Needham Investment Management LLC Trims Stock Holdings in Penguin Solutions, Inc. $PENG

Needham Investment Management LLC reduced its holdings in shares of Penguin Solutions, Inc. (NASDAQ:PENG) by 8.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 102,500 shares of the company’s stock after selling 10,000 shares during the period. Needham Investment Management LLC owned about 0.20% of Penguin Solutions worth $2,005,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. William Blair Investment Management LLC bought a new stake in shares of Penguin Solutions during the fourth quarter worth $18,290,000. Fisher Asset Management LLC bought a new position in shares of Penguin Solutions in the fourth quarter worth about $716,000. State of Alaska Department of Revenue increased its stake in Penguin Solutions by 98.3% in the 4th quarter. State of Alaska Department of Revenue now owns 47,576 shares of the company’s stock worth $930,000 after buying an additional 23,582 shares during the period. Kennedy Capital Management LLC increased its stake in Penguin Solutions by 31.9% in the 3rd quarter. Kennedy Capital Management LLC now owns 992,168 shares of the company’s stock worth $26,074,000 after buying an additional 240,159 shares during the period. Finally, M&T Bank Corp lifted its holdings in Penguin Solutions by 980.0% during the 4th quarter. M&T Bank Corp now owns 109,567 shares of the company’s stock valued at $2,143,000 after buying an additional 99,422 shares in the last quarter.

Insider Buying and Selling at Penguin Solutions

In other news, SVP Joseph Gates Clark sold 12,546 shares of Penguin Solutions stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $22.55, for a total value of $282,912.30. Following the transaction, the senior vice president directly owned 99,726 shares in the company, valued at approximately $2,248,821.30. This trade represents a 11.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sandeep Nayyar sold 12,893 shares of the business’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $45.09, for a total value of $581,345.37. Following the completion of the transaction, the director directly 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 disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 79,120 shares of company stock worth $3,229,214. 2.90% of the stock is currently owned by corporate insiders.

Penguin Solutions Stock Down 0.4%

Shares of Penguin Solutions stock opened at $63.87 on Tuesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.10 and a quick ratio of 1.55. The stock has a market cap of $3.24 billion, a price-to-earnings ratio of 88.71 and a beta of 2.88. The firm’s 50-day moving average is $42.64 and its two-hundred day moving average is $27.64. Penguin Solutions, Inc. has a 1 year low of $16.04 and a 1 year high of $73.24.

Penguin Solutions (NASDAQ:PENG) last posted its quarterly earnings results on Wednesday, April 1st. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.43 by $0.09. Penguin Solutions had a net margin of 4.07% and a return on equity of 19.94%. The business had revenue of $343.00 million during the quarter, compared to analyst estimates of $339.00 million. As a group, research analysts expect that Penguin Solutions, Inc. will post 1.79 earnings per share for the current fiscal year.

Analyst Ratings Changes

PENG has been the topic of a number of research analyst reports. Stifel Nicolaus upped their target price on shares of Penguin Solutions from $24.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Wall Street Zen raised shares of Penguin Solutions from a “hold” rating to a “buy” rating in a research note on Sunday, May 17th. Weiss Ratings lowered Penguin Solutions from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 13th. Rosenblatt Securities increased their price objective on Penguin Solutions from $54.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Finally, Zacks Research downgraded Penguin Solutions from a “strong-buy” rating to a “hold” rating in a report on Monday, June 1st. Six equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently 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.