KLP Kapitalforvaltning AS Buys 81,900 Shares of Gen Digital Inc. (NASDAQ:GEN)

KLP Kapitalforvaltning AS increased its holdings in Gen Digital Inc. (NASDAQ:GEN - Free Report) by 12.6% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 729,669 shares of the company's stock after buying an additional 81,900 shares during the quarter. KLP Kapitalforvaltning AS owned about 0.12% of Gen Digital worth $19,365,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its stake in Gen Digital by 132.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 599,821 shares of the company's stock valued at $16,039,000 after buying an additional 341,533 shares during the last quarter. Mather Group LLC. grew its holdings in shares of Gen Digital by 26.6% in the first quarter. Mather Group LLC. now owns 3,730 shares of the company's stock worth $99,000 after acquiring an additional 783 shares during the period. Cornerstone Wealth Group LLC purchased a new stake in Gen Digital during the first quarter valued at $377,000. Wellington Management Group LLP lifted its holdings in Gen Digital by 98.8% in the fourth quarter. Wellington Management Group LLP now owns 114,699 shares of the company's stock valued at $3,140,000 after acquiring an additional 56,993 shares during the period. Finally, Exchange Traded Concepts LLC lifted its holdings in Gen Digital by 52.4% in the first quarter. Exchange Traded Concepts LLC now owns 11,146 shares of the company's stock valued at $296,000 after acquiring an additional 3,830 shares during the period. Hedge funds and other institutional investors own 81.38% of the company's stock.

Insider Buying and Selling at Gen Digital

In related 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 transaction 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. This trade represents 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 this link. 12.20% of the stock is currently owned by company insiders.

Gen Digital Stock Performance

NASDAQ GEN traded up $0.09 on Friday, reaching $30.61. 1,918,417 shares of the stock were exchanged, compared to its average volume of 3,290,769. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 3.51. Gen Digital Inc. has a one year low of $22.74 and a one year high of $31.72. The firm has a market capitalization of $18.99 billion, a PE ratio of 29.43, a PEG ratio of 1.12 and a beta of 1.01. The company's 50-day simple moving average is $29.36 and its two-hundred day simple moving average is $27.68.

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

Gen Digital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 11th. Stockholders of record on Monday, May 19th were given a $0.125 dividend. The ex-dividend date was Monday, May 19th. This represents a $0.50 annualized dividend and a dividend yield of 1.63%. Gen Digital's payout ratio is 48.08%.

Wall Street Analysts Forecast Growth

GEN has been the subject of a number of recent research reports. Wall Street Zen downgraded Gen Digital from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Royal Bank Of Canada boosted their target price on shares of Gen Digital from $28.00 to $30.00 and gave the company a "sector perform" rating in a research report on Wednesday, May 7th. Barclays increased their price target on shares of Gen Digital from $30.00 to $32.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. B. Riley initiated coverage on shares of Gen Digital in a research report on Monday, July 14th. They set a "buy" rating and a $46.00 price objective for the company. Finally, Evercore ISI started coverage on Gen Digital in a research note on Tuesday, July 1st. They issued an "outperform" rating and a $35.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $33.60.

Gen Digital Company 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.