Cambridge Investment Research Advisors Inc. Invests $188,000 in Penguin Solutions, Inc. (NASDAQ:PENG)

Cambridge Investment Research Advisors Inc. bought a new stake in Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 10,800 shares of the company's stock, valued at approximately $188,000.

Separately, Crews Bank & Trust acquired a new position in Penguin Solutions in the first quarter worth about $28,000.

Analyst Upgrades and Downgrades

PENG has been the subject of several recent research reports. Loop Capital set a $35.00 price target on shares of Penguin Solutions and gave the stock a "buy" rating in a research report on Monday. Wall Street Zen lowered shares of Penguin Solutions from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 12th. JPMorgan Chase & Co. raised their price objective on shares of Penguin Solutions from $21.00 to $24.00 and gave the stock a "neutral" rating in a report on Thursday. Needham & Company LLC reaffirmed a "buy" rating and set a $27.00 price objective on shares of Penguin Solutions in a report on Wednesday, July 9th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $27.00 price objective on shares of Penguin Solutions in a report on Thursday, July 3rd. One equities research 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $26.75.

Insider Buying and Selling

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 transaction of $52,009.32. Following the completion of the sale, the director owned 18,222 shares of the company's stock, valued at approximately $463,203.24. The trade was a 10.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.60% of the company's stock.

Penguin Solutions Trading Down 2.0%

PENG traded down $0.49 during trading on Friday, reaching $24.39. 406,710 shares of the company's stock were exchanged, compared to its average volume of 910,230. The company's fifty day moving average price is $20.07 and its 200-day moving average price is $19.18. The company has a debt-to-equity ratio of 1.08, a quick ratio of 2.24 and a current ratio of 2.62. Penguin Solutions, Inc. has a fifty-two week low of $14.20 and a fifty-two week high of $25.94. The firm has a market capitalization of $1.28 billion, a PE ratio of -87.04 and a beta of 1.98.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last released 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 negative net margin of 0.68% and a positive return on equity of 13.27%. The firm had revenue of $324,251 billion during the quarter, compared to analyst estimates of $330.82 million. As a group, equities analysts forecast that Penguin Solutions, Inc. will post 1.05 EPS for the current 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.