Gen Digital (NASDAQ:GEN) Trading 9.2% Higher Following Better-Than-Expected Earnings

Gen Digital Inc. (NASDAQ:GEN - Get Free Report)'s share price was up 9.2% on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $28.45 and last traded at $28.09. Approximately 1,606,902 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 3,928,076 shares. The stock had previously closed at $25.72.

The company reported $0.59 earnings per share for the quarter, topping analysts' consensus estimates of $0.58 by $0.01. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $999.48 million. Gen Digital had a return on equity of 58.83% and a net margin of 16.32%. Gen Digital's quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.53 EPS.

Analysts Set New Price Targets

Separately, Morgan Stanley decreased their target price on shares of Gen Digital from $27.00 to $25.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th.

Institutional Investors Weigh In On Gen Digital

Large investors have recently added to or reduced their stakes in the business. Catalyst Capital Advisors LLC boosted its holdings in shares of Gen Digital by 117.6% during the 1st quarter. Catalyst Capital Advisors LLC now owns 1,580 shares of the company's stock worth $42,000 after buying an additional 854 shares in the last quarter. Tsfg LLC bought a new stake in Gen Digital in the first quarter valued at $52,000. Mather Group LLC. increased its position in Gen Digital by 26.6% in the 1st quarter. Mather Group LLC. now owns 3,730 shares of the company's stock valued at $99,000 after buying an additional 783 shares in the last quarter. Curat Global LLC acquired a new position in Gen Digital during the 1st quarter worth approximately $154,000. Finally, Sagespring Wealth Partners LLC bought a new position in Gen Digital in the first quarter worth approximately $212,000. Institutional investors and hedge funds own 81.38% of the company's stock.

Gen Digital Stock Up 7.6 %

The stock has a market cap of $17.06 billion, a price-to-earnings ratio of 27.08, a PEG ratio of 1.19 and a beta of 1.00. The stock has a 50 day simple moving average of $26.01 and a 200 day simple moving average of $27.54. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 3.29.

About Gen Digital

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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