Arizona State Retirement System Makes New Investment in Penguin Solutions, Inc. (NASDAQ:PENG)

Arizona State Retirement System purchased a new stake in shares of Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 14,478 shares of the company's stock, valued at approximately $251,000.

Other large investors have also made changes to their positions in the company. Crews Bank & Trust purchased a new position in Penguin Solutions during the first quarter valued at approximately $28,000. Cambridge Investment Research Advisors Inc. bought a new stake in Penguin Solutions in the first quarter worth approximately $188,000. Oregon Public Employees Retirement Fund bought a new stake in Penguin Solutions in the first quarter worth approximately $212,000. New York State Teachers Retirement System bought a new stake in Penguin Solutions in the first quarter worth approximately $248,000. Finally, Amalgamated Bank bought a new stake in Penguin Solutions in the first quarter worth approximately $264,000.

Analyst Upgrades and Downgrades

Several analysts have commented on PENG shares. JPMorgan Chase & Co. boosted their target price on shares of Penguin Solutions from $21.00 to $24.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Wall Street Zen downgraded shares of Penguin Solutions from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 12th. JMP Securities reissued a "market outperform" rating and issued a $26.00 target price on shares of Penguin Solutions in a research report on Wednesday, July 9th. Rosenblatt Securities reissued a "buy" rating and issued a $27.00 target price on shares of Penguin Solutions in a research report on Thursday, July 3rd. Finally, The Goldman Sachs Group upped their price objective on shares of Penguin Solutions from $22.50 to $25.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $27.13.

Penguin Solutions Stock Performance

NASDAQ:PENG traded up $0.26 during trading hours on Friday, hitting $25.16. 690,808 shares of the company traded hands, compared to its average volume of 1,321,259. The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of -89.85 and a beta of 1.98. Penguin Solutions, Inc. has a twelve month low of $14.20 and a twelve month high of $25.94. The firm has a 50-day moving average of $20.77 and a 200 day moving average of $19.40. The company has a current ratio of 2.62, a quick ratio of 2.24 and a debt-to-equity ratio of 1.08.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last announced its quarterly earnings data on Tuesday, July 8th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.30 by $0.17. Penguin Solutions had a negative net margin of 0.68% and a positive return on equity of 13.27%. The company had revenue of $324,251 billion during the quarter, compared to analysts' expectations of $330.82 million. On average, analysts forecast that Penguin Solutions, Inc. will post 1.05 EPS for the current year.

Insider Transactions at Penguin Solutions

In related news, EVP Jack A. Pacheco sold 63,447 shares of the stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $24.83, for a total transaction of $1,575,389.01. Following the completion of the sale, the executive vice president owned 227,231 shares in the company, valued at $5,642,145.73. This trade represents a 21.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Penny Herscher sold 2,046 shares of the stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $25.42, for a total transaction of $52,009.32. Following the sale, the director owned 18,222 shares of the company's stock, valued at $463,203.24. This trade represents a 10.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,175 shares of company stock valued at $1,644,448 in the last quarter. 2.60% 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.