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

Arizona State Retirement System purchased a new position in Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 14,478 shares of the company's stock, valued at approximately $251,000.

Several other large investors also recently bought and sold shares of PENG. P.A.W. Capital Corp purchased a new position in Penguin Solutions in the first quarter valued at $7,816,000. Bank of New York Mellon Corp acquired a new stake in Penguin Solutions during the first quarter worth approximately $5,959,000. Peregrine Capital Management LLC acquired a new stake in Penguin Solutions during the first quarter worth approximately $4,616,000. Principal Financial Group Inc. acquired a new stake in Penguin Solutions during the first quarter worth approximately $4,608,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Penguin Solutions during the first quarter worth approximately $779,000.

Analyst Upgrades and Downgrades

Several brokerages have commented on PENG. Loop Capital set a $35.00 target price on shares of Penguin Solutions and gave the stock a "buy" rating in a research report on Monday, July 14th. Needham & Company LLC boosted their target price on shares of Penguin Solutions from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Tuesday. JPMorgan Chase & Co. lifted their price target on Penguin Solutions from $21.00 to $24.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. JMP Securities reaffirmed a "market outperform" rating and set a $26.00 price target on shares of Penguin Solutions in a research note on Wednesday, July 9th. Finally, The Goldman Sachs Group lifted their price target on Penguin Solutions from $22.50 to $25.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $27.13.

Penguin Solutions Trading Down 0.5%

Shares of PENG stock opened at $24.45 on Wednesday. The firm has a market cap of $1.28 billion, a P/E ratio of -87.32 and a beta of 1.98. Penguin Solutions, Inc. has a 1-year low of $14.20 and a 1-year high of $25.94. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.62 and a quick ratio of 2.24. The firm's 50-day simple moving average is $20.32 and its 200-day simple moving average is $19.25.

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 for the quarter, topping the consensus estimate of $0.30 by $0.17. The business had revenue of $324,251 billion for the quarter, compared to analyst estimates of $330.82 million. Penguin Solutions had a negative net margin of 0.68% and a positive return on equity of 13.27%. As a group, equities analysts forecast that Penguin Solutions, Inc. will post 1.05 EPS for the current year.

Insider Activity at Penguin Solutions

In other Penguin Solutions news, Director Penny Herscher sold 2,046 shares of Penguin Solutions stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $25.42, for a total value of $52,009.32. Following the completion of the transaction, the director owned 18,222 shares of the company's stock, valued at $463,203.24. The trade was a 10.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Jack A. Pacheco sold 63,447 shares of the firm's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $24.83, for a total value 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. The trade was a 21.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,175 shares of company stock valued at $1,644,448. Company insiders own 2.60% of the company's stock.

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.

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