Anne Kuykendall, who serves as Senior Vice President and Chief Legal Officer at Penguin Solutions, Inc. (NASDAQ: PENG), reported the sale of 4,000 shares of the company’s common stock on March 16, 2026, according to a Form 4 filing with the Securities and Exchange Commission.
The filing states the shares were sold at a weighted average price of $17.7452, bringing the transaction value to $70,980. Individual trade prices in the sale ranged from $17.53 to $18.20. After the disposition, Kuykendall is shown as directly holding 131,352 shares of Penguin Solutions.
The Form 4 notes the sale was carried out pursuant to a pre-arranged Rule 10b5-1 trading plan that Kuykendall adopted on November 11, 2025. Rule 10b5-1 plans are documented arrangements that permit company insiders to trade during predetermined windows.
Penguin Solutions’ common shares currently trade at $17.63 and have declined 33% over the last six months. Separately, InvestingPro analysis cited in company material places Penguin Solutions on its Most Undervalued list. Investors are pointed to a comprehensive Pro Research Report covering PENG, which is among the 1,400-plus U.S. equities included in that research universe.
Corporate developments and product milestones
Alongside the insider transaction disclosure, the company announced a set of business and product developments. Penguin Solutions said it has entered a financial partnership with Deepgram and Dell Technologies aimed at strengthening voice AI infrastructure. The collaboration will leverage Dell PowerEdge servers and NVIDIA GPUs for the underlying compute.
On the product front, Penguin Solutions reported that its memory module has cleared Compute Express Link compliance testing and is listed on the CXL Consortium’s Integrators List.
Leadership changes and analyst view
Penguin Solutions also outlined several leadership moves. Ian Colle was appointed chief product officer and will lead work on the company’s AI Factory Platform; the filing identifies Colle as bringing experience from Amazon Web Services. In addition, Kash Shaikh has been named President and CEO, succeeding Mark Adams. Adams will remain with the company as an advisor to support a smooth transition.
Despite the CEO change, the report notes that Citizens has maintained its Market Outperform rating on Penguin Solutions with a $26.00 price target.
These items together - the insider sale executed under a documented 10b5-1 plan, ongoing product validations and partnerships in voice AI and compute, and executive-level changes - present a snapshot of activity at Penguin Solutions as it navigates product execution and leadership transition.