Bank of America Corp DE Makes New $8.78 Million Investment in Penguin Solutions, Inc. $PENG

Key Points

• Bank of America initiated an $8.78 million position in Penguin Solutions during the second quarter, purchasing 115,474 shares, or approximately 0.23% of the company. Several other institutional investors also established or increased positions.
• Penguin Solutions reported quarterly earnings of $0.84 per share and revenue of $478.71 million, exceeding analyst estimates of $0.63 per share and $407.47 million, respectively.
• Analyst sentiment remains generally positive, with six Buy ratings, two Holds and one Sell; the stock has a consensus “Moderate Buy” rating and an average price target of $63.33, versus a recent price of $56.22.

Bank of America Corp DE bought a new position in shares of Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 115,474 shares of the company's stock, valued at approximately $8,777,000. Bank of America Corp DE owned approximately 0.23% of Penguin Solutions as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Global Retirement Partners LLC bought a new position in shares of Penguin Solutions in the 2nd quarter valued at $26,000. Allworth Financial LP bought a new stake in shares of Penguin Solutions in the second quarter worth $37,000. Meeder Asset Management Inc. bought a new stake in shares of Penguin Solutions in the second quarter worth $92,000. Evolve Private Wealth LLC lifted its stake in shares of Penguin Solutions by 10.0% in the first quarter. Evolve Private Wealth LLC now owns 15,637 shares of the company's stock worth $275,000 after acquiring an additional 1,425 shares during the period. Finally, Freestone Grove Partners LP bought a new stake in Penguin Solutions in the second quarter valued at approximately $124,000.

Penguin Solutions Price Performance

PENG opened at $56.22 on Friday. Penguin Solutions, Inc. has a 1 year low of $16.04 and a 1 year high of $89.86. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.54 and a quick ratio of 1.10. The company has a market capitalization of $2.88 billion, a price-to-earnings ratio of 39.87 and a beta of 2.86. The firm's fifty day moving average price is $53.25 and its two-hundred day moving average price is $47.39.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last released its quarterly earnings results on Tuesday, July 7th. The company reported $0.84 earnings per share for the quarter, beating analysts' consensus estimates of $0.63 by $0.21. Penguin Solutions had a net margin of 6.44% and a return on equity of 28.23%. The company had revenue of $478.71 million for the quarter, compared to analyst estimates of $407.47 million. During the same period last year, the firm earned $0.52 earnings per share. As a group, analysts anticipate that Penguin Solutions, Inc. will post 2.08 earnings per share for the current fiscal year.

Insider Transactions at Penguin Solutions

In other Penguin Solutions news, SVP Joseph 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 transaction, the senior vice president directly owned 63,056 shares in the company, valued at $3,623,828.32. The trade was a 2.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Anne Kuykendall sold 4,000 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $50.58, for a total transaction of $202,320.00. Following the transaction, the senior vice president directly owned 112,994 shares of the company's stock, valued at $5,715,236.52. This represents a 3.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PENG. Weiss Ratings raised shares of Penguin Solutions from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, July 8th. Citigroup reissued an "outperform" rating on shares of Penguin Solutions in a research note on Wednesday, July 8th. Zacks Research lowered shares of Penguin Solutions from a "strong-buy" rating to a "hold" rating in a report on Monday, September 7th. Citizens Jmp boosted their price target on Penguin Solutions from $65.00 to $85.00 and gave the company a "market outperform" rating in a research note on Wednesday, July 8th. Finally, Rosenblatt Securities boosted their target price on shares of Penguin Solutions from $65.00 to $75.00 and gave the company a "buy" rating in a research report on Monday, July 6th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $63.33.

Penguin Solutions Profile

Penguin Solutions, Inc NASDAQ: PENG provides technology solutions for data centers, high-performance computing, artificial intelligence, and intelligent edge applications. The company helps organizations design, deploy, and manage specialized computing environments, including systems used for demanding workloads such as scientific research, machine learning, and enterprise applications.

Its offerings include accelerated computing platforms, high-performance servers and clusters, software and services for managing complex computing infrastructure, and memory and storage products.

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