296,052 Shares in Penguin Solutions, Inc. $PENG Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 296,052 shares of Penguin Solutions, worth approximately $22.5 million and representing about 0.58% of the company. Several other institutional investors also increased their positions.
• Penguin Solutions exceeded quarterly expectations, reporting $0.84 in EPS versus the $0.63 consensus and revenue of $478.71 million compared with estimates of $407.47 million.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $63.33; multiple firms recently raised targets to between $75 and $85.

Bank of New York Mellon Corp acquired a new stake in Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 296,052 shares of the company's stock, valued at approximately $22,503,000. Bank of New York Mellon Corp owned approximately 0.58% of Penguin Solutions at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. State Street Corp raised its position in Penguin Solutions by 3.2% in the 4th quarter. State Street Corp now owns 2,957,938 shares of the company's stock worth $57,857,000 after buying an additional 91,805 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Penguin Solutions by 4.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,388,748 shares of the company's stock worth $46,726,000 after buying an additional 95,585 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Penguin Solutions by 596.8% in the fourth quarter. Invesco Ltd. now owns 1,992,415 shares of the company's stock worth $38,972,000 after acquiring an additional 1,706,482 shares during the period. Paradigm Capital Management Inc. NY grew its holdings in shares of Penguin Solutions by 73.8% in the first quarter. Paradigm Capital Management Inc. NY now owns 1,605,100 shares of the company's stock worth $28,250,000 after acquiring an additional 681,700 shares during the period. Finally, Ophir Asset Management Pty Ltd increased its position in Penguin Solutions by 234.3% during the fourth quarter. Ophir Asset Management Pty Ltd now owns 1,211,612 shares of the company's stock valued at $23,699,000 after acquiring an additional 849,178 shares during the last quarter.

Penguin Solutions Price Performance

Shares of NASDAQ:PENG opened at $49.51 on Monday. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of 35.11 and a beta of 2.87. The firm has a fifty day moving average price of $60.56 and a 200 day moving average price of $43.12. 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 quick ratio of 1.10 and a current ratio of 1.54.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last posted its 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. Penguin Solutions had a return on equity of 28.23% and a net margin of 6.44%.The company had revenue of $478.71 million for the quarter, compared to the consensus estimate of $407.47 million. During the same period in the previous year, the business earned $0.52 earnings per share. As a group, sell-side analysts expect that Penguin Solutions, Inc. will post 2.08 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Joseph Gates Clark sold 1,327 shares of the business's stock in a transaction dated 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 approximately $3,623,828.32. The trade was a 2.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, 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 on Monday, June 15th. The stock was sold at an average price of $64.38, for a total value of $257,520.00. Following the sale, the senior vice president owned 120,794 shares of the company's stock, valued at approximately $7,776,717.72. This represents a 3.21% 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 quarter, insiders have sold 9,327 shares of company stock worth $536,103. 2.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have commented on PENG. Rosenblatt Securities upped their target price on shares of Penguin Solutions from $65.00 to $75.00 and gave the company a "buy" rating in a report on Monday, July 6th. Stifel Nicolaus lifted their price target on shares of Penguin Solutions from $66.00 to $75.00 and gave the stock a "buy" rating in a research note on Wednesday, July 8th. Citizens Jmp boosted their price objective on shares of Penguin Solutions from $65.00 to $85.00 and gave the company a "market outperform" rating in a research report on Wednesday, July 8th. Citigroup restated an "outperform" rating on shares of Penguin Solutions in a research note on Wednesday, July 8th. Finally, Zacks Research raised Penguin Solutions from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 30th. One investment 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 company's stock. According to MarketBeat.com, the company presently has an average 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source