William Blair Investment Management LLC Takes $18.29 Million Position in Penguin Solutions, Inc. $PENG

Key Points

• William Blair Investment Management opened a new position in Penguin Solutions, buying 935,088 shares worth about $18.29 million and taking roughly 1.78% ownership of the company.
• Several Wall Street analysts remain positive on PENG, with a consensus rating of Moderate Buy and an average price target of $27.25, despite some recent rating and target-price changes.
• Company insiders have sold shares recently, while Penguin Solutions also reported better-than-expected quarterly earnings of $0.52 per share on revenue of $343 million, topping analyst estimates.

William Blair Investment Management LLC acquired a new stake in shares of Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 935,088 shares of the company's stock, valued at approximately $18,290,000. William Blair Investment Management LLC owned about 1.78% of Penguin Solutions as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the stock. Allworth Financial LP raised its holdings in shares of Penguin Solutions by 41.4% during the third quarter. Allworth Financial LP now owns 1,792 shares of the company's stock valued at $47,000 after purchasing an additional 525 shares during the last quarter. Osaic Holdings Inc. raised its holdings in shares of Penguin Solutions by 20.8% during the second quarter. Osaic Holdings Inc. now owns 3,583 shares of the company's stock valued at $71,000 after purchasing an additional 617 shares during the last quarter. Covestor Ltd raised its holdings in shares of Penguin Solutions by 4.7% during the fourth quarter. Covestor Ltd now owns 15,535 shares of the company's stock valued at $304,000 after purchasing an additional 695 shares during the last quarter. M&T Bank Corp raised its holdings in shares of Penguin Solutions by 7.0% during the fourth quarter. M&T Bank Corp now owns 10,851 shares of the company's stock valued at $212,000 after purchasing an additional 706 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in shares of Penguin Solutions by 187.0% during the fourth quarter. Farther Finance Advisors LLC now owns 1,452 shares of the company's stock valued at $28,000 after purchasing an additional 946 shares during the last quarter.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PENG shares. Weiss Ratings cut shares of Penguin Solutions from a "hold (c)" rating to a "hold (c-)" rating in a report on Wednesday, May 13th. Rosenblatt Securities restated a "buy" rating and set a $30.00 target price on shares of Penguin Solutions in a research report on Monday, March 30th. Needham & Company LLC boosted their target price on shares of Penguin Solutions from $25.00 to $27.00 and gave the company a "buy" rating in a research report on Thursday, April 2nd. Stifel Nicolaus cut their target price on shares of Penguin Solutions from $27.00 to $24.00 and set a "buy" rating for the company in a research report on Thursday, April 2nd. Finally, Wall Street Zen upgraded shares of Penguin Solutions from a "hold" rating to a "buy" rating in a research report on Sunday, May 17th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $27.25.

Insider Activity

In other Penguin Solutions news, Director Maximiliane C. Straub sold 8,000 shares of the company's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $45.00, for a total value of $360,000.00. Following the completion of the transaction, the director directly owned 58,975 shares in the company, valued at $2,653,875. This represents a 11.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Sandeep Nayyar sold 12,893 shares of the company's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $45.09, for a total transaction of $581,345.37. Following the completion of the transaction, the director owned 32,524 shares of the company's stock, valued at approximately $1,466,507.16. The trade was a 28.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 68,769 shares of company stock valued at $2,473,051. Company insiders own 2.90% of the company's stock.

Penguin Solutions Stock Performance

Shares of NASDAQ PENG opened at $53.21 on Tuesday. The firm has a 50 day moving average of $29.40 and a 200 day moving average of $23.17. The company has a current ratio of 2.10, a quick ratio of 1.55 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $2.70 billion, a price-to-earnings ratio of 73.90 and a beta of 2.66. Penguin Solutions, Inc. has a 12-month low of $16.04 and a 12-month high of $54.28.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 1st. The company reported $0.52 earnings per share for the quarter, topping analysts' consensus estimates of $0.43 by $0.09. The business had revenue of $343.00 million during the quarter, compared to analyst estimates of $339.00 million. Penguin Solutions had a net margin of 4.07% and a return on equity of 19.94%. On average, research analysts anticipate that Penguin Solutions, Inc. will post 1.66 earnings per share for the current 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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