Principal Financial Group Inc. Purchases New Holdings in Penguin Solutions, Inc. (NASDAQ:PENG)

Principal Financial Group Inc. acquired a new position in Penguin Solutions, Inc. (NASDAQ:PENG - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 265,312 shares of the company's stock, valued at approximately $4,608,000. Principal Financial Group Inc. owned approximately 0.49% of Penguin Solutions at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Crews Bank & Trust bought a new stake in Penguin Solutions during the first quarter valued at about $28,000. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Penguin Solutions during the first quarter valued at about $188,000. Oregon Public Employees Retirement Fund acquired a new position in shares of Penguin Solutions during the first quarter valued at about $212,000. New York State Teachers Retirement System acquired a new position in shares of Penguin Solutions during the first quarter valued at about $248,000. Finally, Amalgamated Bank acquired a new position in shares of Penguin Solutions during the first quarter valued at about $264,000.

Penguin Solutions Price Performance

NASDAQ:PENG traded up $0.15 during mid-day trading on Monday, hitting $24.58. The company's stock had a trading volume of 882,824 shares, compared to its average volume of 912,774. Penguin Solutions, Inc. has a fifty-two week low of $14.20 and a fifty-two week high of $25.94. The company has a current ratio of 2.62, a quick ratio of 2.24 and a debt-to-equity ratio of 1.08. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of -87.78 and a beta of 1.98. The stock has a fifty day moving average of $20.21 and a 200-day moving average of $19.22.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last issued its quarterly earnings data 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 analysts' expectations of $330.82 million. Penguin Solutions had a negative net margin of 0.68% and a positive return on equity of 13.27%. As a group, equities analysts forecast that Penguin Solutions, Inc. will post 1.05 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on PENG shares. Needham & Company LLC reaffirmed a "buy" rating and set a $27.00 price objective on shares of Penguin Solutions in a research report on Wednesday, July 9th. The Goldman Sachs Group upped their price objective on shares of Penguin Solutions from $22.50 to $25.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Loop Capital set a $35.00 price objective on shares of Penguin Solutions and gave the company a "buy" rating in a research report on Monday, July 14th. Wall Street Zen lowered shares of Penguin Solutions from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 12th. Finally, 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. One equities research 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. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $26.75.

Insiders Place Their Bets

In other Penguin Solutions news, Director Penny Herscher sold 2,046 shares of the company's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $25.42, for a total transaction of $52,009.32. Following 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.60% of the company's stock.

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.