Timothy G. Youngquist 2020 Irrevocable Trust Acquires Shares of 17,950 Penguin Solutions, Inc. $PENG

Key Points

• Timothy G. Youngquist 2020 Irrevocable Trust acquired 17,950 Penguin Solutions shares in the second quarter, valued at approximately $1.36 million. Other major investors, including BlackRock and Dimensional Fund Advisors, also recently established or expanded positions.
• Penguin Solutions reported quarterly EPS of $0.84, beating estimates of $0.63, while revenue of $478.71 million exceeded expectations of $407.47 million.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and a $63.33 price target, although insiders sold 19,678 shares worth about $1.16 million over the past 90 days.

Timothy G. Youngquist 2020 Irrevocable Trust bought a new position in shares of Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 17,950 shares of the company's stock, valued at approximately $1,364,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Penguin Solutions in the second quarter worth $581,658,000. Dimensional Fund Advisors LP purchased a new stake in shares of Penguin Solutions in the 3rd quarter worth about $60,264,000. Invesco Ltd. increased its stake in shares of Penguin Solutions by 596.8% in the 4th quarter. Invesco Ltd. now owns 1,992,415 shares of the company's stock worth $38,972,000 after acquiring an additional 1,706,482 shares in the last quarter. William Blair Investment Management LLC bought a new position in shares of Penguin Solutions in the 4th quarter worth about $18,290,000. Finally, Ophir Asset Management Pty Ltd lifted its position in Penguin Solutions by 234.3% during the 4th quarter. Ophir Asset Management Pty Ltd now owns 1,211,612 shares of the company's stock valued at $23,699,000 after acquiring an additional 849,178 shares during the period.

Insider Buying and Selling at Penguin Solutions

In related news, SVP Anne Kuykendall sold 4,000 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $54.45, for a total transaction of $217,800.00. Following the sale, the senior vice president directly owned 124,794 shares of the company's stock, valued at $6,795,033.30. This trade represents a 3.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Gates Clark sold 10,351 shares of Penguin Solutions stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $58.87, for a total value of $609,363.37. Following the completion of the sale, the senior vice president owned 66,425 shares of the company's stock, valued at $3,910,439.75. The trade was a 13.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 19,678 shares of company stock valued at $1,160,946 in the last 90 days. Company insiders own 2.90% of the company's stock.

Wall Street Analysts Forecast Growth

PENG has been the subject of several recent research reports. Rosenblatt Securities lifted their target price on shares of Penguin Solutions from $65.00 to $75.00 and gave the company a "buy" rating in a report on Monday, July 6th. Citizens Jmp lifted their price objective on Penguin Solutions from $65.00 to $85.00 and gave the company a "market outperform" rating in a research note on Wednesday, July 8th. Zacks Research raised Penguin Solutions from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 30th. Citigroup reissued an "outperform" rating on shares of Penguin Solutions in a research note on Wednesday, July 8th. Finally, Stifel Nicolaus raised their price target on Penguin Solutions from $66.00 to $75.00 and gave the company a "buy" rating in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $63.33.

Penguin Solutions Price Performance

Shares of PENG opened at $58.36 on Wednesday. Penguin Solutions, Inc. has a twelve month low of $16.04 and a twelve month high of $89.86. The company has a market capitalization of $2.99 billion, a P/E ratio of 41.39 and a beta of 2.87. The firm has a 50 day moving average of $62.44 and a 200 day moving average of $41.28. The company has a quick ratio of 1.10, a current ratio of 1.54 and a debt-to-equity ratio of 0.65.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last released its quarterly earnings data on Tuesday, July 7th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.21. Penguin Solutions had a return on equity of 28.23% and a net margin of 6.44%.The business had revenue of $478.71 million for the quarter, compared to analysts' expectations of $407.47 million. During the same period in the prior year, the firm posted $0.52 EPS. As a group, equities research analysts anticipate that Penguin Solutions, Inc. will post 2.08 earnings per share for the current fiscal year.

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.

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