Bank of New York Mellon Corp Acquires Shares of 343,041 Penguin Solutions, Inc. (NASDAQ:PENG)

Bank of New York Mellon Corp purchased a new position in shares of Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 343,041 shares of the company's stock, valued at approximately $5,959,000. Bank of New York Mellon Corp owned approximately 0.64% of Penguin Solutions at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. New York State Teachers Retirement System acquired a new position in shares of Penguin Solutions in the 1st quarter worth approximately $248,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Penguin Solutions in the 1st quarter valued at $779,000. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Penguin Solutions in the 1st quarter valued at $188,000. Principal Financial Group Inc. acquired a new stake in shares of Penguin Solutions in the 1st quarter valued at approximately $4,608,000. Finally, Amalgamated Bank acquired a new stake in Penguin Solutions during the 1st quarter worth $264,000.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. The Goldman Sachs Group boosted their price target on Penguin Solutions from $22.50 to $25.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. JPMorgan Chase & Co. boosted their price target on shares of Penguin Solutions from $21.00 to $24.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Rosenblatt Securities restated a "buy" rating and issued a $27.00 price objective on shares of Penguin Solutions in a research note on Thursday, July 3rd. Needham & Company LLC raised their price objective on shares of Penguin Solutions from $27.00 to $30.00 and gave the stock a "buy" rating in a report on Tuesday, July 22nd. Finally, Wall Street Zen lowered Penguin Solutions from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 12th. 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 company's stock. According to MarketBeat.com, Penguin Solutions has an average rating of "Buy" and an average target price of $27.13.

Insider Buying and Selling at Penguin Solutions

In related news, Director Penny Herscher sold 2,046 shares of Penguin Solutions 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 completion of the sale, 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 hyperlink. Also, EVP Jack A. Pacheco sold 63,447 shares of the firm's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $24.83, for a total transaction of $1,575,389.01. Following the transaction, the executive vice president directly owned 227,231 shares of the company's stock, valued at approximately $5,642,145.73. This trade represents a 21.83% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,175 shares of company stock worth $1,644,448. 2.60% of the stock is owned by insiders.

Penguin Solutions Price Performance

Penguin Solutions stock traded up $0.26 during mid-day trading on Friday, hitting $25.16. The stock had a trading volume of 690,808 shares, compared to its average volume of 1,321,259. The firm has a market capitalization of $1.32 billion, a P/E ratio of -89.85 and a beta of 1.98. The company has a current ratio of 2.62, a quick ratio of 2.24 and a debt-to-equity ratio of 1.08. The firm's 50 day moving average is $20.77 and its 200 day moving average is $19.40. Penguin Solutions, Inc. has a one year low of $14.20 and a one year high of $25.94.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last issued its quarterly earnings data on Tuesday, July 8th. The company reported $0.47 EPS for the quarter, topping 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 the consensus estimate of $330.82 million. On average, sell-side analysts forecast that Penguin Solutions, Inc. will post 1.05 earnings per share for the current fiscal year.

About Penguin Solutions

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.