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

Virtus Advisers LLC purchased a new position in Penguin Solutions, Inc. (NASDAQ:PENG) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 38,681 shares of the company’s stock, valued at approximately $2,940,000. Penguin Solutions comprises 1.1% of Virtus Advisers LLC’s portfolio, making the stock its 10th biggest holding.

Several other hedge funds and other institutional investors have also modified their holdings of PENG. Global Retirement Partners LLC acquired a new stake in Penguin Solutions during the second quarter valued at $26,000. Osaic Holdings Inc. grew its stake in Penguin Solutions by 20.8% in the second quarter. Osaic Holdings Inc. now owns 3,583 shares of the company’s stock valued at $71,000 after purchasing an additional 617 shares in the last quarter. Covestor Ltd increased its position in Penguin Solutions by 4.7% in the 4th quarter. Covestor Ltd now owns 15,535 shares of the company’s stock worth $304,000 after purchasing an additional 695 shares during the last quarter. M&T Bank Corp increased its position in Penguin Solutions by 7.0% in the 4th quarter. M&T Bank Corp now owns 10,851 shares of the company’s stock worth $212,000 after purchasing an additional 706 shares during the last quarter. Finally, Optimize Financial Inc raised its stake in shares of Penguin Solutions by 1.5% during the 4th quarter. Optimize Financial Inc now owns 56,354 shares of the company’s stock worth $1,102,000 after purchasing an additional 808 shares in the last quarter.

Insider Activity at Penguin Solutions

In other Penguin Solutions news, SVP Anne Kuykendall sold 4,000 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $64.38, for a total transaction of $257,520.00. Following the transaction, the senior vice president owned 120,794 shares in the company, valued at $7,776,717.72. This trade represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Gates Clark sold 1,327 shares of Penguin Solutions stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $57.47, for a total transaction of $76,262.69. Following the completion of the transaction, the senior vice president directly owned 63,056 shares in the company, valued at approximately $3,623,828.32. This represents a 2.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 19,678 shares of company stock valued at $1,160,946. Corporate insiders own 2.90% of the company’s stock.

Penguin Solutions Price Performance

Shares of NASDAQ:PENG opened at $51.14 on Friday. Penguin Solutions, Inc. has a fifty-two week low of $16.04 and a fifty-two week high of $89.86. The business has a 50-day moving average of $62.06 and a two-hundred day moving average of $41.74. The stock has a market capitalization of $2.62 billion, a P/E ratio of 36.27 and a beta of 2.87. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.54 and a quick ratio of 1.10.

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PENG shares. Needham & Company LLC lifted their price target on Penguin Solutions from $60.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, July 8th. Weiss Ratings upgraded Penguin Solutions from a “hold (c-)” rating to a “hold (c)” 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 report on Sunday, July 26th. Barclays cut shares of Penguin Solutions from an “equal weight” rating to an “underweight” rating and set a $40.00 target price for the company. in a research note on Monday, July 20th. Finally, Zacks Research raised shares of Penguin Solutions from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.33.

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.