Deutsche Bank AG Acquires Shares of 5,891,498 Gen Digital Inc. $GEN

Key Points

• Deutsche Bank acquired 5.89 million Gen Digital shares during the second quarter, valued at approximately $146.6 million and representing a 0.98% stake. Institutional investors and hedge funds collectively own 81.38% of the company.
• Gen Digital exceeded quarterly expectations, reporting adjusted EPS of $0.71 versus $0.69 expected and revenue of $1.34 billion, up 6.3% year over year. The company also declared a quarterly dividend of $0.125 per share, implying a 1.8% yield.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $31.67. Gen Digital shares opened at $27.54, while insiders sold 130,440 shares worth $3.37 million over the past 90 days.

Deutsche Bank AG acquired a new stake in shares of Gen Digital Inc. (NASDAQ:GEN - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 5,891,498 shares of the company's stock, valued at approximately $146,639,000. Deutsche Bank AG owned 0.98% of Gen Digital as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Bank of New York Mellon Corp purchased a new stake in Gen Digital during the 2nd quarter worth $108,421,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Gen Digital by 45.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 13,094,386 shares of the company's stock worth $246,567,000 after buying an additional 4,115,676 shares during the last quarter. First Trust Advisors LP raised its holdings in Gen Digital by 22.3% in the fourth quarter. First Trust Advisors LP now owns 19,941,546 shares of the company's stock valued at $542,211,000 after acquiring an additional 3,640,451 shares in the last quarter. Alyeska Investment Group L.P. acquired a new stake in Gen Digital in the fourth quarter valued at $70,248,000. Finally, Victory Capital Management Inc. boosted its stake in Gen Digital by 167.2% during the 4th quarter. Victory Capital Management Inc. now owns 3,328,737 shares of the company's stock valued at $90,508,000 after acquiring an additional 2,082,850 shares during the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Travis Michael Witteveen sold 30,000 shares of Gen Digital stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $29.42, for a total transaction of $882,600.00. Following the sale, the insider owned 496,545 shares of the company's stock, valued at approximately $14,608,353.90. The trade was a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Ondrej Vlcek sold 100,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $24.78, for a total value of $2,478,000.00. Following the completion of the transaction, the director directly owned 3,832,724 shares of the company's stock, valued at $94,974,900.72. This trade represents a 2.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 130,440 shares of company stock worth $3,372,946. Insiders own 9.70% of the company's stock.

Wall Street Analysts Forecast Growth

GEN has been the topic of several research reports. Barclays upped their price objective on Gen Digital from $27.00 to $32.00 and gave the company an "equal weight" rating in a research note on Friday, August 7th. Wall Street Zen lowered Gen Digital from a "buy" rating to a "hold" rating in a research report on Sunday. Argus upgraded Gen Digital to a "strong-buy" rating in a report on Friday, May 22nd. Jefferies Financial Group downgraded Gen Digital from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Finally, Wells Fargo & Company raised their price objective on Gen Digital from $22.00 to $28.00 and gave the stock an "equal weight" rating in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $31.67.

Gen Digital Trading Down 0.4%

NASDAQ:GEN opened at $27.54 on Thursday. The firm has a market capitalization of $16.49 billion, a P/E ratio of 16.01 and a beta of 1.21. The business has a 50 day simple moving average of $26.31 and a 200 day simple moving average of $23.50. The company has a debt-to-equity ratio of 3.00, a current ratio of 0.47 and a quick ratio of 0.47. Gen Digital Inc. has a 12-month low of $17.78 and a 12-month high of $31.88.

Gen Digital (NASDAQ:GEN - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.69 by $0.02. The company had revenue of $1.34 billion for the quarter, compared to analysts' expectations of $1.31 billion. Gen Digital had a return on equity of 55.93% and a net margin of 20.73%.The firm's quarterly revenue was up 6.3% compared to the same quarter last year. During the same period last year, the business posted $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 predict that Gen Digital Inc. will post 2.64 EPS for the current year.

Gen Digital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Monday, August 17th will be given a $0.125 dividend. The ex-dividend date is Monday, August 17th. This represents a $0.50 annualized dividend and a yield of 1.8%. Gen Digital's dividend payout ratio is 29.07%.

Gen Digital Company Profile

Gen Digital NASDAQ: GEN is a global cybersecurity company specializing in consumer- and small-business-focused security, privacy, and identity protection solutions. The company offers a suite of products designed to safeguard devices, networks, and personal information against malware, ransomware, phishing attacks and other digital threats. With a focus on user-friendly interfaces and cross-platform compatibility, Gen Digital develops antivirus software, VPN services, parental controls, password management tools, and comprehensive identity-theft monitoring services.

Gen Digital traces its origins to the consumer software division of Symantec Corporation, which was spun off in late 2019 under the NortonLifeLock name.

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