Gen Digital Inc. $GEN Stock: CenterBook Partners LP Grows Stake

CenterBook Partners LP lifted its position in shares of Gen Digital Inc. (NASDAQ:GEN - Free Report) by 559.0% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 55,442 shares of the company's stock after buying an additional 47,029 shares during the quarter. CenterBook Partners LP's holdings in Gen Digital were worth $1,221,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Kestra Advisory Services LLC lifted its position in shares of Gen Digital by 9.0% during the 3rd quarter. Kestra Advisory Services LLC now owns 15,160 shares of the company's stock worth $334,000 after buying an additional 1,253 shares during the last quarter. Inscription Capital LLC acquired a new position in shares of Gen Digital during the third quarter worth $202,000. Cowa LLC boosted its position in Gen Digital by 15.8% during the 3rd quarter. Cowa LLC now owns 20,073 shares of the company's stock worth $442,000 after buying an additional 2,737 shares during the period. Chicago Partners Investment Group LLC acquired a new position in Gen Digital in the 3rd quarter valued at approximately $597,000. Finally, Rakuten Investment Management Inc. raised its stake in shares of Gen Digital by 7.9% during the third quarter. Rakuten Investment Management Inc. now owns 95,942 shares of the company's stock valued at $2,000,000 after acquiring an additional 7,014 shares during the last quarter. Institutional investors own 81.38% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on GEN shares. Wells Fargo & Company increased their price objective on Gen Digital from $22.00 to $28.00 and gave the company an "equal weight" rating in a report on Friday, August 7th. Morgan Stanley lifted their price objective on Gen Digital from $32.00 to $34.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 29th. Barclays upped 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. Royal Bank Of Canada raised their price target on shares of Gen Digital from $24.00 to $27.00 and gave the stock a "sector perform" rating in a report on Thursday, October 29th. Finally, Wall Street Zen upgraded shares of Gen Digital from a "hold" rating to a "buy" rating in a research report on Saturday. 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's stock. According to data from MarketBeat.com, Gen Digital presently has a consensus rating of "Hold" and a consensus target price of $30.25.

Insider Activity

In related news, COO Bryan Seuk Ko sold 28,248 shares of the stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $30.67, for a total transaction of $866,366.16. Following the completion of the sale, the chief operating officer directly owned 744,262 shares of the company's stock, valued at approximately $22,826,515.54. This trade represents a 3.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ondrej Vlcek sold 200,000 shares of Gen Digital stock in a transaction on 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 sale, the director owned 3,332,904 shares in the company, valued at $99,987,120. This trade represents a 5.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 558,508 shares of company stock worth $16,365,993 over the last quarter. Insiders own 9.70% of the company's stock.

Gen Digital Stock Up 0.0%

Gen Digital stock opened at $29.80 on Tuesday. Gen Digital Inc. has a 1-year low of $17.78 and a 1-year high of $31.65. The firm has a market capitalization of $17.68 billion, a price-to-earnings ratio of 12.76, a price-to-earnings-growth ratio of 0.97 and a beta of 1.24. The firm's fifty day moving average price is $26.55 and its two-hundred day moving average price is $24.52. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 2.57.

Gen Digital (NASDAQ:GEN - Get Free Report) last posted its earnings results on Wednesday, October 28th. The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.72 by $0.02. Gen Digital had a net margin of 23.07% and a return on equity of 56.80%. The company had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the previous year, the firm posted $0.62 earnings per share. The firm's revenue for the quarter was up 12.2% on a year-over-year basis. On average, equities research analysts predict that Gen Digital Inc. will post 2.65 earnings per share for the current fiscal year.

Gen Digital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 9th. Stockholders of record on Monday, November 16th will be issued a $0.1250 dividend. The ex-dividend date is Monday, November 16th. This represents a $0.50 annualized dividend and a dividend yield of 1.7%. Gen Digital's dividend payout ratio is currently 25.13%.

Gen Digital Profile

Gen Digital Inc is a global cybersecurity company that provides digital safety and identity protection services to consumers and small businesses. Its products include antivirus and malware protection, virtual private networks, password managers, scam protection, and identity monitoring and recovery services.

The company offers services through brands including Norton, Avast, LifeLock, Avira, AVG, and CCleaner. Its products are available in markets around the world through direct subscriptions and other distribution channels.

Gen Digital was formed in 2022 when NortonLifeLock completed its acquisition of Avast and adopted the Gen name.

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