Edgestream Partners L.P. Increases Stake in Gen Digital Inc. (NASDAQ:GEN)

Edgestream Partners L.P. grew its position in Gen Digital Inc. (NASDAQ:GEN - Free Report) by 503.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 216,546 shares of the company's stock after buying an additional 180,672 shares during the period. Edgestream Partners L.P.'s holdings in Gen Digital were worth $5,747,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of GEN. Mather Group LLC. raised its holdings 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 valued at $99,000 after purchasing an additional 783 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings 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 valued at $16,039,000 after purchasing an additional 341,533 shares during the last quarter. Cornerstone Wealth Group LLC purchased a new position in shares of Gen Digital during the first quarter valued at approximately $377,000. Wellington Management Group LLP raised its holdings 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 valued at $3,140,000 after purchasing an additional 56,993 shares during the last quarter. Finally, Exchange Traded Concepts LLC raised 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 valued at $296,000 after purchasing an additional 3,830 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Gen Digital news, Director Nora Denzel sold 31,646 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $28.76, for a total transaction of $910,138.96. Following the completion of the transaction, the director owned 34,860 shares in the company, valued at $1,002,573.60. This trade represents a 47.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 12.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

GEN has been the subject of several research reports. Wall Street Zen cut shares of Gen Digital from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Barclays boosted their target price on shares of Gen Digital from $30.00 to $32.00 and gave the company an "equal weight" rating in a research report on Monday. Evercore ISI initiated coverage on shares of Gen Digital in a research report on Tuesday, July 1st. They set an "outperform" rating and a $35.00 target price for the company. Morgan Stanley cut their target price on shares of 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. Finally, B. Riley initiated coverage on shares of Gen Digital in a research report on Monday. They set a "buy" rating and a $46.00 target price for the company. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Gen Digital currently has an average rating of "Moderate Buy" and an average price target of $33.60.

Gen Digital Price Performance

Shares of GEN stock traded up $0.09 on Friday, hitting $30.23. 1,352,573 shares of the stock traded hands, compared to its average volume of 3,749,735. The company has a debt-to-equity ratio of 3.51, a current ratio of 0.51 and a quick ratio of 0.51. Gen Digital Inc. has a 52 week low of $22.74 and a 52 week high of $31.72. The firm has a 50 day simple moving average of $29.17 and a two-hundred day simple moving average of $27.55. The firm has a market cap of $18.75 billion, a price-to-earnings ratio of 29.07, a PEG ratio of 1.09 and a beta of 1.01.

Gen Digital (NASDAQ:GEN - Get Free Report) last released its earnings results 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 net margin of 16.34% and a return on equity of 59.38%. The company had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $999.48 million. During the same quarter in the previous year, the company earned $0.53 EPS. Gen Digital's revenue for the quarter was up 4.4% on a year-over-year basis. As a group, equities research analysts predict that Gen Digital Inc. will post 2.05 earnings per share for the current fiscal year.

Gen Digital Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Monday, May 19th were given a dividend of $0.125 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.65%. Gen Digital's dividend payout ratio is 48.08%.

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.