Peregrine Capital Management LLC Reduces Stake in Penguin Solutions, Inc. $PENG

by · The Markets Daily

Peregrine Capital Management LLC cut its stake in shares of Penguin Solutions, Inc. (NASDAQ:PENG – Free Report) by 8.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 222,924 shares of the company’s stock after selling 21,426 shares during the period. Peregrine Capital Management LLC owned 0.44% of Penguin Solutions worth $3,923,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Allworth Financial LP boosted its holdings in shares of Penguin Solutions by 41.4% in the 3rd quarter. Allworth Financial LP now owns 1,792 shares of the company’s stock worth $47,000 after purchasing an additional 525 shares during the period. Osaic Holdings Inc. lifted its position in Penguin Solutions by 20.8% in the second quarter. Osaic Holdings Inc. now owns 3,583 shares of the company’s stock worth $71,000 after buying an additional 617 shares during the last quarter. Covestor Ltd boosted its stake in Penguin Solutions by 4.7% during the fourth quarter. Covestor Ltd now owns 15,535 shares of the company’s stock worth $304,000 after buying an additional 695 shares during the period. M&T Bank Corp boosted its stake in Penguin Solutions by 7.0% during the fourth quarter. M&T Bank Corp now owns 10,851 shares of the company’s stock worth $212,000 after buying an additional 706 shares during the period. Finally, Optimize Financial Inc increased its position in Penguin Solutions by 1.5% during the fourth quarter. Optimize Financial Inc now owns 56,354 shares of the company’s stock valued at $1,102,000 after acquiring an additional 808 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Barclays lowered shares of Penguin Solutions from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $23.00 to $27.00 in a report on Wednesday, April 22nd. Rosenblatt Securities upped their price target 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. Stifel Nicolaus increased their price objective on shares of Penguin Solutions from $24.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Weiss Ratings downgraded shares of Penguin Solutions from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, May 13th. Finally, Needham & Company LLC boosted their target price on Penguin Solutions from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, April 2nd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Penguin Solutions currently has an average rating of “Moderate Buy” and an average target price of $36.88.

View Our Latest Report on Penguin Solutions

Penguin Solutions Trading Down 10.7%

Shares of PENG opened at $61.47 on Friday. Penguin Solutions, Inc. has a 1-year low of $16.04 and a 1-year high of $77.40. The company has a 50-day moving average of $53.48 and a 200 day moving average of $31.74. The firm has a market capitalization of $3.12 billion, a price-to-earnings ratio of 85.38 and a beta of 2.83. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.10 and a quick ratio of 1.55.

Penguin Solutions (NASDAQ:PENG – Get Free Report) last issued its earnings results on Wednesday, April 1st. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.09. The business had revenue of $343.00 million for the quarter, compared to the consensus estimate 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 expect that Penguin Solutions, Inc. will post 1.79 EPS for the current year.

Insider Transactions at Penguin Solutions

In related news, Director Sandeep Nayyar sold 7,107 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $43.48, for a total value of $309,012.36. Following the completion of the sale, the director owned 25,417 shares in the company, valued at approximately $1,105,131.16. The trade was a 21.85% 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. Also, SVP Joseph Gates Clark sold 10,351 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $58.87, for a total value of $609,363.37. Following the transaction, the senior vice president owned 66,425 shares in the company, valued at $3,910,439.75. The trade was a 13.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 83,120 shares of company stock worth $3,486,734 over the last three months. Company insiders own 2.90% of the company’s stock.

Penguin Solutions Company Profile

(Free Report)

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.

Read More

Want to see what other hedge funds are holding PENG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Penguin Solutions, Inc. (NASDAQ:PENG – Free Report).