Deutsche Bank AG Purchases Shares of 193,763 Penguin Solutions, Inc. $PENG

Key Points

• Deutsche Bank acquired 193,763 shares of Penguin Solutions during the second quarter, worth approximately $14.7 million and representing about 0.38% of the company. Several other institutional investors also initiated positions.
• Insiders sold 19,678 shares valued at roughly $1.16 million over the past quarter, though the transactions were conducted under pre-arranged Rule 10b5-1 plans.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $63.33. Penguin Solutions also exceeded quarterly expectations, reporting $0.84 in earnings per share versus the $0.63 consensus and revenue of $478.71 million versus $407.47 million expected.

Deutsche Bank AG purchased 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 fund purchased 193,763 shares of the company's stock, valued at approximately $14,728,000. Deutsche Bank AG owned approximately 0.38% of Penguin Solutions at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of PENG. Perigon Wealth Management LLC acquired a new stake in shares of Penguin Solutions in the second quarter valued at about $245,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Penguin Solutions during the second quarter worth about $3,339,000. Global Retirement Partners LLC bought a new stake in Penguin Solutions during the second quarter worth about $26,000. Bank of New York Mellon Corp acquired a new position in Penguin Solutions during the second quarter valued at approximately $22,503,000. Finally, State of Wyoming acquired a new position in Penguin Solutions during the second quarter valued at approximately $1,003,000.

Insider Activity at Penguin Solutions

In related news, SVP Joseph Gates Clark sold 10,351 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $58.87, for a total value of $609,363.37. Following the sale, the senior vice president owned 66,425 shares in the company, valued at approximately $3,910,439.75. This represents a 13.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 on Tuesday, May 26th. The shares were sold at an average price of $54.45, for a total value of $217,800.00. Following the completion of the sale, the senior vice president owned 124,794 shares in the company, valued at approximately $6,795,033.30. This trade represents a 3.11% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 19,678 shares of company stock valued at $1,160,946 over the last quarter. 2.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PENG. Wall Street Zen downgraded Penguin Solutions from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 26th. Barclays cut Penguin Solutions from an "equal weight" rating to an "underweight" rating and set a $40.00 price objective on the stock. in a research note on Monday, July 20th. Citizens Jmp increased their price objective on Penguin Solutions from $65.00 to $85.00 and gave the company a "market outperform" rating in a report on Wednesday, July 8th. Needham & Company LLC raised their target price on shares of Penguin Solutions from $60.00 to $80.00 and gave the company a "buy" rating in a research note on Wednesday, July 8th. Finally, Citigroup restated an "outperform" rating on shares of Penguin Solutions in a report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $63.33.

Penguin Solutions Trading Up 2.9%

Penguin Solutions stock opened at $52.62 on Friday. Penguin Solutions, Inc. has a 52 week low of $16.04 and a 52 week high of $89.86. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.10 and a current ratio of 1.54. The stock has a market capitalization of $2.70 billion, a P/E ratio of 37.32 and a beta of 2.87. The stock has a 50-day simple moving average of $61.83 and a 200 day simple moving average of $41.82.

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

Penguin Solutions Company 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.

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