Needham Investment Management LLC Cuts Stock Position in Penguin Solutions, Inc. $PENG

Needham Investment Management LLC lessened its position in shares of Penguin Solutions, Inc. (NASDAQ:PENG) by 8.9% in the 4th quarter, HoldingsChannel reports. The fund owned 102,500 shares of the company’s stock after selling 10,000 shares during the period. Needham Investment Management LLC’s holdings in Penguin Solutions were worth $2,005,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PENG. Farther Finance Advisors LLC lifted its position in 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 acquiring an additional 946 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in Penguin Solutions in the fourth quarter worth $29,000. Raymond James Financial Inc. acquired a new position in shares of Penguin Solutions during the second quarter worth $37,000. Jones Financial Companies Lllp increased its position in shares of Penguin Solutions by 4,131.7% during the third quarter. Jones Financial Companies Lllp now owns 1,735 shares of the company’s stock worth $45,000 after purchasing an additional 1,694 shares in the last quarter. Finally, Allworth Financial LP lifted its holdings in shares of Penguin Solutions by 41.4% during the 3rd 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.

Penguin Solutions Trading Down 0.4%

NASDAQ:PENG opened at $63.87 on Tuesday. The company has a market capitalization of $3.24 billion, a P/E ratio of 88.71 and a beta of 2.88. The company has a current ratio of 2.10, a quick ratio of 1.55 and a debt-to-equity ratio of 1.09. Penguin Solutions, Inc. has a 12 month low of $16.04 and a 12 month high of $73.24. The firm has a fifty day simple moving average of $42.64 and a 200-day simple moving average of $27.64.

Penguin Solutions (NASDAQ:PENG) last released its earnings results on Wednesday, April 1st. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.09. The firm had revenue of $343.00 million for the quarter, compared to the consensus estimate of $339.00 million. Penguin Solutions had a return on equity of 19.94% and a net margin of 4.07%. On average, equities research analysts anticipate that Penguin Solutions, Inc. will post 1.79 earnings per share for the current year.

Insider Transactions at Penguin Solutions

In other news, SVP Anne Kuykendall sold 4,000 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $54.45, for a total value of $217,800.00. Following the transaction, the senior vice president directly owned 124,794 shares of the company’s stock, valued at approximately $6,795,033.30. This represents a 3.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Maximiliane C. Straub sold 3,000 shares of the firm’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the transaction, the director owned 51,975 shares of the company’s stock, valued at approximately $2,546,775. The trade was a 5.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 79,120 shares of company stock worth $3,229,214 in the last 90 days. 2.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

PENG has been the subject of a number of recent analyst reports. Needham & Company LLC raised their price objective on Penguin Solutions from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. Wall Street Zen raised Penguin Solutions from a “hold” rating to a “buy” rating in a research report on Sunday, May 17th. Zacks Research downgraded Penguin Solutions from a “strong-buy” rating to a “hold” rating in a report on Monday, June 1st. Stifel Nicolaus boosted their price target on Penguin Solutions from $24.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Finally, Rosenblatt Securities upped their price objective on shares of Penguin Solutions from $54.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $36.88.

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.