Gen Digital Inc. $GEN Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Gen Digital stake by 23.1% in the third quarter, selling 240,827 shares and retaining 800,557 shares worth approximately $17.6 million. Hedge funds and other institutional investors collectively own 81.38% of the company.
• Gen Digital reported quarterly revenue of $1.34 billion and EPS of $0.71, exceeding analyst expectations, while revenue increased 6.3% year over year. The company also pays a quarterly dividend of $0.125, representing a 2.1% annual yield.
• Analysts have a consensus “Hold” rating on Gen Digital with an average price target of $30.25, while company insiders sold 558,508 shares worth approximately $16.4 million over the past three months.

Assenagon Asset Management S.A. lowered its stake in shares of Gen Digital Inc. (NASDAQ:GEN - Free Report) by 23.1% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 800,557 shares of the company's stock after selling 240,827 shares during the period. Assenagon Asset Management S.A. owned approximately 0.13% of Gen Digital worth $17,628,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the stock. Ninety One UK Ltd purchased a new stake in Gen Digital in the third quarter worth approximately $49,000. Mather Group LLC. raised its stake in Gen Digital by 37.3% during the 3rd quarter. Mather Group LLC. now owns 6,805 shares of the company's stock valued at $150,000 after buying an additional 1,847 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Gen Digital by 10.3% during the 3rd quarter. GAMMA Investing LLC now owns 38,455 shares of the company's stock valued at $847,000 after buying an additional 3,588 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of Gen Digital by 12.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 13,415 shares of the company's stock valued at $295,000 after buying an additional 1,496 shares during the period. Finally, Artemis Investment Management LLP increased its position in Gen Digital by 285.2% during the third quarter. Artemis Investment Management LLP now owns 550,971 shares of the company's stock valued at $12,132,000 after acquiring an additional 407,924 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Gen Digital Price Performance

NASDAQ GEN opened at $24.16 on Monday. Gen Digital Inc. has a 52 week low of $17.78 and a 52 week high of $31.65. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 3.00. The company has a market capitalization of $14.46 billion, a P/E ratio of 14.05, a price-to-earnings-growth ratio of 0.76 and a beta of 1.26. The stock's 50-day moving average price is $27.19 and its 200-day moving average price is $24.95.

Gen Digital (NASDAQ:GEN - Get Free Report) last announced its quarterly earnings data 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. Gen Digital had a return on equity of 55.93% and a net margin of 20.73%. The company had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the previous year, the company posted $0.64 EPS. The firm's revenue was up 6.3% on a year-over-year basis. 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. On average, equities research analysts predict that Gen Digital Inc. will post 2.66 earnings per share for the current year.

Gen Digital Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 9th. Stockholders of record on Monday, August 17th were paid a $0.1250 dividend. The ex-dividend date of this dividend was Monday, August 17th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.1%. Gen Digital's dividend payout ratio is 29.07%.

Insider Transactions at Gen Digital

In other news, Director Ondrej Vlcek sold 200,000 shares of the company'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 completion of the transaction, the director owned 3,332,904 shares of the company's stock, valued at $99,987,120. This represents a 5.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Travis Witteveen sold 30,000 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $29.42, for a total value of $882,600.00. Following the sale, the insider owned 496,545 shares of the company's stock, valued at $14,608,353.90. This represents a 5.70% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 558,508 shares of company stock valued at $16,356,093 over the last three months. Corporate insiders own 9.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Barclays increased their target price on Gen Digital from $27.00 to $32.00 and gave the company an "equal weight" rating in a report on Friday, August 7th. Weiss Ratings upgraded shares of Gen Digital from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday. Royal Bank Of Canada lowered their price objective on shares of Gen Digital from $26.00 to $24.00 and set a "sector perform" rating on the stock in a research note on Monday, October 12th. Wells Fargo & Company raised their price objective on shares of Gen Digital from $22.00 to $28.00 and gave the stock an "equal weight" rating in a report on Friday, August 7th. Finally, Wall Street Zen downgraded shares of Gen Digital from a "buy" rating to a "hold" rating in a report on Sunday, August 16th. One 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. According to MarketBeat.com, Gen Digital presently has a consensus rating of "Hold" and a consensus price target of $30.25.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.