Paradigm Capital Management Inc. NY Takes Position in Penguin Solutions, Inc. $PENG

Paradigm Capital Management Inc. NY bought a new stake in shares of Penguin Solutions, Inc. (NASDAQ:PENG) during the 2nd quarter, according to its most recent filing with the SEC. The firm bought 685,900 shares of the company’s stock, valued at approximately $52,135,000. Penguin Solutions accounts for 1.4% of Paradigm Capital Management Inc. NY’s holdings, making the stock its 16th biggest position.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Global Retirement Partners LLC purchased a new position in Penguin Solutions in the 2nd quarter worth approximately $26,000. Farther Finance Advisors LLC raised its stake in shares of Penguin Solutions by 187.0% during the fourth quarter. Farther Finance Advisors LLC now owns 1,452 shares of the company’s stock valued at $28,000 after purchasing an additional 946 shares during the period. Kestra Advisory Services LLC purchased a new stake in shares of Penguin Solutions during the fourth quarter valued at approximately $29,000. Allworth Financial LP acquired a new position in shares of Penguin Solutions during the second quarter worth $37,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Penguin Solutions during the second quarter worth $37,000.

Penguin Solutions Stock Performance

Shares of PENG stock opened at $50.68 on Tuesday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.10 and a current ratio of 1.54. Penguin Solutions, Inc. has a one year low of $16.04 and a one year high of $89.86. The company’s 50-day simple moving average is $61.57 and its 200-day simple moving average is $42.20. The stock has a market capitalization of $2.60 billion, a price-to-earnings ratio of 35.94 and a beta of 2.87.

Penguin Solutions (NASDAQ:PENG) last posted its quarterly earnings results on Tuesday, July 7th. The company reported $0.84 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 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 period last year, the firm earned $0.52 earnings per share. Equities analysts anticipate that Penguin Solutions, Inc. will post 2.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, SVP Joseph Gates Clark sold 10,351 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the senior vice president directly owned 66,425 shares in the company, valued at approximately $3,910,439.75. The trade was a 13.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 that occurred on Monday, June 15th. The shares were sold at an average price of $64.38, for a total value of $257,520.00. Following the sale, the senior vice president directly owned 120,794 shares in the company, valued at approximately $7,776,717.72. This represents a 3.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 15,678 shares of company stock worth $943,146. 2.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Citizens Jmp upped their target price on shares of Penguin Solutions from $65.00 to $85.00 and gave the company a “market outperform” rating in a research note on Wednesday, July 8th. Barclays downgraded shares of Penguin Solutions from an “equal weight” rating to an “underweight” rating and set a $40.00 price target on the stock. in a research note on Monday, July 20th. Needham & Company LLC upped their price objective on shares of Penguin Solutions from $60.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, July 8th. Zacks Research raised shares of Penguin Solutions from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 30th. Finally, Rosenblatt Securities raised their target price on Penguin Solutions from $65.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Penguin Solutions currently has an average rating of “Moderate Buy” and an average price target of $63.33.

Penguin Solutions Company 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.