Gen Digital (NASDAQ:GEN) Rating Increased to Strong-Buy at Wall Street Zen

Gen Digital (NASDAQ:GEN - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Friday.

Other analysts have also issued reports about the company. Royal Bank Of Canada boosted their price target on Gen Digital from $28.00 to $30.00 and gave the company a "sector perform" rating in a report on Wednesday, May 7th. Morgan Stanley cut their target price on Gen Digital from $27.00 to $25.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a hold rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $27.50.

Gen Digital Stock Down 0.6%

Shares of NASDAQ GEN traded down $0.17 during mid-day trading on Friday, reaching $29.28. 8,484,227 shares of the company's stock were exchanged, compared to its average volume of 3,766,841. 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 has a twelve month low of $22.74 and a twelve month high of $31.72. The business has a fifty day simple moving average of $27.98 and a 200 day simple moving average of $27.41. The firm has a market capitalization of $18.16 billion, a price-to-earnings ratio of 28.15, a PEG ratio of 1.10 and a beta of 1.01.

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

Insider Activity

In other 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 transaction of $910,138.96. Following the sale, the director now owns 34,860 shares in the company, 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 this link. 12.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Gen Digital

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP raised its position in Gen Digital by 98.8% during the fourth quarter. Wellington Management Group LLP now owns 114,699 shares of the company's stock worth $3,140,000 after acquiring an additional 56,993 shares in the last quarter. Exchange Traded Concepts LLC lifted its stake in Gen Digital by 52.4% in the 1st quarter. Exchange Traded Concepts LLC now owns 11,146 shares of the company's stock valued at $296,000 after purchasing an additional 3,830 shares during the last quarter. Merit Financial Group LLC bought a new position in Gen Digital during the first quarter worth about $273,000. QRG Capital Management Inc. increased its position in Gen Digital by 453.0% during the first quarter. QRG Capital Management Inc. now owns 85,369 shares of the company's stock worth $2,266,000 after buying an additional 69,931 shares during the last quarter. Finally, Cornerstone Wealth Group LLC bought a new stake in Gen Digital in the first quarter valued at approximately $377,000. 81.38% of the stock is owned by institutional investors.

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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