Dell Technologies Inc. (NYSE: DELL) is back in the spotlight this weekend after a week of big earnings, a raised AI outlook, fresh analyst calls and new 13F filings from major institutions. As of the latest close, the stock is trading in the low‑$130s while Wall Street debates whether Dell’s surging AI server business can outrun rising memory costs and a still‑cyclical PC market. [1]
Dell Technologies stock price on November 29, 2025
Price & performance
As of the close on November 28, 2025, Dell Technologies shares were around $133.35, up a touch (about +0.07% on the day). [2]
Recent performance across timeframes looks like this: [3]
- 1 week: roughly +12–13%, helped by the post‑earnings rally
- 1 month: about ‑20%, reflecting the sharp pullback from late‑summer highs
- Year to date: roughly +15–16%
- 1 year: mid‑single‑digit gain (around +6–7%) despite the recent volatility
- 12‑month trading range: about $66.25 – $168.08
On valuation and fundamentals: [4]
- Market capitalization: ~$89–90 billion
- Trailing P/E (TTM): about 17–18x
- Dividend yield: around 1.5–1.7%, with a recent quarterly dividend near $0.52–0.525 per share
- Employees: roughly 108,000 worldwide
These numbers put Dell in the “large‑cap, profitable, moderate‑growth hardware & infrastructure” bucket rather than a hyper‑speculative AI pure play.
Record Q3 FY26 results powered by AI infrastructure
The main driver behind this week’s Dell headlines is its fiscal Q3 2026 print and upgraded guidance, released on November 25, 2025. [5]
Headline numbers
For the quarter ended October 31, 2025, Dell reported: [6]
- Record Q3 revenue:$27.0 billion, up 11% year over year
- GAAP diluted EPS:$2.28, up 39%
- Non‑GAAP diluted EPS:$2.59, up 17%
- Operating income:$2.1 billion, up 23%
- Cash from operations:$1.2 billion
The big story is in Infrastructure Solutions Group (ISG), where Dell sells servers, storage and networking:
- ISG revenue:$14.1 billion, up 24%
- Servers & networking revenue:$10.1 billion, up 37%
- ISG operating income:$1.7 billion, up 16% [7]
By contrast, Client Solutions Group (PCs and client devices) grew modestly:
- CSG revenue:$12.5 billion, up 3%
- Commercial PC revenue rose 5%, while consumer revenue fell 7%, underscoring ongoing consumer softness. [8]
AI servers: the new core of the story
Dell’s management leaned hard into the AI narrative: [9]
- AI server orders in Q3:$12.3 billion, up sharply from $5.6 billion the prior quarter
- AI server orders year‑to‑date: about $30 billion
- Backlog: roughly $18.4 billion, with a five‑quarter pipeline that management describes as “multiples” of that amount
- FY26 AI server shipment guidance: raised to roughly $25 billion, more than 150% growth year over year
On the back of this momentum, Dell raised its FY26 outlook: [10]
- Full‑year revenue: now guided to $111.2–112.2 billion, midpoint $111.7B (about 17% YoY growth)
- Full‑year GAAP EPS (midpoint):$8.38, up 31% YoY
- Full‑year non‑GAAP EPS (midpoint):$9.92, up 22%
- Q4 FY26 revenue: expected at $31.0–32.0 billion, ~32% YoY growth at midpoint
Goldman Sachs highlighted that Dell also raised its FY26 EPS outlook to roughly $9.82–10.02, attributing the uplift to stronger operating income, especially from AI‑driven ISG growth and improved margins. [11]
Analyst reaction: price target hikes vs memory “supercycle” fears
Price target upgrades and a richer AI narrative
Several firms responded to Dell’s quarter with higher price targets:
- Goldman Sachs: PT lifted from $175 to $185, rating “Buy”, citing the raised FY26 EPS outlook, stronger AI server demand and an improved margin trajectory. [12]
- Mizuho: PT raised from $170 to $175, rating Buy/Outperform. [13]
- UBS: Lowered its PT from $186 to $167 but kept a Strong Buy stance, reflecting a more conservative valuation after the earlier rally while staying bullish on AI infrastructure. [14]
- Bank of America: Boosted its target from $160 to $163, maintaining a positive rating. [15]
- Citic Securities: Raised its target from $150 to $160, with a Buy rating. [16]
- TD Cowen: Took its target from $130 to $150, but with a more cautious “Hold” view. [17]
