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

Gen Digital Inc. (NASDAQ:GEN) insider Travis Witteveen sold 30,000 shares of the firm’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $29.75, for a total value of $892,500.00. Following the sale, the insider directly owned 466,545 shares in the company, valued at $13,879,713.75. This trade represents a 6.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

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 transaction 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 transaction of $882,600.00.

Gen Digital Trading Down 0.9%

Shares of Gen Digital stock opened at $30.60 on Friday. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 2.57. The company has a fifty day simple moving average of $26.58 and a 200-day simple moving average of $24.47. The stock has a market cap of $18.15 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 0.97 and a beta of 1.24. Gen Digital Inc. has a 12-month low of $17.78 and a 12-month high of $31.65.

Gen Digital (NASDAQ:GEN) last posted 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 business had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.34 billion. Gen Digital had a return on equity of 56.80% and a net margin of 23.07%. The business’s quarterly revenue was up 12.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.62 EPS. On average, equities analysts forecast that Gen Digital Inc. will post 2.65 EPS for the current fiscal year.

Gen Digital Dividend Announcement

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

Institutional Trading of Gen Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CENTRAL TRUST Co increased its position in Gen Digital by 14.7% during the third quarter. CENTRAL TRUST Co now owns 4,564 shares of the company’s stock worth $100,000 after purchasing an additional 584 shares during the last quarter. Maryland State Retirement & Pension System raised its stake in Gen Digital by 13.9% during the third quarter. Maryland State Retirement & Pension System now owns 30,536 shares of the company’s stock worth $672,000 after purchasing an additional 3,718 shares during the period. Jefferies Financial Group Inc. acquired a new position in shares of Gen Digital in the 3rd quarter valued at $815,000. New York Life Investment Management LLC boosted its holdings in shares of Gen Digital by 7.6% in the 3rd quarter. New York Life Investment Management LLC now owns 151,720 shares of the company’s stock valued at $3,341,000 after purchasing an additional 10,772 shares during the last quarter. Finally, AlphaCore Capital LLC grew its stake in shares of Gen Digital by 59.8% during the 3rd quarter. AlphaCore Capital LLC now owns 16,359 shares of the company’s stock valued at $360,000 after buying an additional 6,124 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on GEN. Wells Fargo & Company raised their price target on Gen Digital from $22.00 to $28.00 and gave the company an “equal weight” rating in a report on Friday, August 7th. Barclays upped their price objective on Gen Digital from $27.00 to $32.00 and gave the stock an “equal weight” rating in a report on Friday, August 7th. Weiss Ratings upgraded Gen Digital from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, October 16th. Royal Bank Of Canada raised their target price on Gen Digital from $24.00 to $27.00 and gave the company a “sector perform” rating in a report on Thursday, October 29th. Finally, Wall Street Zen cut shares of Gen Digital from a “buy” rating to a “hold” rating in a research note on Sunday, August 16th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price 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.