Allspring Global Investments Holdings LLC Purchases 341,533 Shares of Gen Digital Inc. (NASDAQ:GEN)

Allspring Global Investments Holdings LLC grew its stake in Gen Digital Inc. (NASDAQ:GEN - Free Report) by 132.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 599,821 shares of the company's stock after buying an additional 341,533 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.10% of Gen Digital worth $16,039,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Gen Digital during the 4th quarter valued at about $14,367,000. Achmea Investment Management B.V. grew its position in Gen Digital by 40.2% during the first quarter. Achmea Investment Management B.V. now owns 1,454,610 shares of the company's stock valued at $38,605,000 after acquiring an additional 417,206 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its stake in shares of Gen Digital by 132.1% during the first quarter. Robeco Institutional Asset Management B.V. now owns 564,391 shares of the company's stock worth $14,979,000 after acquiring an additional 321,186 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Gen Digital by 2,954.9% in the 1st quarter. GAMMA Investing LLC now owns 322,169 shares of the company's stock worth $8,550,000 after acquiring an additional 311,623 shares during the last quarter. Finally, QSM Asset Management Ltd purchased a new stake in shares of Gen Digital in the 4th quarter valued at $5,373,000. Institutional investors own 81.38% of the company's stock.

Insider Transactions at Gen Digital

In other news, Director Nora Denzel sold 31,646 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $28.76, for a total value of $910,138.96. Following the completion of the sale, the director directly owned 34,860 shares of the company's stock, valued at approximately $1,002,573.60. This trade represents a 47.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 12.20% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on GEN. Royal Bank Of Canada lifted their target price on shares of Gen Digital from $28.00 to $30.00 and gave the stock a "sector perform" rating in a research report on Wednesday, May 7th. Evercore ISI began coverage on Gen Digital in a report on Tuesday. They issued an "outperform" rating and a $35.00 price objective on the stock. Wall Street Zen upgraded Gen Digital from a "buy" rating to a "strong-buy" rating in a report on Friday, June 27th. Finally, Morgan Stanley lowered their price objective on Gen Digital from $27.00 to $25.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. Two equities research analysts have rated the stock with a hold rating, one has issued a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $30.00.

Gen Digital Trading Up 2.2%

Shares of NASDAQ:GEN traded up $0.67 during midday trading on Thursday, hitting $30.48. 2,910,040 shares of the stock traded hands, compared to its average volume of 3,748,223. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 3.51. The stock has a market capitalization of $18.90 billion, a PE ratio of 29.31, a P/E/G ratio of 1.11 and a beta of 1.01. Gen Digital Inc. has a one year low of $22.74 and a one year high of $31.72. The business's 50 day moving average is $28.31 and its two-hundred day moving average is $27.41.

Gen Digital (NASDAQ:GEN - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.59 EPS for the quarter, beating analysts' consensus estimates of $0.58 by $0.01. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $999.48 million. Gen Digital had a return on equity of 59.38% and a net margin of 16.34%. Gen Digital's quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.53 EPS. As a group, research analysts forecast that Gen Digital Inc. will post 2.05 earnings per share for the current year.

Gen Digital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Monday, May 19th were issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 1.64%. The ex-dividend date was Monday, May 19th. Gen Digital's dividend payout ratio (DPR) is currently 48.08%.

About Gen Digital

Gen Digital Inc engages in the provision of cyber safety solutions for consumers in the United States, Canada, Latin America, Europe, the Middle East, Africa, the Asia Pacific, and Japan. The company offers security and performance products under Norton, Avast, Avira, AVG, and CCleaner brands that provide real-time protection and maintenance for PCs, Macs, and mobile devices against malware, viruses, adware, and other online threats.