Insider Selling: Gen Digital (NASDAQ:GEN) Insider Sells 30,000 Shares of Stock

Key Points

• Insider sale: Travis Witteveen sold 30,000 Gen Digital shares for $892,500, reducing his holdings by 6.04% to 466,545 shares.
• Quarterly results beat expectations: Gen Digital reported earnings of $0.74 per share and revenue of $1.37 billion, exceeding analyst estimates; revenue rose 12.2% year over year.
• Analyst outlook: The stock carries a consensus “Hold” rating and an average price target of $31.60.

Gen Digital Inc. (NASDAQ:GEN - Get Free Report) insider Travis Witteveen sold 30,000 shares of the firm's stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $29.75, for a total value of $892,500.00. Following the completion of the transaction, the insider owned 466,545 shares in the company, valued at $13,879,713.75. This represents a 6.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Travis Michael Witteveen also recently made the following trade(s):

• On Monday, August 17th, Travis Witteveen sold 440 shares of Gen Digital stock. The stock was sold at an average price of $28.06, for a total value of $12,346.40.
• On Monday, August 10th, Travis Witteveen sold 30,000 shares of Gen Digital stock. The stock was sold at an average price of $29.42, for a total value of $882,600.00.

Gen Digital Trading Up 4.0%

NASDAQ GEN traded up $1.18 on Wednesday, reaching $30.89. The company had a trading volume of 8,693,330 shares, compared to its average volume of 7,255,911. The stock's 50 day moving average is $26.53 and its 200-day moving average is $24.43. The stock has a market cap of $18.33 billion, a price-to-earnings ratio of 15.52, a PEG ratio of 0.94 and a beta of 1.24. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 2.57. Gen Digital Inc. has a 52 week low of $17.78 and a 52 week high of $31.65.

Gen Digital (NASDAQ:GEN - Get Free Report) last released its earnings results on Wednesday, October 28th. The company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.02. The firm had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.34 billion. Gen Digital had a return on equity of 56.80% and a net margin of 23.07%. The company's quarterly revenue was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.62 earnings per share. Equities analysts predict that Gen Digital Inc. will post 2.65 earnings per share for the current year.

Gen Digital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 9th. Investors of record on Monday, November 16th will be given a $0.1250 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Monday, November 16th. Gen Digital's dividend payout ratio (DPR) is currently 25.13%.

Hedge Funds Weigh In On Gen Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. bought a new position in shares of Gen Digital during the 2nd quarter worth approximately $25,920,000. Hsbc Holdings PLC increased its holdings in shares of Gen Digital by 49.4% during the 2nd quarter. Hsbc Holdings PLC now owns 1,324,155 shares of the company's stock worth $32,976,000 after acquiring an additional 437,646 shares during the last quarter. Empowered Funds LLC bought a new stake in Gen Digital in the 2nd quarter valued at $12,705,000. The Manufacturers Life Insurance Company raised its stake in Gen Digital by 17.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 384,754 shares of the company's stock valued at $7,245,000 after acquiring an additional 58,319 shares during the period. Finally, Bank of America Corp DE bought a new stake in Gen Digital in the 2nd quarter valued at $62,004,000. 81.38% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Royal Bank Of Canada boosted their price objective on shares of Gen Digital from $24.00 to $27.00 and gave the company a "sector perform" rating in a report on Thursday, October 29th. Barclays upped their target price on shares of Gen Digital from $27.00 to $32.00 and gave the company an "equal weight" rating in a research note on Friday, August 7th. Weiss Ratings upgraded shares of Gen Digital from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, October 16th. Wall Street Zen cut shares of Gen Digital from a "buy" rating to a "hold" rating in a research report on Sunday, August 16th. Finally, Morgan Stanley boosted their price target on shares of Gen Digital from $32.00 to $34.00 and gave the company an "equal weight" rating in a report on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $31.60.

About Gen Digital

Gen Digital Inc NASDAQ: GEN is a cybersecurity company that provides digital safety, privacy, and identity protection products for consumers. Its services are designed to help protect devices, personal information, online accounts, and digital identities from malware, fraud, identity theft, scams, and other cyber threats.

The company operates a portfolio of consumer brands that includes Norton, Avast, LifeLock, Avira, AVG, ReputationDefender, and CCleaner. Its offerings include antivirus and device security software, virtual private network services, password management, identity theft monitoring and restoration support, privacy tools, scam protection, and performance and optimization utilities.

Gen Digital serves customers internationally through direct subscriptions and distribution partnerships.

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