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 acquired a new stake in shares of Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 14,635 shares of the company's stock, valued at approximately $254,000.

Other large investors also recently added to or reduced their stakes in the company. P.A.W. Capital Corp acquired a new position in shares of Penguin Solutions during the 1st quarter worth about $7,816,000. Bank of New York Mellon Corp bought a new stake in Penguin Solutions in the 1st quarter valued at $5,959,000. Peregrine Capital Management LLC acquired a new stake in Penguin Solutions in the 1st quarter worth $4,616,000. Principal Financial Group Inc. bought a new position in shares of Penguin Solutions during the 1st quarter worth about $4,608,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Penguin Solutions during the first quarter valued at about $779,000.

Insider Activity at Penguin Solutions

In other Penguin Solutions news, Director Penny Herscher sold 2,046 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $25.42, for a total value of $52,009.32. Following the transaction, the director directly owned 18,222 shares in the company, valued at approximately $463,203.24. This trade represents a 10.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jack A. Pacheco sold 63,447 shares of the business'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 sale, the executive vice president owned 227,231 shares of the company's stock, valued at approximately $5,642,145.73. The trade was a 21.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,175 shares of company stock valued at $1,644,448 in the last 90 days. 2.60% of the stock is currently owned by corporate insiders.

Penguin Solutions Price Performance

Penguin Solutions stock traded down $0.64 on Wednesday, reaching $23.99. The company's stock had a trading volume of 835,086 shares, compared to its average volume of 1,325,109. The business's fifty day moving average price is $21.01 and its 200 day moving average price is $19.47. The company has a debt-to-equity ratio of 1.08, a quick ratio of 2.24 and a current ratio of 2.62. The company has a market cap of $1.26 billion, a price-to-earnings ratio of -85.68 and a beta of 1.98. Penguin Solutions, Inc. has a twelve month low of $14.20 and a twelve month high of $25.94.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $330.82 million. Equities analysts expect that Penguin Solutions, Inc. will post 1.05 earnings per share for the current fiscal year.

Analyst Ratings Changes

PENG has been the topic of a number of research reports. Wall Street Zen cut Penguin Solutions from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 12th. JPMorgan Chase & Co. increased their price objective on shares of Penguin Solutions from $21.00 to $24.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Loop Capital set a $35.00 price objective on shares of Penguin Solutions and gave the stock a "buy" rating in a report on Monday, July 14th. JMP Securities reissued a "market outperform" rating and issued a $26.00 target price on shares of Penguin Solutions in a research note on Wednesday, July 9th. Finally, Needham & Company LLC raised their price target on shares of Penguin Solutions from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Penguin Solutions presently has an average rating of "Buy" and a consensus price target of $27.13.

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.