Fifth Third Bancorp Increases Position in Penguin Solutions, Inc. $PENG

Fifth Third Bancorp increased its position in shares of Penguin Solutions, Inc. (NASDAQ:PENG) by 25,349.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 55,479 shares of the company’s stock after acquiring an additional 55,261 shares during the quarter. Fifth Third Bancorp owned approximately 0.11% of Penguin Solutions worth $976,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PENG. Farther Finance Advisors LLC increased its stake in Penguin Solutions by 187.0% in the fourth quarter. Farther Finance Advisors LLC now owns 1,452 shares of the company’s stock valued at $28,000 after purchasing an additional 946 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in Penguin Solutions during the fourth quarter worth about $29,000. Raymond James Financial Inc. acquired a new stake in Penguin Solutions in the 2nd quarter worth about $37,000. Allworth Financial LP boosted its stake in Penguin Solutions by 41.4% in the 3rd quarter. Allworth Financial LP now owns 1,792 shares of the company’s stock worth $47,000 after buying an additional 525 shares during the last quarter. Finally, Torren Management LLC purchased a new stake in Penguin Solutions in the 4th quarter valued at about $48,000.

Insider Transactions at Penguin Solutions

In related news, SVP Anne Kuykendall sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $64.38, for a total value of $257,520.00. Following the transaction, the senior vice president owned 120,794 shares in the company, valued at approximately $7,776,717.72. This trade represents a 3.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Gates Clark sold 10,351 shares of Penguin Solutions stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $58.87, for a total transaction of $609,363.37. Following the transaction, the senior vice president directly owned 66,425 shares in the company, valued at approximately $3,910,439.75. This trade represents a 13.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 58,351 shares of company stock worth $2,859,351 over the last 90 days. Company insiders own 2.90% of the company’s stock.

Penguin Solutions Price Performance

PENG stock opened at $53.85 on Monday. The stock has a 50-day moving average price of $62.97 and a two-hundred day moving average price of $37.00. Penguin Solutions, Inc. has a 12-month low of $16.04 and a 12-month high of $89.86. 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 company has a market cap of $2.76 billion, a PE ratio of 38.19 and a beta of 2.83.

Penguin Solutions (NASDAQ:PENG) last released its quarterly earnings data on Tuesday, July 7th. The company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.21. The company had revenue of $478.71 million for the quarter, compared to the consensus estimate of $407.47 million. Penguin Solutions had a return on equity of 28.23% and a net margin of 6.44%.During the same period last year, the business posted $0.52 EPS. As a group, research analysts predict that Penguin Solutions, Inc. will post 2.08 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Needham & Company LLC upped their price objective on shares of Penguin Solutions from $60.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, July 8th. Weiss Ratings raised shares of Penguin Solutions from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, July 8th. Barclays cut shares of Penguin Solutions from an “equal weight” rating to an “underweight” rating and set a $40.00 target price on the stock. in a research report on Monday, July 20th. Stifel Nicolaus upped their price target on shares of Penguin Solutions from $66.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, July 8th. Finally, Zacks Research raised shares of Penguin Solutions from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $63.33.

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.