The Manufacturers Life Insurance Company Lowers Stock Position in Penguin Solutions, Inc. $PENG

The Manufacturers Life Insurance Company cut its holdings in shares of Penguin Solutions, Inc. (NASDAQ:PENG) by 37.0% during the first quarter, Holdings Channel.com reports. The firm owned 13,930 shares of the company’s stock after selling 8,167 shares during the period. The Manufacturers Life Insurance Company’s holdings in Penguin Solutions were worth $245,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. William Blair Investment Management LLC purchased a new stake in Penguin Solutions during the fourth quarter worth $18,290,000. Maverick Capital Ltd. purchased a new position in shares of Penguin Solutions in the 1st quarter valued at $771,000. Fisher Asset Management LLC purchased a new position in shares of Penguin Solutions in the 4th quarter valued at $716,000. First Trust Advisors LP raised its position in shares of Penguin Solutions by 241.3% in the 1st quarter. First Trust Advisors LP now owns 49,067 shares of the company’s stock worth $864,000 after acquiring an additional 34,691 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its position in shares of Penguin Solutions by 98.3% in the 4th quarter. State of Alaska Department of Revenue now owns 47,576 shares of the company’s stock worth $930,000 after acquiring an additional 23,582 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PENG. Citigroup reaffirmed an “outperform” rating on shares of Penguin Solutions in a research report on Wednesday, July 8th. Rosenblatt Securities boosted their target price on shares of Penguin Solutions from $65.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, July 6th. Zacks Research raised shares of Penguin Solutions from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 30th. Weiss Ratings upgraded shares of Penguin Solutions from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, July 8th. Finally, Needham & Company LLC raised their price target on shares of Penguin Solutions from $60.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $63.33.

Insider Activity

In other Penguin Solutions news, SVP Anne Kuykendall sold 4,000 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $64.38, for a total value of $257,520.00. Following the completion of the sale, the senior vice president owned 120,794 shares of the company’s stock, valued at approximately $7,776,717.72. This trade represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Gates Clark sold 1,327 shares of the business’s stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $57.47, for a total value of $76,262.69. Following the sale, the senior vice president owned 63,056 shares in the company, valued at $3,623,828.32. The trade was a 2.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 19,678 shares of company stock valued at $1,160,946. Corporate insiders own 2.90% of the company’s stock.

Penguin Solutions Stock Performance

Shares of PENG opened at $63.08 on Tuesday. The company has a current ratio of 1.54, a quick ratio of 1.10 and a debt-to-equity ratio of 0.65. The firm has a market cap of $3.23 billion, a PE ratio of 44.74 and a beta of 2.87. Penguin Solutions, Inc. has a 12 month low of $16.04 and a 12 month high of $89.86. The stock has a fifty day moving average price of $62.50 and a 200-day moving average price of $41.01.

Penguin Solutions (NASDAQ:PENG) last announced its earnings results on Tuesday, July 7th. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.21. Penguin Solutions had a return on equity of 28.23% and a net margin of 6.44%.The firm had revenue of $478.71 million for the quarter, compared to the consensus estimate of $407.47 million. During the same period in the previous year, the business earned $0.52 EPS. Equities research analysts predict that Penguin Solutions, Inc. will post 2.08 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.