 14th. Needham & Company LLC lifted their price target on Penguin Solutions from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. The Goldman Sachs Group boosted their price objective on Penguin Solutions from $22.50 to $25.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $27.00 target price on shares of Penguin Solutions in a report on Thursday, July 3rd. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Penguin Solutions currently has a consensus rating of "Buy" and a consensus target price of $27.13.

Penguin Solutions Stock Up 1.0%

Shares of Penguin Solutions stock opened at $25.16 on Monday. Penguin Solutions, Inc. has a 1 year low of $14.20 and a 1 year high of $25.94. The company has a market cap of $1.32 billion, a P/E ratio of -89.85 and a beta of 1.98. 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 stock has a 50-day moving average price of $20.77 and a 200 day moving average price of $19.40.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last posted its quarterly earnings results on Tuesday, July 8th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.30 by $0.17. The business 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%. As a group, analysts expect that Penguin Solutions, Inc. will post 1.05 EPS for the current fiscal 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.

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