Bank of New York Mellon Corp Buys New Position in Penguin Solutions, Inc. (NASDAQ:PENG)

Bank of New York Mellon Corp acquired a new position in shares of 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 (SEC). The fund acquired 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 quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Crews Bank & Trust purchased a new stake in Penguin Solutions in the first quarter worth approximately $28,000. Cambridge Investment Research Advisors Inc. purchased a new stake in Penguin Solutions in the first quarter worth $188,000. Oregon Public Employees Retirement Fund purchased a new stake in shares of Penguin Solutions in the first quarter worth $212,000. New York State Teachers Retirement System purchased a new stake in shares of Penguin Solutions in the first quarter worth $248,000. Finally, Amalgamated Bank purchased a new stake in shares of Penguin Solutions in the first quarter worth $264,000.

Insiders Place Their Bets

In other news, EVP Jack A. Pacheco sold 63,447 shares of Penguin Solutions stock in a transaction on Monday, July 21st. The stock was sold at an average price of $24.83, for a total value of $1,575,389.01. Following the transaction, the executive vice president directly owned 227,231 shares in the company, valued at approximately $5,642,145.73. This trade represents a 21.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 in the company, valued at $463,203.24. This represents a 10.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,175 shares of company stock valued at $1,644,448. 2.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. JMP Securities reaffirmed a "market outperform" rating and set a $26.00 price objective on shares of Penguin Solutions in a research report on Wednesday, July 9th. Wall Street Zen downgraded Penguin Solutions from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 12th. Rosenblatt Securities reissued a "buy" rating and issued a $27.00 target price on shares of Penguin Solutions in a report on Thursday, July 3rd. Loop Capital increased their target price on Penguin Solutions from $30.00 to $35.00 and gave the company a "buy" rating in a report on Monday, July 14th. Finally, The Goldman Sachs Group increased their target price on Penguin Solutions from $22.50 to $25.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Penguin Solutions presently has an average rating of "Buy" and an average target price of $27.13.

Penguin Solutions Price Performance

PENG traded up $0.26 on Friday, hitting $25.16. 690,808 shares of the company's stock traded hands, compared to its average volume of 875,213. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of -89.85 and a beta of 1.98. The company's 50 day simple moving average is $20.65 and its 200-day simple moving average is $19.36. 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, 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 announced its earnings results 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 positive return on equity of 13.27% and a negative net margin of 0.68%. The firm had revenue of $324,251 billion during the quarter, compared to analysts' expectations of $330.82 million. As a group, research analysts anticipate that Penguin Solutions, Inc. will post 1.05 EPS for the current year.

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.