SCHEDULE: BlackRock Boosts Penguin Solutions Stake to 14.4%

BlackRock, Inc. has reported an increased beneficial ownership of 14.4% in Penguin Solutions, Inc., holding 7,549,038 shares of common stock as of September 30, 2025.

Summary

• BlackRock, Inc. reported beneficial ownership of 7,549,038 shares of Penguin Solutions, Inc. common stock.
• This represents 14.4% of the class of securities.
• BlackRock holds sole voting power over 7,425,365 shares and sole dispositive power over 7,549,038 shares.
• The shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.
• iShares Core S&P Small-Cap ETF, a BlackRock entity, holds an interest of more than five percent of the total outstanding common stock.

Sentiment

Score: 7

Explanation: BlackRock, Inc.'s disclosure of a significant 14.4% beneficial ownership in Penguin Solutions, Inc. indicates strong institutional confidence and a stable shareholder base for the issuer. The acquisition is stated to be in the ordinary course of business, not for control.

Positives

• Significant institutional investment by BlackRock, a major asset manager, indicates confidence in Penguin Solutions, Inc.
• BlackRock's holding of 14.4% of common stock provides a stable shareholder base.

Future Outlook

NA

Management Comments

• The securities referred to were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities.

Industry Context

This filing indicates continued institutional interest in Penguin Solutions, Inc. by one of the world's largest asset managers, BlackRock. Such significant stakes are common for large institutional investors managing diversified portfolios, reflecting their investment strategies in specific market segments, as indicated by the involvement of iShares Core S&P Small-Cap ETF.

Comparison to Industry Standards

• BlackRock's 14.4% stake is a substantial passive investment, typical for large asset managers like Vanguard, State Street, or Fidelity, which often hold significant percentages across numerous public companies through their various funds (e.g., index funds, ETFs).
• For example, Vanguard often holds similar or larger stakes in companies within its index funds, such as the Vanguard Total Stock Market Index Fund or Vanguard S&P 500 ETF, which track broad market indices.
• The disclosure is standard for reporting beneficial ownership exceeding 5% by passive investors, aligning with SEC Rule 13d-1(b).

Stakeholder Impact

• Shareholders: Increased confidence due to a major institutional investor holding a significant stake, potentially signaling long-term stability.
• Management: May feel more secure with a large, passive institutional investor on the cap table.

Key Dates

Recommendation

The filing indicates a substantial and passive institutional investment by BlackRock, Inc., holding 14.4% of Penguin Solutions, Inc. common stock. This level of ownership by a major asset manager typically signals a degree of confidence in the company's long-term prospects and provides a stable shareholder base. While not a direct endorsement of future performance, it suggests that a significant institutional player sees value in maintaining this position. For existing investors, this reinforces a "hold" position, as it doesn't present new negative information and confirms institutional interest. For potential investors, it's a positive signal to consider further due diligence.

Keywords

Penguin Solutions, BlackRock, institutional ownership, Schedule 13G, common stock, beneficial ownership, investment