Gen Digital (NASDAQ:GEN) Price Target Raised to $33.00

Key Points

• Barclays has raised its price target for Gen Digital from $32.00 to $33.00, reflecting an approximate potential upside of 11.03% based on the current stock price.
• Gen Digital's most recent earnings report showed an earnings per share (EPS) of $0.64, beating estimates by $0.04, with a revenue of $1.26 billion, exceeding expectations by $0.07 billion.
• The average rating for Gen Digital among analysts is currently a "Moderate Buy" with an average price target of $33.80, indicating optimistic market sentiment.

Gen Digital (NASDAQ:GEN - Get Free Report) had its price objective boosted by stock analysts at Barclays from $32.00 to $33.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Barclays's price target points to a potential upside of 11.03% from the stock's current price.

Several other equities research analysts have also issued reports on GEN. B. Riley started coverage on shares of Gen Digital in a research note on Monday, July 14th. They set a "buy" rating and a $46.00 target price on the stock. Wall Street Zen lowered shares of Gen Digital from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. Royal Bank Of Canada boosted their price target on shares of Gen Digital from $28.00 to $30.00 and gave the company a "sector perform" rating in a research note on Wednesday, May 7th. Morgan Stanley cut their price objective on Gen Digital from $27.00 to $25.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Finally, Evercore ISI assumed coverage on shares of Gen Digital in a research report on Tuesday, July 1st. They issued an "outperform" rating and a $35.00 price target for the company. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $33.80.

Gen Digital Trading Up 3.6%

NASDAQ GEN opened at $29.72 on Friday. The stock has a 50-day moving average of $29.59 and a 200-day moving average of $27.81. Gen Digital has a 1-year low of $22.74 and a 1-year high of $31.72. The firm has a market cap of $18.30 billion, a PE ratio of 28.58, a price-to-earnings-growth ratio of 1.05 and a beta of 1.00. 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 (NASDAQ:GEN - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.64 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.04. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.19 billion. Gen Digital had a return on equity of 59.38% and a net margin of 16.34%. Gen Digital's revenue was up 30.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.53 EPS. As a group, sell-side analysts forecast that Gen Digital will post 2.05 EPS for the current year.

Insiders Place Their Bets

In other Gen Digital news, Director Nora Denzel sold 31,646 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $28.76, for a total value of $910,138.96. Following the transaction, the director directly owned 34,860 shares of the company's stock, valued at $1,002,573.60. This represents a 47.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 9.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Gen Digital in the fourth quarter worth $14,367,000. QSM Asset Management Ltd acquired a new position in shares of Gen Digital in the 4th quarter valued at about $5,373,000. Brighton Jones LLC boosted its holdings in shares of Gen Digital by 5.4% in the 4th quarter. Brighton Jones LLC now owns 25,212 shares of the company's stock valued at $690,000 after buying an additional 1,299 shares during the period. Wellington Management Group LLP grew its position in shares of Gen Digital by 98.8% during the 4th quarter. Wellington Management Group LLP now owns 114,699 shares of the company's stock valued at $3,140,000 after buying an additional 56,993 shares during the last quarter. Finally, Kera Capital Partners Inc. raised its stake in Gen Digital by 41.7% during the first quarter. Kera Capital Partners Inc. now owns 11,777 shares of the company's stock worth $313,000 after acquiring an additional 3,466 shares during the period. 81.38% of the stock is owned by institutional investors and hedge funds.

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.

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