State of Alaska Department of Revenue Acquires 1,855 Shares of Penguin Solutions, Inc. $PENG

State of Alaska Department of Revenue grew its holdings in shares of Penguin Solutions, Inc. (NASDAQ:PENG) by 6.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,383 shares of the company’s stock after purchasing an additional 1,855 shares during the quarter. State of Alaska Department of Revenue owned about 0.06% of Penguin Solutions worth $621,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PENG. Crews Bank & Trust bought a new position in Penguin Solutions during the first quarter worth about $28,000. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Penguin Solutions in the first quarter worth about $188,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Penguin Solutions in the first quarter worth about $779,000. Amalgamated Bank purchased a new stake in shares of Penguin Solutions in the first quarter worth about $264,000. Finally, New York State Teachers Retirement System purchased a new stake in shares of Penguin Solutions in the first quarter worth about $248,000.

Penguin Solutions Trading Down 7.8%

PENG stock opened at $27.00 on Wednesday. The company has a market capitalization of $1.41 billion, a PE ratio of -96.43 and a beta of 2.20. Penguin Solutions, Inc. has a one year low of $14.20 and a one year high of $29.80. The company’s 50 day moving average price is $25.13 and its two-hundred day moving average price is $21.30. The company has a debt-to-equity ratio of 1.08, a quick ratio of 2.24 and a current ratio of 2.62.

Penguin Solutions (NASDAQ:PENG) last posted its quarterly earnings results on Tuesday, July 8th. The company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.30 by $0.17. The firm had revenue of $324.25 million 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%. As a group, analysts predict that Penguin Solutions, Inc. will post 1.05 earnings per share for the current fiscal year.

Insider Activity at Penguin Solutions

In other Penguin Solutions news, EVP Jack A. Pacheco sold 63,447 shares of Penguin Solutions stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $24.83, for a total transaction of $1,575,389.01. Following the transaction, the executive vice president directly owned 227,231 shares of the company’s stock, valued at approximately $5,642,145.73. This trade represents a 21.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Penny Herscher sold 2,046 shares of Penguin Solutions stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $25.42, for a total transaction of $52,009.32. Following the transaction, the director directly owned 18,222 shares in the company, valued at $463,203.24. This trade represents a 10.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,175 shares of company stock worth $1,644,448 over the last three months. Insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on PENG shares. Loop Capital increased their price target on shares of Penguin Solutions from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Monday, July 14th. JPMorgan Chase & Co. increased 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, July 17th. Needham & Company LLC increased their price target on shares of Penguin Solutions from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, July 22nd. The Goldman Sachs Group increased their price target on shares of Penguin Solutions from $22.50 to $25.00 and gave the stock a “buy” rating in a report on Wednesday, July 9th. Finally, Rosenblatt Securities increased their price target on shares of Penguin Solutions from $27.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, October 1st. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $28.75.

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.