Zurcher Kantonalbank Zurich Cantonalbank Acquires Shares of 15,671 Penguin Solutions, Inc. (NASDAQ:PENG)

Key Points

• Zurcher Kantonalbank has made a new investment in Penguin Solutions, Inc. by acquiring 15,671 shares valued at approximately $272,000 in the first quarter of the year.
• Multiple institutional investors, including Crews Bank & Trust and KLP Kapitalforvaltning AS, have also recently purchased stakes in Penguin Solutions, indicating growing interest in the company.
• Wall Street analysts have a generally positive outlook on Penguin Solutions, with price targets ranging from $24.00 to $35.00, reflecting the stock's potential for growth in the upcoming fiscal year.

Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 15,671 shares of the company's stock, valued at approximately $272,000.

Other hedge funds have also recently made changes to their positions in the company. Royce & Associates LP purchased a new stake in Penguin Solutions in the first quarter valued at $14,020,000. Foundry Partners LLC purchased a new stake in Penguin Solutions in the first quarter valued at $11,989,000. P.A.W. Capital Corp purchased a new stake in Penguin Solutions in the first quarter valued at $7,816,000. Bank of New York Mellon Corp purchased a new stake in Penguin Solutions in the first quarter valued at $5,959,000. Finally, Peregrine Capital Management LLC purchased a new stake in shares of Penguin Solutions during the 1st quarter worth about $4,616,000.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on PENG shares. JMP Securities reissued a "market outperform" rating and set a $26.00 target price on shares of Penguin Solutions in a research note on Wednesday, July 9th. Wall Street Zen lowered shares of Penguin Solutions from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 12th. Loop Capital increased their target price on shares of Penguin Solutions from $30.00 to $35.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. Needham & Company LLC increased their target price on shares of Penguin Solutions from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. increased their target price on shares of Penguin Solutions from $21.00 to $24.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $27.13.

Penguin Solutions Price Performance

Shares of PENG traded up $0.11 during mid-day trading on Monday, hitting $23.37. 814,744 shares of the company were exchanged, compared to its average volume of 1,012,012. Penguin Solutions, Inc. has a 1-year low of $14.20 and a 1-year high of $25.94. The company has a debt-to-equity ratio of 1.08, a quick ratio of 2.24 and a current ratio of 2.62. The company has a 50 day moving average of $21.97 and a 200-day moving average of $19.65. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of -83.46 and a beta of 2.02.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last released its quarterly earnings results on Tuesday, July 8th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.17. The firm had revenue of $324,251 billion during the quarter, compared to the consensus estimate of $330.82 million. Penguin Solutions had a negative net margin of 0.68% and a positive return on equity of 13.27%. Analysts expect that Penguin Solutions, Inc. will post 1.05 EPS for the current fiscal year.

Insider Transactions at Penguin Solutions

In other Penguin Solutions news, Director Penny Herscher sold 2,046 shares of the 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 sale, the director owned 18,222 shares in the company, valued at approximately $463,203.24. This represents a 10.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jack A. Pacheco sold 63,447 shares of the stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $24.83, for a total transaction of $1,575,389.01. Following the completion of the sale, the executive vice president owned 227,231 shares of the company's stock, valued at approximately $5,642,145.73. The trade was a 21.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,175 shares of company stock valued at $1,644,448. 2.60% of the stock is owned by insiders.

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.