Empowered Funds LLC Invests $1.89 Million in Penguin Solutions, Inc. $PENG

Empowered Funds LLC bought a new stake in shares of Penguin Solutions, Inc. (NASDAQ:PENG) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 24,852 shares of the company’s stock, valued at approximately $1,889,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Global Retirement Partners LLC purchased a new position in Penguin Solutions in the 2nd quarter worth about $26,000. Allworth Financial LP purchased a new stake in Penguin Solutions during the second quarter valued at about $37,000. Public Employees Retirement System of Ohio acquired a new position in shares of Penguin Solutions in the second quarter worth about $74,000. Meeder Asset Management Inc. acquired a new position in shares of Penguin Solutions in the second quarter worth about $92,000. Finally, Farther Finance Advisors LLC increased its position in shares of Penguin Solutions by 187.0% in the fourth quarter. Farther Finance Advisors LLC now owns 1,452 shares of the company’s stock worth $28,000 after acquiring an additional 946 shares in the last quarter.

Penguin Solutions Trading Up 2.2%

NASDAQ:PENG opened at $48.63 on Friday. The stock has a market cap of $2.49 billion, a PE ratio of 34.49 and a beta of 2.86. Penguin Solutions, Inc. has a fifty-two week low of $16.04 and a fifty-two week high of $89.86. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.54 and a quick ratio of 1.10. The stock’s 50-day moving average is $59.09 and its two-hundred day moving average is $43.95.

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

Insider Buying and Selling

In other Penguin Solutions news, SVP Joseph Clark sold 1,327 shares of the stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $57.47, for a total value of $76,262.69. Following the completion of the sale, the senior vice president owned 63,056 shares in the company, valued at $3,623,828.32. This represents a 2.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 Penguin Solutions stock in a transaction on Monday, June 15th. The shares were sold at an average price of $64.38, for a total transaction of $257,520.00. Following the sale, the senior vice president directly owned 120,794 shares of the company’s stock, valued at $7,776,717.72. This trade 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. Insiders have sold 9,327 shares of company stock worth $536,103 over the last ninety days. 2.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Needham & Company LLC boosted their price target on shares of Penguin Solutions from $60.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, July 8th. Wall Street Zen lowered shares of Penguin Solutions from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 26th. Citizens Jmp lifted their price objective on shares of Penguin Solutions from $65.00 to $85.00 and gave the stock a “market outperform” rating in a research report on Wednesday, July 8th. Barclays downgraded shares of Penguin Solutions from an “equal weight” rating to an “underweight” rating and set a $40.00 target price on the stock. in a research note on Monday, July 20th. Finally, Rosenblatt Securities increased their target price on Penguin Solutions from $65.00 to $75.00 and gave the company a “buy” rating in a report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Penguin Solutions presently has an average rating of “Moderate Buy” and a consensus price target of $63.33.

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.