Royce & Associates LP Takes $14.02 Million Position in Penguin Solutions, Inc. (NASDAQ:PENG)

Royce & Associates LP acquired a new position in shares of Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 807,125 shares of the company's stock, valued at approximately $14,020,000. Royce & Associates LP owned about 1.50% of Penguin Solutions as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Crews Bank & Trust purchased a new position in Penguin Solutions during the 1st quarter worth $28,000. CWM LLC purchased a new position in Penguin Solutions during the 1st quarter worth $39,000. IFP Advisors Inc purchased a new stake in shares of Penguin Solutions in the first quarter valued at about $39,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Penguin Solutions in the first quarter valued at about $167,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Penguin Solutions in the first quarter valued at about $174,000.

Penguin Solutions Price Performance

Penguin Solutions stock traded up $0.26 during trading hours on Friday, hitting $25.16. 690,808 shares of the company traded hands, compared to its average volume of 1,321,259. The firm 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 quick ratio of 2.24, a current ratio of 2.62 and a debt-to-equity ratio of 1.08. The firm's 50-day simple moving average is $20.77 and its two-hundred day simple moving average is $19.40. 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 posted its quarterly earnings data on Tuesday, July 8th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.17. Penguin Solutions had a negative net margin of 0.68% and a positive return on equity of 13.27%. The company had revenue of $324,251 billion during the quarter, compared to analyst estimates of $330.82 million. As a group, analysts forecast that Penguin Solutions, Inc. will post 1.05 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on PENG shares. Wall Street Zen downgraded shares of Penguin Solutions from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 12th. The Goldman Sachs Group lifted their target price on shares of Penguin Solutions from $22.50 to $25.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $27.00 target price on shares of Penguin Solutions in a report on Thursday, July 3rd. Loop Capital lifted their target price 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. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Penguin Solutions from $21.00 to $24.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. 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. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $27.13.

Insider Activity

In other Penguin Solutions news, Director Penny Herscher sold 2,046 shares of the firm's stock in a transaction dated 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 directly owned 18,222 shares in the company, valued at $463,203.24. This trade represents a 10.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, 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 transaction of $1,575,389.01. Following the sale, the executive vice president owned 227,231 shares of the company's stock, valued at approximately $5,642,145.73. This represents a 21.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,175 shares of company stock valued at $1,644,448. Insiders own 2.60% of the company's stock.

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.