Form 4: Silver Lake Entities Adjust Dell Technologies Holdings

Silver Lake-affiliated entities, including director Egon Durban, reported sales of Dell Technologies Class C Common Stock and conversions of Class B to Class C shares under a 10b5-1 plan.

Summary

• SLTA V (GP), L.L.C. and affiliated Silver Lake entities reported transactions involving Dell Technologies Inc. Class C Common Stock and Class B Common Stock.
• On March 20, 2026, various Silver Lake entities sold a total of 120,884 shares of Class C Common Stock at weighted average prices ranging from $166.44 to $169.63 per share.
• On March 23, 2026, these entities converted a total of 630,583 shares of Class B Common Stock into an equal number of Class C Common Stock shares.
• The conversions of Class B Common Stock into Class C Common Stock were made in connection with the reported sales of Class C Common Stock.
• Following these transactions, the reporting persons continue to hold significant indirect beneficial ownership in Dell Technologies through various Silver Lake funds and entities.
• Egon Durban, a director of Dell Technologies and Co-CEO and Managing Member of Silver Lake Group, L.L.C., is associated with these reporting persons and their beneficial ownership.
• All reported transactions were made pursuant to a Rule 10b5-1 trading plan, indicating pre-planned sales.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive event. While significant sales by a major holder could be seen negatively, the execution under a 10b5-1 plan at strong price levels suggests a pre-planned portfolio management strategy rather than a reaction to adverse internal developments.

Positives

• The transactions were executed under a Rule 10b5-1 plan, indicating pre-planned sales and reducing the implication of negative insider sentiment.
• Sales of Class C Common Stock occurred at relatively strong weighted average prices, ranging from $166.44 to $169.63 per share.

Negatives

• Significant sales of Class C Common Stock by a 10% owner and director-affiliated entities could be perceived as a reduction in conviction, even if pre-planned.

Future Outlook

No specific future outlook or guidance is provided in this Form 4 filing, which primarily reports past transactions.

Management Comments

• The Reporting Persons are jointly filing this Form 4 pursuant to Rule 16a-3(j) under the Exchange Act.
• This filing shall not be deemed an admission that the Reporting Persons are beneficial owners of all securities covered by this filing for purposes of Section 16 of the Exchange Act or otherwise, and each Reporting Person disclaims beneficial ownership of these securities, except to the extent of such Reporting Person's pecuniary interest therein, if any.
• Because no more than 10 reporting persons can file any one Form 4 through the Securities and Exchange Commission's EDGAR system, certain affiliates of the Reporting Persons have filed separate Forms 4.
• Because no more than 30 transactions can be listed on each Table of the Form 4 filing, the Reporting Persons have filed separate Forms 4 reporting additional transactions.

Industry Context

StockSavvy.ai notes that private equity firms like Silver Lake frequently manage their portfolio company stakes through structured dispositions, often utilizing Rule 10b5-1 plans to ensure compliance and orderly market sales. These transactions are typical for large, long-term investors as they realize gains or rebalance portfolios.

Related Party Transactions

• Sales and conversions of Dell Technologies stock by Silver Lake entities, which are 10% owners and have director representation (Egon Durban), constitute related party transactions.

Stakeholder Impact

• Shareholders may observe the reduction in stake by a major institutional investor, potentially leading to questions about long-term conviction, although the 10b5-1 plan mitigates immediate concerns.

Key Dates

Recommendation

The transactions represent a planned reduction in stake by a significant institutional investor, Silver Lake, executed under a 10b5-1 plan. While the sales are substantial, they are not indicative of new negative information but rather a portfolio rebalancing at favorable prices. The ongoing significant beneficial ownership suggests continued interest. Therefore, a 'hold' recommendation is appropriate as this filing does not present a strong catalyst for either buying or selling.

Keywords

Dell Technologies, DELL, Silver Lake, Form 4, Insider Trading, Stock Sale, Class C Common Stock, Class B Common Stock, Egon Durban, 10b5-1 Plan