Peregrine Capital Management LLC Cuts Stock Holdings in Penguin Solutions, Inc. $PENG

Peregrine Capital Management LLC lowered its holdings in Penguin Solutions, Inc. (NASDAQ:PENG) by 8.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 222,924 shares of the company’s stock after selling 21,426 shares during the quarter. Peregrine Capital Management LLC’s holdings in Penguin Solutions were worth $3,923,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP purchased a new stake in shares of Penguin Solutions in the 3rd quarter worth approximately $60,264,000. Invesco Ltd. increased its holdings in Penguin Solutions by 596.8% during the fourth quarter. Invesco Ltd. now owns 1,992,415 shares of the company’s stock valued at $38,972,000 after buying an additional 1,706,482 shares during the period. William Blair Investment Management LLC bought a new position in Penguin Solutions in the fourth quarter worth approximately $18,290,000. Ophir Asset Management Pty Ltd raised its stake in Penguin Solutions by 234.3% in the fourth quarter. Ophir Asset Management Pty Ltd now owns 1,211,612 shares of the company’s stock worth $23,699,000 after buying an additional 849,178 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC purchased a new stake in Penguin Solutions during the third quarter worth $15,789,000.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PENG. Wall Street Zen raised Penguin Solutions from a “hold” rating to a “buy” rating in a research report on Sunday, May 17th. Weiss Ratings downgraded Penguin Solutions from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, May 13th. Needham & Company LLC lifted their target price on Penguin Solutions from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Barclays downgraded shares of Penguin Solutions from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $23.00 to $27.00 in a report on Wednesday, April 22nd. Finally, Rosenblatt Securities increased their price target on shares of Penguin Solutions from $54.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Penguin Solutions currently has an average rating of “Moderate Buy” and a consensus target price of $36.88.

Penguin Solutions Stock Performance

Shares of PENG stock opened at $61.47 on Friday. The business’s fifty day simple moving average is $53.48 and its 200-day simple moving average is $31.74. The company has a market cap of $3.12 billion, a PE ratio of 85.38 and a beta of 2.83. 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 $77.40.

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

Insiders Place Their Bets

In other Penguin Solutions news, Director Maximiliane C. Straub sold 8,000 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $45.00, for a total value of $360,000.00. Following the completion of the sale, the director directly owned 58,975 shares in the company, valued at approximately $2,653,875. This trade represents a 11.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Sandeep Nayyar sold 12,893 shares of the firm’s stock in a transaction dated 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 sale, the director directly owned 32,524 shares of the company’s stock, valued at approximately $1,466,507.16. This represents a 28.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 83,120 shares of company stock valued at $3,486,734. 2.90% of the stock is currently owned by corporate insiders.

Penguin Solutions 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.