Travis Michael Witteveen Sells 30,000 Shares of Gen Digital (NASDAQ:GEN) Stock

Key Points

• Insider sale: Travis Michael Witteveen sold 30,000 Gen Digital shares for approximately $882,600, reducing his position by 5.7% to 496,545 shares.
• Strong quarterly results: Gen Digital reported $0.71 in quarterly EPS and $1.34 billion in revenue, exceeding analyst expectations, while revenue increased 6.3% year over year.
• Dividend and analyst view: The company declared a quarterly dividend of $0.125 per share, while analysts maintained a consensus “Hold” rating with an average price target of $31.67.

Gen Digital Inc. (NASDAQ:GEN - Get Free Report) insider Travis Michael Witteveen sold 30,000 shares of the firm's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $29.42, for a total transaction of $882,600.00. Following the sale, the insider owned 496,545 shares in the company, valued at approximately $14,608,353.90. This represents a 5.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Gen Digital Price Performance

Shares of Gen Digital stock traded down $0.37 during trading hours on Wednesday, reaching $28.64. The stock had a trading volume of 4,190,074 shares, compared to its average volume of 6,697,834. The stock's 50 day moving average is $26.02 and its 200 day moving average is $23.37. The firm has a market capitalization of $17.14 billion, a PE ratio of 16.65 and a beta of 1.21. Gen Digital Inc. has a twelve month low of $17.78 and a twelve month high of $32.22. The company has a current ratio of 0.47, a quick ratio of 0.40 and a debt-to-equity ratio of 3.00.

Gen Digital (NASDAQ:GEN - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $0.71 EPS for the quarter, beating analysts' consensus estimates of $0.69 by $0.02. Gen Digital had a return on equity of 55.93% and a net margin of 20.73%.The firm had revenue of $1.34 billion for the quarter, compared to analysts' expectations of $1.31 billion. During the same period last year, the firm earned $0.64 EPS. The company's quarterly revenue was up 6.3% on a year-over-year basis. Gen Digital has set its FY 2027 guidance at 2.870-2.970 EPS and its Q2 2027 guidance at 0.710-0.730 EPS. Equities analysts expect that Gen Digital Inc. will post 2.61 earnings per share for the current fiscal year.

Gen Digital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Monday, August 17th will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Monday, August 17th. Gen Digital's dividend payout ratio (DPR) is presently 29.07%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Wall Street Zen upgraded Gen Digital from a "hold" rating to a "buy" rating in a research report on Saturday. Wells Fargo & Company boosted their price target on shares of Gen Digital from $22.00 to $28.00 and gave the stock an "equal weight" rating in a report on Friday, August 7th. Jefferies Financial Group cut shares of Gen Digital from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. Barclays lifted 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 report on Friday, August 7th. Finally, Royal Bank Of Canada boosted their target price on shares of Gen Digital from $27.00 to $30.00 and gave the stock a "sector perform" rating in a research note on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, Gen Digital currently has an average rating of "Hold" and a consensus target price of $31.67.

Institutional Trading of Gen Digital

Several large investors have recently made changes to their positions in the company. Martin & Co. Inc. TN purchased a new position in Gen Digital in the 2nd quarter valued at $4,187,000. Landscape Capital Management L.L.C. acquired a new stake in shares of Gen Digital in the second quarter valued at about $2,567,000. Korea Investment CORP purchased a new position in shares of Gen Digital in the second quarter worth about $3,977,000. Callan Family Office LLC purchased a new position in shares of Gen Digital in the second quarter worth about $1,039,000. Finally, Paralel Advisors LLC acquired a new position in shares of Gen Digital during the 2nd quarter worth approximately $3,053,000. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

About Gen Digital

Gen Digital NASDAQ: GEN is a global cybersecurity company specializing in consumer- and small-business-focused security, privacy, and identity protection solutions. The company offers a suite of products designed to safeguard devices, networks, and personal information against malware, ransomware, phishing attacks and other digital threats. With a focus on user-friendly interfaces and cross-platform compatibility, Gen Digital develops antivirus software, VPN services, parental controls, password management tools, and comprehensive identity-theft monitoring services.

Gen Digital traces its origins to the consumer software division of Symantec Corporation, which was spun off in late 2019 under the NortonLifeLock name.

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