TLDR
- Silver Lake entities sold over $41 million in Dell stock on September 8, 2026
- Shares were sold at prices ranging from $515.87 to $537.00
- Dell stock has gained 309% over the past year
- JPMorgan and Bernstein raised price targets to $635 and $650 respectively
- Dell holds a record AI server backlog of $95 billion
Dell Technologies (DELL) stock was trading at $559 on Thursday, up over 10% on the day, even as major insiders offloaded tens of millions of dollars worth of stock earlier in the week.
SL SPV-2, L.P., a director and 10% owner of Dell, sold 49,909 Class C shares on September 8 for a total of $26.3 million. Prices on those sales ranged from $515.87 to $537.00 per share.
On the same day, Silver Lake Partners V DE (AIV), L.P., another 10% owner, sold 29,504 Class C shares for $15.1 million, also at prices between $515.87 and $537.00.
That brings the combined insider selling from Silver Lake-linked entities to more than $41 million in a single day.
Both entities also converted Class B shares into Class C shares at $0 as part of the same transactions. SL SPV-2 converted 74,083 shares, while Silver Lake Partners V converted 41,165 shares.
Following the transactions, SL SPV-2 now indirectly holds 24,134 Class C shares. It also retains 16,383,250 Class B shares, which can be converted into Class C stock.
Egon Durban, CEO of Silver Lake Group and a Dell board director, directly holds 1,398,935 Class C shares. An additional 51,173 shares are held indirectly through a family trust.
InvestingPro flags Dell as overvalued relative to its Fair Value estimate, ranking it among the most overvalued stocks it tracks. The stock’s PEG ratio sits at just 0.2, and its market cap stands at $322 billion.
Analyst Targets Climb
Wall Street has been warming up to Dell despite the insider activity. JPMorgan raised its price target to $635, pointing to strong fiscal Q2 2027 results and an improved full-year outlook driven by AI demand and IT infrastructure spending.
Bernstein lifted its target to $650, citing 26% year-over-year storage revenue growth and record profitability from market share gains.
TD Cowen raised its target to $500, forecasting a threefold increase in AI server demand for fiscal year 2027.
Truist Securities set its target at $505, highlighting Dell’s $95 billion AI server backlog, which gives visibility well into fiscal year 2028.
Backlog Builds Confidence
KeyBanc held its Sector Weight rating after strong quarterly results, though it flagged caution on further upside from current levels.
Dell’s 309% return over the past year puts it among the top performers in the large-cap tech space.
The $95 billion AI server backlog remains one of the most closely watched figures, with analysts pointing to it as a key demand signal heading into fiscal 2028.
JPMorgan’s $635 target and Bernstein’s $650 target are the two highest on the Street among recently updated estimates.
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