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

Principal Financial Group Inc. acquired a new stake in shares of Penguin Solutions, Inc. (NASDAQ:PENG) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. 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 hedge funds and other institutional investors have also modified their holdings of the company. Crews Bank & Trust acquired a new position in shares of Penguin Solutions during the 1st quarter worth about $28,000. Cambridge Investment Research Advisors Inc. acquired a new position in Penguin Solutions in the 1st quarter valued at about $188,000. Oregon Public Employees Retirement Fund acquired a new position in shares of Penguin Solutions during the 1st quarter worth approximately $212,000. New York State Teachers Retirement System bought a new stake in shares of Penguin Solutions during the 1st quarter worth approximately $248,000. Finally, Amalgamated Bank bought a new stake in shares of Penguin Solutions during the 1st quarter valued at approximately $264,000.

Penguin Solutions Price Performance

Shares of NASDAQ:PENG opened at $24.88 on Friday. Penguin Solutions, Inc. has a 12 month low of $14.20 and a 12 month high of $25.94. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.62 and a quick ratio of 2.24. The business’s 50 day simple moving average is $20.07 and its 200-day simple moving average is $19.18. The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of -88.85 and a beta of 1.98.

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

Insiders Place Their Bets

In related news, Director Penny Herscher sold 2,046 shares of the 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 owned 18,222 shares in the company, valued at $463,203.24. This represents a 10.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on PENG shares. Needham & Company LLC reiterated a “buy” rating and issued a $27.00 price target on shares of Penguin Solutions in a report on Wednesday, July 9th. JPMorgan Chase & Co. upped their price target on shares of Penguin Solutions from $21.00 to $24.00 and gave the company a “neutral” rating in a report on Thursday. Wall Street Zen downgraded Penguin Solutions from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 12th. JMP Securities reiterated a “market outperform” rating and set a $26.00 target price on shares of Penguin Solutions in a research report on Wednesday, July 9th. Finally, The Goldman Sachs Group boosted their price objective 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 analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Penguin Solutions has an average rating of “Buy” and a consensus price target of $26.75.

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.