Insider Selling: Gen Digital Inc. (NASDAQ:GEN) Director Sells 31,646 Shares of Stock

Gen Digital Inc. (NASDAQ:GEN) Director Nora Denzel sold 31,646 shares of the business’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $28.76, for a total transaction of $910,138.96. Following the sale, the director now owns 34,860 shares in the company, valued at $1,002,573.60. The trade was a 47.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Gen Digital Stock Down 1.1%

Gen Digital stock opened at $28.49 on Tuesday. Gen Digital Inc. has a fifty-two week low of $22.74 and a fifty-two week high of $31.72. The firm has a market capitalization of $17.56 billion, a price-to-earnings ratio of 27.93, a price-to-earnings-growth ratio of 1.19 and a beta of 1.00. The stock’s fifty day moving average is $26.24 and its two-hundred day moving average is $27.63. The company has a debt-to-equity ratio of 3.29, a quick ratio of 0.35 and a current ratio of 0.35.

Gen Digital (NASDAQ:GEN) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.01. Gen Digital had a net margin of 16.32% and a return on equity of 58.83%. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $999.48 million. During the same period in the prior year, the company earned $0.53 EPS. The firm’s revenue was up 4.4% on a year-over-year basis. Analysts predict that Gen Digital Inc. will post 2.05 EPS for the current fiscal year.

Gen Digital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 11th. Stockholders of record on Monday, May 19th will be given a $0.125 dividend. The ex-dividend date is Monday, May 19th. This represents a $0.50 annualized dividend and a dividend yield of 1.76%. Gen Digital’s dividend payout ratio is presently 48.08%.

Analyst Ratings Changes

Several analysts recently commented on the stock. Morgan Stanley reduced their price objective on shares of Gen Digital from $27.00 to $25.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 16th. Royal Bank of Canada lifted their price target on shares of Gen Digital from $28.00 to $30.00 and gave the company a “sector perform” rating in a research report on Wednesday, May 7th. Two research analysts have rated the stock with a hold rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $27.50.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Gen Digital by 43.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,270,615 shares of the company’s stock worth $325,662,000 after purchasing an additional 3,724,211 shares in the last quarter. Woodline Partners LP boosted its stake in shares of Gen Digital by 37.8% during the 1st quarter. Woodline Partners LP now owns 27,590 shares of the company’s stock worth $732,000 after purchasing an additional 7,562 shares during the last quarter. MBB Public Markets I LLC purchased a new stake in shares of Gen Digital during the first quarter worth about $320,000. Great Lakes Advisors LLC acquired a new position in shares of Gen Digital in the first quarter valued at approximately $205,000. Finally, Goldman Sachs Group Inc. raised its position in shares of Gen Digital by 1.1% in the first quarter. Goldman Sachs Group Inc. now owns 2,703,712 shares of the company’s stock valued at $71,757,000 after buying an additional 28,522 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

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.