Clark Joseph Gates, an officer at Penguin Solutions, Inc., has sold 5,773 shares of the company's common stock. The sale, valued at approximately $299,791.89, occurred on November 2, 2026. This transaction is significant as it reflects the ongoing changes within the company and the broader semiconductor industry.

Background

Penguin Solutions, Inc., previously known as Smart Global Holdings, Inc., operates in the semiconductor and related devices sector. The company is incorporated in Delaware and is listed under the SEC file number 001-38102. Its business address is located at 45800 Northport Loop West, Fremont, CA.

What the Filing Says

The filing indicates that Gates sold the shares as part of a planned transaction. The shares were acquired through performance stock units on September 25, 2026. The filing details state, "The aggregate market value is $299,791.89" and notes that the shares were sold through Morgan Stanley Smith Barney LLC Executive Financial Services.

Impact

This transaction may affect various stakeholders, including investors and employees, as it reflects the company's operational dynamics and Gates' role within the organization. As an officer, Gates' decisions and actions can influence investor perceptions and the company's market performance.

What's Next

The filing does not say what happens next.

Additional Details from the Filing

The filing provides further insights into the transaction, indicating that the shares sold by Gates were part of a planned transaction under a Rule 10b5-1 plan, which was adopted on November 11, 2025. This type of plan allows insiders to set up a predetermined schedule for selling shares to avoid accusations of insider trading.

Outstanding Shares

According to the filing, the total number of outstanding shares of Penguin Solutions, Inc. is 60,241,423. This figure is crucial as it provides context for the scale of Gates' transaction relative to the company's overall equity.

Recent Sales

In addition to the recent sale of 5,773 shares, the filing notes that Gates sold 869 shares on October 23, 2026, for gross proceeds of $44,770.88. This indicates a pattern of selling activity within a short time frame, which may be of interest to analysts and investors monitoring insider transactions.

Broker Information

The shares were sold through Morgan Stanley Smith Barney LLC Executive Financial Services, located at 1 New York Plaza, 8th Floor, New York, NY. This brokerage firm is well-known for managing transactions for corporate executives and can provide insights into the trading strategies of its clients.

Conclusion

While the filing includes significant details regarding the transaction, it does not provide information on the motivations behind Gates' sales or how these transactions might align with the company's strategic goals. Additionally, there is no mention of any plans for future sales or holdings by Gates beyond this transaction.