Gen Digital (NASDAQ:GEN) Given New $35.00 Price Target at Argus

Key Points

• Argus raised its price target on Gen Digital to $35 from $32 and maintained a Buy rating, implying 15.9% upside from the prior close.
• Analyst sentiment overall remains cautious: MarketBeat reports a consensus Hold rating and an average price target of $31.20.
• Gen Digital beat quarterly earnings and revenue estimates, reporting $0.74 EPS and $1.37 billion in revenue; revenue grew 12.2% year over year.

Gen Digital (NASDAQ:GEN - Get Free Report) had its price objective increased by investment analysts at Argus from $32.00 to $35.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a "buy" rating on the stock. Argus's price target suggests a potential upside of 15.90% from the company's previous close.

Several other research firms have also recently weighed in on GEN. Weiss Ratings raised Gen Digital from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, November 4th. Royal Bank Of Canada increased their price objective on shares of Gen Digital from $24.00 to $27.00 and gave the company a "sector perform" rating in a research note on Thursday, October 29th. Wall Street Zen raised shares of Gen Digital from a "hold" rating to a "buy" rating in a report on Saturday. Morgan Stanley lifted their target price on shares of Gen Digital from $32.00 to $34.00 and gave the company an "equal weight" rating in a research report on Thursday, October 29th. Finally, Wells Fargo & Company lifted their target price on shares of Gen Digital from $22.00 to $28.00 and gave the company an "equal weight" rating in a research report on Friday, August 7th. Two equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $31.20.

Gen Digital Stock Performance

GEN opened at $30.20 on Wednesday. The company has a debt-to-equity ratio of 2.57, a quick ratio of 0.37 and a current ratio of 0.37. The company has a market cap of $17.92 billion, a PE ratio of 15.07, a price-to-earnings-growth ratio of 0.94 and a beta of 1.24. The stock has a 50-day moving average of $26.53 and a 200-day moving average of $24.54. Gen Digital has a 52-week low of $17.78 and a 52-week high of $31.65.

Gen Digital (NASDAQ:GEN - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The company reported $0.74 earnings per share for the quarter, beating analysts' consensus estimates of $0.72 by $0.02. Gen Digital had a return on equity of 56.80% and a net margin of 23.07%. The business had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same period last year, the business earned $0.62 EPS. The firm's revenue was up 12.2% compared to the same quarter last year. As a group, equities research analysts forecast that Gen Digital will post 2.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Gen Digital

In related news, insider Travis Witteveen sold 30,000 shares of Gen Digital stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $29.75, for a total value of $892,500.00. Following the completion of the sale, the insider directly owned 466,545 shares in the company, valued at $13,879,713.75. This trade represents a 6.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Bryan Seuk Ko sold 28,248 shares of Gen Digital stock in a transaction on Friday, September 4th. The stock was sold at an average price of $30.67, for a total transaction of $866,366.16. Following the sale, the chief operating officer directly owned 744,262 shares of the company's stock, valued at $22,826,515.54. This represents a 3.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 558,508 shares of company stock worth $16,365,993. 9.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Gen Digital

A number of large investors have recently bought and sold shares of GEN. Landscape Capital Management L.L.C. lifted its position in Gen Digital by 26.0% in the 3rd quarter. Landscape Capital Management L.L.C. now owns 129,925 shares of the company's stock valued at $2,861,000 after acquiring an additional 26,794 shares in the last quarter. Public Sector Pension Investment Board boosted its stake in shares of Gen Digital by 17.6% during the 3rd quarter. Public Sector Pension Investment Board now owns 119,404 shares of the company's stock worth $2,857,000 after buying an additional 17,868 shares during the last quarter. Global Retirement Partners LLC grew its stake in shares of Gen Digital by 5.7% in the third quarter. Global Retirement Partners LLC now owns 14,729 shares of the company's stock valued at $324,000 after buying an additional 798 shares in the last quarter. Cibc World Market Inc. acquired a new stake in shares of Gen Digital in the third quarter valued at approximately $216,000. Finally, Edgestream Partners L.P. acquired a new position in Gen Digital in the 3rd quarter valued at about $356,000. 81.38% of the stock is owned by institutional investors.

Gen Digital Company Profile

Gen Digital Inc. is a global cybersecurity company that provides digital safety and identity protection services to consumers and small businesses. Its products include antivirus and malware protection, virtual private networks, password managers, scam protection, and identity monitoring and recovery services. The company offers services through brands including Norton, Avast, LifeLock, Avira, AVG, and CCleaner. Its products are available in markets around the world through direct subscriptions and other distribution channels.

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