Royal Bank Of Canada Issues Positive Forecast for Gen Digital (NASDAQ:GEN) Stock Price

Key Points

• Royal Bank of Canada raised its price target for Gen Digital stock from $32.00 to $33.00, indicating a potential upside of **6.74%** from the current price.
• Wells Fargo upgraded Gen Digital’s rating to “**overweight**” and increased its target price from $37.00 to **$40.00**.
• Gen Digital reported earnings of **$0.64 per share**, surpassing analysts' expectations, with a revenue of **$1.26 billion** for the quarter, up **30.3%** year-over-year.

Gen Digital (NASDAQ:GEN - Get Free Report) had its price target boosted by research analysts at Royal Bank Of Canada from $32.00 to $33.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a "sector perform" rating on the stock. Royal Bank Of Canada's price objective points to a potential upside of 6.74% from the company's current price.

Other equities research analysts have also recently issued research reports about the stock. Wells Fargo & Company lifted their price target on shares of Gen Digital from $37.00 to $40.00 and gave the company an "overweight" rating in a research note on Friday. Wall Street Zen downgraded shares of Gen Digital from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. Evercore ISI initiated coverage on shares of Gen Digital in a research note on Tuesday, July 1st. They set an "outperform" rating and a $35.00 target price on the stock. Barclays increased their target price on shares of Gen Digital from $32.00 to $33.00 and gave the company an "equal weight" rating in a research report on Friday. Finally, Morgan Stanley lowered their price target on shares of Gen Digital from $27.00 to $25.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Gen Digital currently has an average rating of "Moderate Buy" and a consensus target price of $35.33.

Gen Digital Stock Performance

GEN traded up $2.65 during midday trading on Friday, hitting $30.92. 6,275,864 shares of the company were exchanged, compared to its average volume of 4,122,136. The firm has a market capitalization of $19.03 billion, a price-to-earnings ratio of 29.76, a price-to-earnings-growth ratio of 1.05 and a beta of 1.00. Gen Digital has a 1-year low of $22.74 and a 1-year high of $31.72. The company's 50 day simple moving average is $29.59 and its 200 day simple moving average is $27.81. 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 quarterly earnings data on Thursday, August 7th. The company reported $0.64 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.04. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.19 billion. Gen Digital had a net margin of 16.34% and a return on equity of 59.38%. The company's revenue was up 30.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.53 earnings per share. As a group, sell-side analysts predict that Gen Digital will post 2.05 earnings per share for the current year.

Insider Activity at Gen Digital

In related news, Director Nora Denzel sold 31,646 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $28.76, for a total value of $910,138.96. Following the sale, the director directly owned 34,860 shares in the company, valued at approximately $1,002,573.60. The trade was a 47.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 9.30% of the stock is currently owned by company insiders.

Institutional Trading of Gen Digital

Several institutional investors have recently added to or reduced their stakes in GEN. Police & Firemen s Retirement System of New Jersey grew its stake in shares of Gen Digital by 5.8% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 208,838 shares of the company's stock valued at $6,140,000 after buying an additional 11,452 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Gen Digital by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 15,253,089 shares of the company's stock valued at $449,507,000 after acquiring an additional 101,791 shares during the period. PNC Financial Services Group Inc. grew its position in Gen Digital by 2.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 54,788 shares of the company's stock valued at $1,611,000 after acquiring an additional 1,326 shares in the last quarter. Apex Wealth Management LLC purchased a new stake in Gen Digital during the second quarter worth about $221,000. Finally, KBC Group NV lifted its position in shares of Gen Digital by 26.0% during the second quarter. KBC Group NV now owns 3,490,742 shares of the company's stock worth $102,628,000 after purchasing an additional 721,381 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

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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