The Manufacturers Life Insurance Company Invests $1.20 Million in Penguin Solutions, Inc. $PENG

The Manufacturers Life Insurance Company purchased a new stake in shares of Penguin Solutions, Inc. (NASDAQ:PENG) during the second quarter, Holdings Channel reports. The institutional investor purchased 15,784 shares of the company’s stock, valued at approximately $1,200,000.

Other large investors have also recently bought and sold shares of the company. Royal Bank of Canada purchased a new stake in Penguin Solutions in the 1st quarter worth about $7,250,000. Amundi purchased a new position in Penguin Solutions during the 1st quarter valued at about $373,000. AQR Capital Management LLC acquired a new position in shares of Penguin Solutions in the 1st quarter valued at about $1,076,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Penguin Solutions in the 1st quarter valued at about $538,000. Finally, Goldman Sachs Group Inc. purchased a new stake in shares of Penguin Solutions in the first quarter worth approximately $3,259,000.

Insider Activity at Penguin Solutions

In other news, SVP Joseph Clark sold 1,327 shares of the stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $57.47, for a total transaction of $76,262.69. Following the transaction, the senior vice president owned 63,056 shares in the company, valued at $3,623,828.32. This represents a 2.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Anne Kuykendall sold 4,000 shares of the firm’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $50.58, for a total transaction of $202,320.00. Following the transaction, the senior vice president owned 112,994 shares in the company, valued at $5,715,236.52. This represents a 3.42% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 9,327 shares of company stock valued at $536,103 over the last three months. Insiders own 2.90% of the company’s stock.

Penguin Solutions Stock Up 6.4%

Shares of Penguin Solutions stock opened at $51.76 on Friday. The firm has a market cap of $2.65 billion, a price-to-earnings ratio of 36.71 and a beta of 2.86. The stock has a 50-day simple moving average of $58.88 and a 200-day simple moving average of $44.00. Penguin Solutions, Inc. has a 52-week low of $16.04 and a 52-week high of $89.86. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.54 and a quick ratio of 1.10.

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 firm 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 quarter in the prior year, the company posted $0.52 earnings per share. On average, equities research analysts expect that Penguin Solutions, Inc. will post 2.08 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently commented on PENG shares. Weiss Ratings upgraded shares of Penguin Solutions from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, July 8th. Citizens Jmp upped their price objective on shares of Penguin Solutions from $65.00 to $85.00 and gave the company a “market outperform” rating in a research note on Wednesday, July 8th. Needham & Company LLC increased their target price on shares of Penguin Solutions from $60.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, July 8th. Stifel Nicolaus lifted their target price on shares of Penguin Solutions from $66.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, July 8th. Finally, Barclays cut shares of Penguin Solutions from an “equal weight” rating to an “underweight” rating and set a $40.00 price target on the stock. in a report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $63.33.

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.