265,312 Shares in Penguin Solutions, Inc. (NASDAQ:PENG) Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. acquired a new stake in shares of Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 265,312 shares of the company's stock, valued at approximately $4,608,000. Principal Financial Group Inc. owned 0.49% of Penguin Solutions at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Crews Bank & Trust purchased a new position in shares of Penguin Solutions during the 1st quarter valued at approximately $28,000. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Penguin Solutions during the 1st quarter valued at approximately $188,000. Oregon Public Employees Retirement Fund purchased a new position in shares of Penguin Solutions during the 1st quarter valued at approximately $212,000. New York State Teachers Retirement System purchased a new position in shares of Penguin Solutions during the 1st quarter valued at approximately $248,000. Finally, Amalgamated Bank purchased a new position in shares of Penguin Solutions during the 1st quarter valued at approximately $264,000.

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 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 transaction, the director directly owned 18,222 shares of the company's stock, valued at approximately $463,203.24. This trade represents a 10.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.60% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Loop Capital set a $35.00 target price on shares of Penguin Solutions and gave the company a "buy" rating in a report on Monday. Wall Street Zen lowered shares of Penguin Solutions from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 12th. Needham & Company LLC reissued a "buy" rating and issued a $27.00 price target on shares of Penguin Solutions in a report on Wednesday, July 9th. JMP Securities reissued a "market outperform" rating and issued a $26.00 price target on shares of Penguin Solutions in a report on Wednesday, July 9th. Finally, 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 report on Thursday. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $26.75.

Penguin Solutions Price Performance

Shares of NASDAQ:PENG traded down $0.45 during midday trading on Friday, hitting $24.43. The company's stock had a trading volume of 939,252 shares, compared to its average volume of 912,928. The business's 50 day simple moving average is $20.21 and its 200 day simple moving average is $19.22. 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 $1.28 billion, a P/E ratio of -87.25 and a beta of 1.98. Penguin Solutions, Inc. has a 12-month low of $14.20 and a 12-month high of $25.94.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last posted its quarterly earnings results on Tuesday, July 8th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.17. The firm had revenue of $324,251 billion for the quarter, compared to the consensus estimate of $330.82 million. Penguin Solutions had a negative net margin of 0.68% and a positive return on equity of 13.27%. On average, analysts forecast that Penguin Solutions, Inc. will post 1.05 EPS for the current year.

Penguin Solutions 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.