M&T Bank Corp Raises Stock Holdings in Penguin Solutions, Inc. $PENG

Key Points

• M&T Bank Corp boosted its stake in Penguin Solutions by 980% in Q4 to 109,567 shares (about 0.21% ownership) worth roughly $2.14 million, joining other institutions (Kennedy, Barclays, American Century) that materially increased positions.
• Analysts hold a consensus rating of Moderate Buy with an average target of $27.25, though individual targets range from $25 to $30 and recent reports include both upgrades and a Barclays downgrade to "equal weight."
• Insiders have sold about 30,115 shares in the past 90 days, even as the company beat quarterly estimates (EPS $0.52 vs. $0.43; revenue $343M vs. $339M); PENG trades near $28 with a market cap of $1.43 billion and a P/E of 39.06.

M&T Bank Corp grew its stake in Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) by 980.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 109,567 shares of the company's stock after acquiring an additional 99,422 shares during the quarter. M&T Bank Corp owned about 0.21% of Penguin Solutions worth $2,143,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. CWA Asset Management Group LLC lifted its position in Penguin Solutions by 115.0% during the third quarter. CWA Asset Management Group LLC now owns 173,406 shares of the company's stock worth $4,557,000 after buying an additional 92,737 shares during the period. SG Americas Securities LLC purchased a new position in Penguin Solutions during the third quarter worth about $3,920,000. Kennedy Capital Management LLC lifted its position in Penguin Solutions by 31.9% during the third quarter. Kennedy Capital Management LLC now owns 992,168 shares of the company's stock worth $26,074,000 after buying an additional 240,159 shares during the period. Barclays PLC lifted its position in Penguin Solutions by 46.9% during the third quarter. Barclays PLC now owns 1,055,189 shares of the company's stock worth $27,730,000 after buying an additional 336,644 shares during the period. Finally, American Century Companies Inc. lifted its position in Penguin Solutions by 35.3% during the third quarter. American Century Companies Inc. now owns 1,294,279 shares of the company's stock worth $34,014,000 after buying an additional 337,564 shares during the period.

Analysts Set New Price Targets

Several equities analysts recently weighed in on PENG shares. Barclays downgraded Penguin Solutions from an "overweight" rating to an "equal weight" rating and increased their target price for the stock from $23.00 to $27.00 in a research report on Wednesday, April 22nd. Weiss Ratings upgraded Penguin Solutions from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday, April 6th. Rosenblatt Securities reiterated a "buy" rating and set a $30.00 target price on shares of Penguin Solutions in a research report on Monday, March 30th. Wall Street Zen upgraded Penguin Solutions from a "hold" rating to a "buy" rating in a research report on Saturday, February 21st. Finally, The Goldman Sachs Group started coverage on Penguin Solutions in a research report on Tuesday, January 13th. They set a "buy" rating and a $25.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $27.25.

Insider Buying and Selling

In other Penguin Solutions news, SVP Joseph Gates Clark sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, April 24th. The stock was sold at an average price of $29.75, for a total transaction of $148,750.00. Following the completion of the sale, the senior vice president owned 86,776 shares in the company, valued at $2,581,586. This trade represents a 5.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 that occurred on Monday, March 16th. The stock was sold at an average price of $17.75, for a total value of $71,000.00. Following the transaction, the senior vice president directly owned 131,352 shares in the company, valued at approximately $2,331,498. This represents a 2.96% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 30,115 shares of company stock valued at $723,997. 2.90% of the stock is owned by insiders.

Penguin Solutions Price Performance

PENG stock opened at $28.12 on Wednesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.55 and a current ratio of 2.10. Penguin Solutions, Inc. has a 1 year low of $16.04 and a 1 year high of $31.30. The firm has a market cap of $1.43 billion, a P/E ratio of 39.06 and a beta of 2.23. The stock has a 50-day simple moving average of $21.05 and a 200-day simple moving average of $20.59.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last posted its earnings results on Wednesday, April 1st. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.43 by $0.09. Penguin Solutions had a return on equity of 19.94% and a net margin of 4.07%.The business had revenue of $343.00 million during the quarter, compared to analyst estimates of $339.00 million. On average, equities analysts predict that Penguin Solutions, Inc. will post 1.66 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.

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