Gen Digital (NASDAQ:GEN) Price Target Raised to $40.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company has raised its target price for Gen Digital (NASDAQ:GEN) from $37.00 to $40.00, indicating a potential upside of 28.72% based on current stock prices and maintaining an "overweight" rating.
• Gen Digital recently reported earnings of $0.64 per share, surpassing analysts' expectations of $0.60, with revenue reaching $1.26 billion and reflecting a 30.3% year-over-year increase.
• Currently, Gen Digital has a consensus rating of "Moderate Buy" from analysts, with estimates suggesting an average price target of $34.83

Gen Digital (NASDAQ:GEN - Get Free Report) had its target price increased by Wells Fargo & Company from $37.00 to $40.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's price objective suggests a potential upside of 31.36% from the company's current price.

GEN has been the subject of several other research reports. Barclays raised their target price on shares of Gen Digital from $32.00 to $33.00 and gave the stock an "equal weight" rating in a report on Friday. Evercore ISI initiated coverage on shares of Gen Digital in a report on Tuesday, July 1st. They issued an "outperform" rating and a $35.00 target price for the company. Morgan Stanley lowered 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 report on Wednesday, April 16th. Wall Street Zen lowered shares of Gen Digital from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Finally, Royal Bank Of Canada raised their target price on shares of Gen Digital from $28.00 to $30.00 and gave the stock a "sector perform" rating in a report on Wednesday, May 7th. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $35.33.

Gen Digital Price Performance

GEN traded up $2.18 during trading on Friday, hitting $30.45. 10,080,020 shares of the company traded hands, compared to its average volume of 3,246,554. The company has a market cap of $18.75 billion, a PE ratio of 31.39, a P/E/G ratio of 1.11 and a beta of 1.00. The stock's 50-day simple moving average is $29.64 and its two-hundred day simple moving average is $27.83. Gen Digital has a 1 year low of $22.74 and a 1 year high of $31.72. 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 EPS for the quarter, topping analysts' consensus estimates of $0.60 by $0.04. Gen Digital had a net margin of 14.12% and a return on equity of 59.28%. The business had revenue of $1.26 billion during the quarter, compared to analysts' expectations of $1.19 billion. During the same period last year, the company posted $0.53 EPS. The business's revenue was up 30.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Gen Digital will post 2.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Gen Digital news, Director Nora Denzel sold 31,646 shares of the business's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $28.76, for a total transaction of $910,138.96. Following the sale, the director owned 34,860 shares of the company's stock, valued at approximately $1,002,573.60. The trade was a 47.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 9.30% of the company's stock.

Institutional Trading of Gen Digital

Several institutional investors and hedge funds have recently bought and sold shares of the business. Cullen Frost Bankers Inc. acquired a new position in Gen Digital during the second quarter worth $32,000. Catalyst Capital Advisors LLC raised its position in Gen Digital by 117.6% during the first quarter. Catalyst Capital Advisors LLC now owns 1,580 shares of the company's stock worth $42,000 after acquiring an additional 854 shares during the period. Geneos Wealth Management Inc. raised its position in Gen Digital by 221.5% during the first quarter. Geneos Wealth Management Inc. now owns 1,717 shares of the company's stock worth $46,000 after acquiring an additional 1,183 shares during the period. Tsfg LLC acquired a new position in Gen Digital during the first quarter worth $52,000. Finally, Rise Advisors LLC raised its position in Gen Digital by 19.2% during the first quarter. Rise Advisors LLC now owns 2,361 shares of the company's stock worth $63,000 after acquiring an additional 381 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.

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.