47,576 Gen Digital Inc. $GEN Shares Sold by Iridian Asset Management LLC CT

Key Points

• Iridian Asset Management cut its Gen Digital stake by 31.2%, selling 47,576 shares and retaining 104,730 shares valued at approximately $2.31 million.
• Other institutional investors generally increased their positions, and institutions collectively own 81.38% of Gen Digital.
• Gen Digital reported quarterly EPS of $0.71 and revenue of $1.34 billion, exceeding analyst estimates, while maintaining a $0.50 annual dividend. Analysts have a consensus “Hold” rating with an average price target of $30.25.

Iridian Asset Management LLC CT lessened its position in Gen Digital Inc. (NASDAQ:GEN - Free Report) by 31.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 104,730 shares of the company's stock after selling 47,576 shares during the period. Gen Digital makes up 0.8% of Iridian Asset Management LLC CT's portfolio, making the stock its 28th biggest position. Iridian Asset Management LLC CT's holdings in Gen Digital were worth $2,306,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of GEN. Kendall Capital Management raised its holdings in shares of Gen Digital by 5.2% during the third quarter. Kendall Capital Management now owns 207,970 shares of the company's stock valued at $4,579,000 after buying an additional 10,345 shares during the last quarter. Root Financial Partners LLC acquired a new position in shares of Gen Digital during the third quarter worth approximately $59,000. Vest Financial LLC boosted its position in shares of Gen Digital by 3.1% during the third quarter. Vest Financial LLC now owns 91,532 shares of the company's stock worth $2,016,000 after buying an additional 2,783 shares during the period. Robeco Institutional Asset Management B.V. grew its holdings in Gen Digital by 8.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,377,320 shares of the company's stock worth $52,349,000 after buying an additional 176,207 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Gen Digital by 5.3% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 84,879 shares of the company's stock worth $1,869,000 after buying an additional 4,304 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors.

Gen Digital Stock Down 0.0%

NASDAQ GEN opened at $24.88 on Friday. The company has a debt-to-equity ratio of 3.00, a current ratio of 0.47 and a quick ratio of 0.47. The company's 50 day simple moving average is $26.72 and its 200 day simple moving average is $25.10. Gen Digital Inc. has a 12 month low of $17.78 and a 12 month high of $31.65. The company has a market capitalization of $14.89 billion, a P/E ratio of 14.47, a PEG ratio of 0.78 and a beta of 1.26.

Gen Digital (NASDAQ:GEN - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.69 by $0.02. The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.31 billion. Gen Digital had a return on equity of 55.93% and a net margin of 20.73%. Gen Digital's revenue for the quarter was up 6.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.64 earnings per share. Gen Digital has set its FY 2027 guidance at 2.870-2.970 EPS and its Q2 2027 guidance at 0.710-0.730 EPS. Equities research analysts expect that Gen Digital Inc. will post 2.66 earnings per share for the current fiscal year.

Gen Digital Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 9th. Stockholders of record on Monday, August 17th were issued a dividend of $0.1250 per share. This represents a $0.50 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Monday, August 17th. Gen Digital's payout ratio is currently 29.07%.

Analyst Ratings Changes

A number of brokerages recently weighed in on GEN. Barclays lifted their price objective on shares of Gen Digital from $27.00 to $32.00 and gave the company an "equal weight" rating in a research note on Friday, August 7th. Weiss Ratings raised shares of Gen Digital from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, October 16th. Wells Fargo & Company boosted their price target on shares of Gen Digital from $22.00 to $28.00 and gave the stock an "equal weight" rating in a research report on Friday, August 7th. Wall Street Zen downgraded shares of Gen Digital from a "buy" rating to a "hold" rating in a research report on Sunday, August 16th. Finally, Royal Bank Of Canada reduced their price target on shares of Gen Digital from $26.00 to $24.00 and set a "sector perform" rating for the company in a research note on Monday, October 12th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Gen Digital currently has a consensus rating of "Hold" and an average price target of $30.25.

Insider Transactions at Gen Digital

In other Gen Digital news, Director Ondrej Vlcek sold 200,000 shares of the business's stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $30.00, for a total value of $6,000,000.00. Following the transaction, the director owned 3,332,904 shares in the company, valued at $99,987,120. The trade was a 5.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Travis Witteveen sold 30,000 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $29.42, for a total value of $882,600.00. Following the completion of the transaction, the insider owned 496,545 shares in the company, valued at $14,608,353.90. This represents a 5.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 558,508 shares of company stock valued at $16,356,093. 9.70% of the stock is owned by insiders.

About Gen Digital

Gen Digital Inc NASDAQ: GEN is a cybersecurity company that provides digital safety, privacy, and identity protection products for consumers. Its services are designed to help protect devices, personal information, online accounts, and digital identities from malware, fraud, identity theft, scams, and other cyber threats.

The company operates a portfolio of consumer brands that includes Norton, Avast, LifeLock, Avira, AVG, ReputationDefender, and CCleaner. Its offerings include antivirus and device security software, virtual private network services, password management, identity theft monitoring and restoration support, privacy tools, scam protection, and performance and optimization utilities.

Gen Digital serves customers internationally through direct subscriptions and distribution partnerships.

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