Paralel Advisors LLC Makes New Investment in Gen Digital Inc. $GEN

Key Points

• Paralel Advisors LLC acquired 122,671 shares of Gen Digital worth approximately $3.05 million in the second quarter. Institutional investors and hedge funds collectively own 81.38% of the company.
• Gen Digital’s latest quarterly results exceeded expectations, with adjusted earnings of $0.71 per share versus the $0.69 estimate and revenue of $1.34 billion, up 6.3% year over year.
• The company declared a quarterly dividend of $0.125 per share, equivalent to an annualized $0.50 dividend and a 1.8% yield. Analysts maintain a consensus “Hold” rating with an average price target of $31.67.

Paralel Advisors LLC acquired a new stake in Gen Digital Inc. (NASDAQ:GEN - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 122,671 shares of the company's stock, valued at approximately $3,053,000.

Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Gen Digital by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 73,310,110 shares of the company's stock worth $1,993,302,000 after purchasing an additional 1,096,313 shares during the period. State Street Corp grew its stake in Gen Digital by 3.4% during the third quarter. State Street Corp now owns 30,558,806 shares of the company's stock worth $867,565,000 after buying an additional 1,015,755 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in Gen Digital by 6.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 22,473,917 shares of the company's stock valued at $660,730,000 after buying an additional 1,406,869 shares during the period. First Trust Advisors LP increased its holdings in Gen Digital by 22.3% in the 4th quarter. First Trust Advisors LP now owns 19,941,546 shares of the company's stock valued at $542,211,000 after buying an additional 3,640,451 shares during the period. Finally, Boston Partners raised its position in shares of Gen Digital by 14.3% in the 4th quarter. Boston Partners now owns 15,644,289 shares of the company's stock valued at $425,336,000 after buying an additional 1,954,712 shares in the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Gen Digital

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

Gen Digital Stock Up 2.3%

Shares of NASDAQ GEN opened at $28.17 on Friday. The company has a market cap of $16.86 billion, a price-to-earnings ratio of 16.38 and a beta of 1.21. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 3.00. Gen Digital Inc. has a 12 month low of $17.78 and a 12 month high of $31.88. The stock has a 50-day moving average price of $26.40 and a two-hundred day moving average price of $23.53.

Gen Digital (NASDAQ:GEN - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.71 earnings per share 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 the consensus estimate of $1.31 billion. Gen Digital had a net margin of 20.73% and a return on equity of 55.93%. The firm's quarterly revenue was up 6.3% compared to the same quarter last year. During the same period last year, the company posted $0.64 EPS. 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. As a group, analysts forecast that Gen Digital Inc. will post 2.64 earnings per share for the current fiscal year.

Gen Digital Announces Dividend

The business 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 dividend on an annualized basis and a yield of 1.8%. Gen Digital's dividend payout ratio (DPR) is currently 29.07%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Weiss Ratings raised shares of Gen Digital from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, July 15th. Royal Bank Of Canada lifted their price objective on shares of Gen Digital from $27.00 to $30.00 and gave the company a "sector perform" rating in a research note on Friday, August 7th. Wells Fargo & Company boosted their price objective on shares of Gen Digital from $22.00 to $28.00 and gave the company an "equal weight" rating in a research report on Friday, August 7th. Jefferies Financial Group cut Gen Digital from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Finally, Barclays raised 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. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $31.67.

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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