Across the street, consensus data look like this:
- MarketBeat: 26 analysts, “Moderate Buy” (17 Buy, 8 Hold, 1 Sell), average PT $161.05 (high $200, low $113) – about 21% upside from current levels. [18]
- StockAnalysis: 18 analysts tracked, overall “Strong Buy”, average PT around $162.71, implying roughly 22% upside. [19]
- MarketScreener: Average target $162.87, about 22% above the last close, with an “Outperform”‑style consensus and 26 analysts in the panel. [20]
A recent note highlighted that the consensus target has nudged down slightly, from about $164 to roughly $162.9, as some analysts trim expectations after a volatile year, even while most keep positive ratings. [21]
From a valuation perspective, several analyses still frame Dell as cheap for an AI winner, with one Investing.com piece describing the stock at around 16× trailing earnings and roughly 11× forward earnings, with a median PT near $170 implying mid‑20s percentage upside. [22]
Morgan Stanley: underweight, with AI no longer the “debate”
The most cautious headline today comes from Morgan Stanley, which raised its price target slightly from $110 to $113 but kept an “Underweight” rating – well below where the stock currently trades. [23]
Key points from their view: [24]
- Dell’s AI server business is exceptionally strong, accounting for more than 100% of the upside in the company’s Q4 revenue guidance versus prior expectations and the majority of EPS upside versus both their model and Street consensus.
- AI server orders have risen over 150% in FY26 to date, reaching about $30 billion, and Morgan Stanley sees AI server revenue potentially climbing about 50% in FY27 to roughly $37 billion.
- However, they argue that “AI servers are no longer the core of the debate” for DELL. Instead, they focus on an “unprecedented” memory price inflation and supply shortage that could pressure demand and margins in FY27 (calendar 2026).
This memory theme is echoed in a Bloomberg report syndicated by Business Standard: Dell COO Jeff Clarke told analysts that the company has never seen component costs move this fast, citing tighter supplies and rising prices across DRAM (including high‑bandwidth memory), NAND flash and even hard drives, and warning that the “cost basis is going up across all products.” Dell plans to tweak configurations and pricing, but Clarke expects some of that pressure to reach customers. [25]
A separate Barron’s article, carried via LiveMint, notes that Dell and HP are both paying more for memory chips – which is great news for suppliers like Micron, but a margin challenge for PC and server OEMs. In that piece, analysts praised Dell’s better‑than‑expected execution and supply‑chain management, saying this allowed the company to offset higher memory costs and still beat earnings expectations, while HP struggled more visibly with similar pressures. [26]
Valuation deep‑dives: Dell still screens “undervalued” for many
A new Simply Wall St note dated November 29, 2025 frames Dell as undervalued by roughly 18%: [27]
- Their most popular community‑driven narrative pegs fair value at about $162.87 per share, versus a recent close around $133.35.
- They highlight that Dell’s share price is up about 9% over the past 90 days despite a sharp pullback earlier in the month, and that the three‑year total shareholder return is roughly 219%, reflecting Dell’s transformation into a leading enterprise AI and infrastructure player.
- Still, they flag margin pressure and dependence on cyclical PCs as key risks if hardware demand weakens or component costs keep climbing.
Taken together with MarketBeat, MarketScreener and StockAnalysis, the consensus picture is:
- Broadly bullish on AI and infrastructure growth
- Moderately cautious on memory cost inflation, PC cycles and recent volatility
- With average 12‑month price targets clustered around $161–163, versus a stock in the low‑$130s today. [28]
“Stock of the week”: Dell’s strong post‑earnings move
In its “Stocks of the Week” feature, Investing.com highlighted Dell alongside Nvidia and others: [29]
- Dell shares were up more than 11% over the last week, driven by the earnings beat and strong Q4 guidance.
