Virtus Advisers LLC Invests $2.94 Million in Penguin Solutions, Inc. $PENG

Virtus Advisers LLC bought a new position in Penguin Solutions, Inc. (NASDAQ:PENG) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 38,681 shares of the company’s stock, valued at approximately $2,940,000. Penguin Solutions makes up about 1.1% of Virtus Advisers LLC’s investment portfolio, making the stock its 10th biggest position. Virtus Advisers LLC owned 0.08% of Penguin Solutions at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PENG. BlackRock Inc. acquired a new position in Penguin Solutions in the second quarter worth approximately $581,658,000. State Street Corp increased its holdings in shares of Penguin Solutions by 3.2% in the fourth quarter. State Street Corp now owns 2,957,938 shares of the company’s stock valued at $57,857,000 after buying an additional 91,805 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Penguin Solutions by 4.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,388,748 shares of the company’s stock valued at $46,726,000 after acquiring an additional 95,585 shares during the last quarter. Invesco Ltd. lifted its position in shares of Penguin Solutions by 596.8% during the 4th quarter. Invesco Ltd. now owns 1,992,415 shares of the company’s stock valued at $38,972,000 after acquiring an additional 1,706,482 shares during the last quarter. Finally, Paradigm Capital Management Inc. NY lifted its position in shares of Penguin Solutions by 73.8% during the 1st quarter. Paradigm Capital Management Inc. NY now owns 1,605,100 shares of the company’s stock valued at $28,250,000 after acquiring an additional 681,700 shares during the last quarter.

Insider Activity

In other Penguin Solutions news, SVP Joseph Gates Clark sold 1,327 shares of Penguin Solutions stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $57.47, for a total transaction of $76,262.69. Following the transaction, the senior vice president owned 63,056 shares of the company’s stock, valued at $3,623,828.32. The trade was a 2.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Anne Kuykendall sold 4,000 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $64.38, for a total value of $257,520.00. Following the completion of the transaction, the senior vice president owned 120,794 shares in the company, valued at $7,776,717.72. This represents a 3.21% decrease in their position. 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. Over the last three months, insiders sold 19,678 shares of company stock valued at $1,160,946. Company insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Wall Street Zen cut Penguin Solutions from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 26th. Stifel Nicolaus upped their target price on Penguin Solutions from $66.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, July 8th. Citigroup reiterated an “outperform” rating on shares of Penguin Solutions in a research report on Wednesday, July 8th. Rosenblatt Securities boosted their price objective on Penguin Solutions from $65.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, July 6th. Finally, Barclays downgraded Penguin Solutions from an “equal weight” rating to an “underweight” rating and set a $40.00 price objective on the stock. in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $63.33.

Penguin Solutions Price Performance

Shares of NASDAQ:PENG opened at $51.14 on Friday. The company’s fifty day moving average is $62.06 and its two-hundred day moving average is $41.74. The company has a market cap of $2.62 billion, a P/E ratio of 36.27 and a beta of 2.87. Penguin Solutions, Inc. has a 12-month low of $16.04 and a 12-month high of $89.86. The company has a quick ratio of 1.10, a current ratio of 1.54 and a debt-to-equity ratio of 0.65.

Penguin Solutions (NASDAQ:PENG) last issued its earnings results on Tuesday, July 7th. The company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.63 by $0.21. Penguin Solutions had a return on equity of 28.23% and a net margin of 6.44%.The business had revenue of $478.71 million during the quarter, compared to analysts’ expectations of $407.47 million. During the same quarter last year, the firm posted $0.52 earnings per share. Equities analysts expect that Penguin Solutions, Inc. will post 2.08 earnings per share for the current fiscal 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.