27,232 Shares in Penguin Solutions, Inc. $PENG Bought by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. acquired a new stake of 27,232 shares in Penguin Solutions, Inc., valued at approximately $473,000, representing about 0.05% of the company.
• Multiple large investors also increased their stakes in Penguin Solutions during the 1st quarter, including Wellington Management Group which acquired shares valued at about $13.5 million.
• Penguin Solutions' stock is currently trading at around $24.87 with a recent P/E ratio of -88.82 and has seen a significant price target increase from various financial analysts, resulting in a consensus "Buy" rating.

Corebridge Financial Inc. bought a new stake in Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 27,232 shares of the company's stock, valued at approximately $473,000. Corebridge Financial Inc. owned approximately 0.05% of Penguin Solutions as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Crews Bank & Trust bought a new position in shares of Penguin Solutions in the first quarter valued at $28,000. IFP Advisors Inc bought a new position in shares of Penguin Solutions in the first quarter valued at $39,000. CWM LLC bought a new position in shares of Penguin Solutions in the first quarter valued at $39,000. Virtus Advisers LLC bought a new position in shares of Penguin Solutions in the first quarter valued at $43,000. Finally, PNC Financial Services Group Inc. bought a new position in shares of Penguin Solutions in the first quarter valued at $62,000.

Analyst Ratings Changes

A number of research firms have commented on PENG. Wall Street Zen lowered shares of Penguin Solutions from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 12th. JMP Securities reaffirmed a "market outperform" rating and set a $26.00 price objective on shares of Penguin Solutions in a research note on Wednesday, July 9th. Needham & Company LLC upped their price objective on shares of Penguin Solutions from $27.00 to $30.00 and gave the company a "buy" rating in a research note on Tuesday, July 22nd. Zacks Research lowered shares of Penguin Solutions from a "strong-buy" rating to a "hold" rating in a research note on Monday. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $27.00 price objective on shares of Penguin Solutions in a research note on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $27.13.

Insider Buying and Selling at Penguin Solutions

In other news, Director Penny Herscher sold 2,046 shares of the firm's 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 sale, the director owned 18,222 shares in the company, valued at approximately $463,203.24. This trade represents a 10.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible 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 value of $1,575,389.01. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,175 shares of company stock worth $1,644,448. 2.60% of the stock is currently owned by corporate insiders.

Penguin Solutions Stock Down 0.4%

NASDAQ:PENG traded down $0.11 during mid-day trading on Friday, reaching $26.04. The stock had a trading volume of 625,290 shares, compared to its average volume of 767,971. The business's 50 day moving average is $24.14 and its 200 day moving average is $20.28. Penguin Solutions, Inc. has a fifty-two week low of $14.20 and a fifty-two week high of $26.53. The stock has a market cap of $1.36 billion, a P/E ratio of -93.00 and a beta of 2.13. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.62 and a quick ratio of 2.24.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last announced its quarterly earnings results on Tuesday, July 8th. The company reported $0.47 EPS for the quarter, beating the consensus estimate 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 company had revenue of $324.25 million for the quarter, compared to the consensus estimate of $330.82 million. Penguin Solutions has set its FY 2025 guidance at 1.750-1.850 EPS. As a group, sell-side analysts predict that Penguin Solutions, Inc. will post 1.05 earnings per share 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.