- Piper Sandler noted that Dell continues to show “greater‑than‑anticipated traction with AI servers”, and the firm modestly raised its estimates to reflect the stronger AI demand cycle.
TradingView’s performance snapshot tells a similar story: over the past week Dell is up ~12.5%, but over the past month it’s still down about 20% from recent peaks, underscoring how volatile the ride has been for investors chasing the AI hardware theme. [30]
Institutional moves, insider selling and Dell’s own buybacks
Hedge fund & asset‑manager flows
Several new 13F filings discussed today shed light on who’s buying and selling DELL: [31]
- Quadrature Capital Ltd opened a new position in Q2, purchasing 77,772 shares valued at roughly $9.53 million.
- Vinva Investment Management Ltd increased its Dell stake by about 90%, bringing holdings to 12,011 shares worth roughly $1.49 million.
- CreativeOne Wealth LLC nearly doubled its position, now holding 4,753 shares worth around $583,000.
- On the other side, Korea Investment CORP trimmed its holdings by 17.2%, selling 41,904 shares in Q2 but still owning over 200,000 shares valued near $24.7 million.
Across these filings, MarketBeat notes that hedge funds and institutional investors now own about 76% of Dell’s stock, underscoring the company’s status as an institutional favorite. [32]
Insider selling and buybacks
At the same time, Dell has seen heavy insider selling in recent months: [33]
- Over roughly the last 90 days, insiders have sold about 4.5 million shares, worth around $642–643 million.
- Even after these sales, insiders still own roughly 42% of the company, a notably high figure for a large‑cap U.S. tech name.
Offsetting that, Dell itself is actively shrinking the share count through buybacks:
- Between August 2 and November 25, 2025, Dell repurchased about 8.9 million shares, roughly 1.3% of its shares outstanding, for approximately $1.23 billion. [34]
- Since its current equity repurchase program was announced in September 2021, the company has bought back around 168.9 million shares, about 23% of its equity, for a total of roughly $12.3 billion. [35]
- In its FY25 results back in February, Dell also raised its annual cash dividend by 18% to $2.10 per share and boosted its share‑repurchase authorization by $10 billion, signaling a long‑term commitment to returning capital. [36]
For investors, this combination of heavy buybacks plus insider selling is nuanced: it can be a sign of confidence in long‑term value (corporate repurchases) while also reflecting executives and early backers taking profits after a multi‑year run‑up.
Memory “supercycle” and AI demand: the two key macro levers
Putting the fresh coverage together, two big macro forces stand out in today’s Dell story:
- AI infrastructure build‑out
- Dell’s AI server pipeline is massive: $30B in orders YTD, annual shipments guided to $25B, and AI expected to drive the bulk of revenue and EPS upside versus prior expectations. [37]
- The company is increasingly selling to Tier‑2 cloud providers, “neocloud” platforms and sovereign or enterprise customers, which typically come with higher‑value, higher‑margin configurations. [38]
- The memory‑chip supercycle
- Rapid adoption of AI systems is pushing memory makers to prioritize high‑end products, contributing to shortages and price spikes in more common DRAM and NAND used across PCs and servers. [39]
- Dell’s management and external analysts describe this as “unprecedented” in terms of cost inflation and supply tightness, and Morgan Stanley explicitly frames FY27 margins and demand under memory inflation as the central risk to the DELL thesis. [40]
How Dell navigates these opposing forces – booming AI demand vs. rising component costs – is likely to be the key driver for the stock over the next 12–24 months.
How strong do Dell’s fundamentals look after Q3?
From a purely fundamental angle, Dell’s latest numbers paint a picture of a mature hardware and services company being re‑rated as an AI infrastructure leader: [41]
- Growth:
- Q3 revenue grew 11%, and year‑to‑date revenue is up 12% versus the prior year.
- ISG is growing faster than the overall company, supported by 37% server & networking growth.
- Profitability:
- Non‑GAAP EPS is up 17% in the quarter and 18% year‑to‑date.
- ISG margins remain healthy, while CSG margins are stable despite a weak consumer PC segment.
