New York State Common Retirement Fund Makes New Investment in Penguin Solutions, Inc. (NASDAQ:PENG)

Key Points

• The New York State Common Retirement Fund has acquired 14,635 shares of Penguin Solutions, Inc., amounting to approximately $254,000, marking a significant new investment in the company.
• Wall Street analysts have a generally positive outlook on Penguin Solutions, with a consensus price target of $27.13, where multiple firms have rated the stock as a "buy."
• Insiders have sold a total of 66,175 shares of Penguin Solutions in recent transactions, indicating notable insider activity which could be of interest to investors.

New York State Common Retirement Fund purchased a new position in shares of Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 14,635 shares of the company's stock, valued at approximately $254,000.

Other institutional investors have also recently made changes to their positions in the company. Arizona State Retirement System purchased a new stake in shares of Penguin Solutions in the 1st quarter valued at approximately $251,000. Bank of New York Mellon Corp purchased a new stake in Penguin Solutions in the first quarter valued at approximately $5,959,000. Principal Financial Group Inc. acquired a new position in Penguin Solutions during the first quarter worth $4,608,000. Oregon Public Employees Retirement Fund purchased a new position in shares of Penguin Solutions during the first quarter worth $212,000. Finally, P.A.W. Capital Corp purchased a new position in shares of Penguin Solutions during the first quarter worth $7,816,000.

Wall Street Analysts Forecast Growth

PENG has been the topic of a number of recent research reports. JPMorgan Chase & Co. boosted their price target on shares of Penguin Solutions from $21.00 to $24.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Wall Street Zen cut shares of Penguin Solutions from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 12th. Rosenblatt Securities reaffirmed a "buy" rating and set a $27.00 price objective on shares of Penguin Solutions in a research report on Thursday, July 3rd. Needham & Company LLC increased their price objective on Penguin Solutions from $27.00 to $30.00 and gave the company a "buy" rating in a research note on Tuesday, July 22nd. Finally, The Goldman Sachs Group boosted their target price on Penguin Solutions from $22.50 to $25.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $27.13.

Insider Buying and Selling

In other Penguin Solutions news, EVP Jack A. Pacheco sold 63,447 shares of the stock in a transaction on Monday, July 21st. The shares were sold at an average price of $24.83, for a total transaction of $1,575,389.01. Following the transaction, the executive vice president directly owned 227,231 shares in the company, valued at $5,642,145.73. This represents a 21.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Penny Herscher sold 2,046 shares of the business's stock in a transaction dated 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 sale, the director directly owned 18,222 shares of the company's stock, valued at approximately $463,203.24. This represents a 10.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,175 shares of company stock valued at $1,644,448. 2.60% of the stock is owned by insiders.

Penguin Solutions Stock Up 1.0%

PENG opened at $25.16 on Friday. Penguin Solutions, Inc. has a 52 week low of $14.20 and a 52 week high of $25.94. The firm has a market cap of $1.32 billion, a P/E ratio of -89.85 and a beta of 1.98. The business's fifty day simple moving average is $20.77 and its 200 day simple moving average is $19.40. The company has a quick ratio of 2.24, a current ratio of 2.62 and a debt-to-equity ratio of 1.08.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last posted 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 $324,251 billion during the quarter, compared to analysts' expectations of $330.82 million. As a group, equities research analysts anticipate that Penguin Solutions, Inc. will post 1.05 EPS for the current fiscal 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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