Baker Avenue Asset Management LP Invests $241,000 in Gen Digital Inc. (NASDAQ:GEN)

Key Points

• Baker Avenue Asset Management LP has made a new investment in Gen Digital Inc., acquiring 9,080 shares for approximately $241,000.
• Gen Digital reported earnings per share (EPS) of $0.59 for its last quarter, exceeding estimates, along with a revenue increase of 4.4% year-over-year.
• The company's stock currently has an average price target of $33.60 from analysts, with ratings ranging from "buy" to "strong buy".

Baker Avenue Asset Management LP purchased a new stake in Gen Digital Inc. (NASDAQ:GEN - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 9,080 shares of the company's stock, valued at approximately $241,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of GEN. Allspring Global Investments Holdings LLC increased its position in shares of Gen Digital by 132.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 599,821 shares of the company's stock worth $16,039,000 after purchasing an additional 341,533 shares in the last quarter. Mather Group LLC. increased its position in shares of Gen Digital by 26.6% during the first quarter. Mather Group LLC. now owns 3,730 shares of the company's stock worth $99,000 after purchasing an additional 783 shares in the last quarter. Cornerstone Wealth Group LLC acquired a new stake in shares of Gen Digital during the first quarter worth about $377,000. Wellington Management Group LLP increased its position in shares of Gen Digital by 98.8% during the fourth quarter. Wellington Management Group LLP now owns 114,699 shares of the company's stock worth $3,140,000 after purchasing an additional 56,993 shares in the last quarter. Finally, Exchange Traded Concepts LLC grew its holdings in shares of Gen Digital by 52.4% during the first quarter. Exchange Traded Concepts LLC now owns 11,146 shares of the company's stock worth $296,000 after buying an additional 3,830 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently issued reports on GEN shares. Royal Bank Of Canada raised their price target on Gen Digital from $28.00 to $30.00 and gave the stock a "sector perform" rating in a report on Wednesday, May 7th. B. Riley started coverage on Gen Digital in a report on Monday, July 14th. They set a "buy" rating and a $46.00 price target on the stock. Morgan Stanley lowered their price target on Gen Digital from $27.00 to $25.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Evercore ISI started coverage on Gen Digital in a report on Tuesday, July 1st. They set an "outperform" rating and a $35.00 price target on the stock. Finally, Wall Street Zen lowered Gen Digital from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Three investment analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $33.60.

Gen Digital Stock Performance

GEN traded down $0.40 during trading on Tuesday, reaching $28.58. The company's stock had a trading volume of 3,613,226 shares, compared to its average volume of 2,980,551. Gen Digital Inc. has a 52-week low of $22.74 and a 52-week high of $31.72. The company's fifty day moving average price is $29.56 and its 200-day moving average price is $27.79. The company has a market capitalization of $17.60 billion, a price-to-earnings ratio of 27.48, a price-to-earnings-growth ratio of 1.06 and a beta of 1.00. The company has a debt-to-equity ratio of 3.51, a quick ratio of 0.51 and a current ratio of 0.51.

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

Insiders Place Their Bets

In other Gen Digital news, Director Nora Denzel sold 31,646 shares of Gen Digital stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $28.76, for a total value of $910,138.96. Following the sale, the director owned 34,860 shares of the company's stock, valued at approximately $1,002,573.60. The trade was a 47.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 9.30% of the company's stock.

Gen Digital Profile

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.