807,125 Shares in Penguin Solutions, Inc. (NASDAQ:PENG) Acquired by Royce & Associates LP

Key Points

• Royce & Associates LP has established a new position in Penguin Solutions, acquiring 807,125 shares valued at approximately $14.02 million, making up about 1.50% of the company's total shares.
• Penguin Solutions stock saw a recent trading price of $25.16 and has a market cap of $1.32 billion, with earnings per share of $0.47 reported for the last quarter.
• Analysts have varying outlooks on the stock, with recent target price changes from Goldman Sachs raising it to $25.00 and Loop Capital pushing it to $35.00, while the average consensus is $27.13.

Royce & Associates LP bought a new stake in shares of Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 807,125 shares of the company's stock, valued at approximately $14,020,000. Royce & Associates LP owned approximately 1.50% of Penguin Solutions at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Pinnacle Associates Ltd. acquired a new position in Penguin Solutions during the 1st quarter valued at about $892,000. Legato Capital Management LLC acquired a new position in Penguin Solutions during the 1st quarter valued at about $845,000. KLP Kapitalforvaltning AS acquired a new position in Penguin Solutions during the 1st quarter valued at about $167,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Penguin Solutions during the 1st quarter valued at about $174,000. Finally, IFP Advisors Inc acquired a new position in shares of Penguin Solutions in the first quarter valued at about $39,000.

Insider Activity at Penguin Solutions

In other news, EVP Jack A. Pacheco sold 63,447 shares of the firm's stock in a transaction that occurred on 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 transaction, 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Penny Herscher sold 2,046 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $25.42, for a total value of $52,009.32. Following the completion of the transaction, 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. Over the last three months, insiders sold 66,175 shares of company stock worth $1,644,448. 2.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on PENG shares. Needham & Company LLC increased their price objective on Penguin Solutions from $27.00 to $30.00 and gave the company a "buy" rating in a report on Tuesday, July 22nd. JPMorgan Chase & Co. increased their price objective 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 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. Rosenblatt Securities reissued a "buy" rating and issued a $27.00 price objective on shares of Penguin Solutions in a report on Thursday, July 3rd. Finally, The Goldman Sachs Group increased their price objective on Penguin Solutions from $22.50 to $25.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $27.13.

Penguin Solutions Stock Performance

Penguin Solutions stock traded up $0.46 during midday trading on Monday, hitting $25.62. 449,167 shares of the company were exchanged, compared to its average volume of 872,031. The firm has a market capitalization of $1.34 billion, a PE ratio of -91.46 and a beta of 1.98. Penguin Solutions, Inc. has a fifty-two week low of $14.20 and a fifty-two week high of $25.94. The business has a fifty day simple moving average of $20.77 and a two-hundred day simple moving average of $19.40. The company has a debt-to-equity ratio of 1.08, a quick ratio of 2.24 and a current ratio of 2.62.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last issued its quarterly earnings data on Tuesday, July 8th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.30 by $0.17. Penguin Solutions had a positive return on equity of 13.27% and a negative net margin of 0.68%. The company had revenue of $324,251 billion for the quarter, compared to analyst estimates of $330.82 million. On average, sell-side 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.