- Balance sheet & cash flow:
- Dell generated $1.2B in operating cash flow this quarter, with adjusted free cash flow improving significantly year over year. [42]
- Ongoing buybacks and dividends show management is comfortable returning substantial capital.
When you line that up with consensus forward EPS around the upper single digits to low double digits per share and a current price in the low‑$130s, most external research places Dell on a mid‑teens trailing P/E and low‑teens forward P/E – cheaper than many software‑oriented AI plays, but with more direct exposure to hardware cycles and supply‑chain risks. [43]
What today’s news means for DELL stock
Putting all of November 29, 2025’s key headlines together, you can sketch three rough scenarios (not predictions, just frameworks):
Bull case
- AI server demand stays extremely strong through FY27, Dell continues to capture large, high‑margin contracts, and memory cost pressures ease sooner than feared.
- In this world, Dell delivers on or beats its raised FY26 revenue and EPS guidance, and investors re‑rate the stock closer to the upper range of Street targets (the $170–200 area). [44]
Base case
- AI infrastructure remains a growth engine, but memory costs and PC cycles create some bumps. Dell broadly hits its upgraded FY26 targets, but margin and demand volatility keep the multiple in check.
- The stock gravitates around the consensus PT band (~$160) over time, delivering solid but not explosive returns from today’s levels. [45]
Bear case
- The memory supercycle bites harder than expected: component prices stay elevated, supply is inconsistent, and some enterprises slow server deployments. Consumer PCs remain weak.
- Earnings fall short of current estimates, and the stock drifts down toward the low end of the target range (~$113) or below, closer to Morgan Stanley’s underweight scenario. [46]
Which scenario ultimately plays out will depend on:
- How quickly memory supply & pricing normalise
- Whether AI infrastructure capex remains robust into 2026–27
- How effectively Dell continues to manage its product mix, pricing and supply chain
Bottom line
As of November 29, 2025, Dell Technologies is trading like a profitable, cash‑generating infrastructure company trying to grow into an AI heavyweight:
- AI servers and ISG are driving record results and guidance upgrades.
- Most analysts are positive, with average targets in the low‑$160s and a clear majority of Buy ratings.
- Risks are real, particularly around memory‑chip inflation, supply shortages and the always‑cyclical PC market.
- Ownership is concentrated among institutions and insiders, with Dell itself aggressively buying back stock even as some insiders take chips off the table.
For investors watching DELL, today’s news flow reinforces a simple message: this is no longer just a PC stock. The investment case now lives at the intersection of AI data‑center build‑out, memory economics and Dell’s ability to execute on complex, high‑value infrastructure deals.
This article is for information and news purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Always consider your own financial situation and, if needed, consult a qualified financial adviser before making trading or investment decisions.
References
1. www.businesswire.com, 2. www.marketscreener.com, 3. www.tradingview.com, 4. www.tradingview.com, 5. www.businesswire.com, 6. www.businesswire.com, 7. www.businesswire.com, 8. www.businesswire.com, 9. www.businesswire.com, 10. www.businesswire.com, 11. www.insidermonkey.com, 12. www.insidermonkey.com, 13. www.investing.com, 14. stockanalysis.com, 15. stockanalysis.com, 16. www.marketbeat.com, 17. www.marketbeat.com, 18. www.marketbeat.com, 19. stockanalysis.com, 20. www.marketscreener.com, 21. finance.yahoo.com, 22. www.investing.com, 23. www.insidermonkey.com, 24. www.insidermonkey.com, 25. www.business-standard.com, 26. www.livemint.com, 27. simplywall.st, 28. www.marketbeat.com, 29. m.investing.com, 30. www.tradingview.com, 31. www.marketbeat.com, 32. www.marketbeat.com, 33. www.marketbeat.com, 34. www.marketscreener.com, 35. www.marketscreener.com, 36. www.dell.com, 37. www.businesswire.com, 38. www.insidermonkey.com, 39. www.business-standard.com, 40. www.insidermonkey.com, 41. www.businesswire.com, 42. www.businesswire.com, 43. www.investing.com, 44. www.businesswire.com, 45. www.marketbeat.com, 46. www.insidermonkey.com
