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

Gen Digital Inc. (NASDAQ:GEN) insider Travis Michael Witteveen sold 30,000 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $29.42, for a total transaction of $882,600.00. Following the transaction, the insider directly owned 496,545 shares in the company, valued at approximately $14,608,353.90. The trade was a 5.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Gen Digital Trading Down 1.3%

Shares of Gen Digital stock traded down $0.37 during mid-day trading on Wednesday, hitting $28.64. The stock had a trading volume of 4,190,074 shares, compared to its average volume of 6,697,834. The firm has a 50-day moving average of $26.02 and a two-hundred day moving average of $23.37. Gen Digital Inc. has a 12-month low of $17.78 and a 12-month high of $32.22. The company has a quick ratio of 0.40, a current ratio of 0.47 and a debt-to-equity ratio of 3.00. The firm has a market cap of $17.14 billion, a P/E ratio of 16.65 and a beta of 1.21.

Gen Digital (NASDAQ:GEN) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02. The firm had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Gen Digital had a return on equity of 55.93% and a net margin of 20.73%.The firm’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.64 earnings per share. 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. Sell-side analysts forecast that Gen Digital Inc. will post 2.61 earnings per share for the current year.

Gen Digital Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Royal Bank Of Canada raised their price objective on Gen Digital from $27.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Friday, August 7th. Barclays increased their target price on shares of Gen Digital from $27.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Friday, August 7th. Weiss Ratings upgraded shares of Gen Digital from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 15th. Jefferies Financial Group lowered shares of Gen Digital from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Finally, Wall Street Zen raised shares of Gen Digital from a “hold” rating to a “buy” rating in a research report on Saturday. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $31.67.

Hedge Funds Weigh In On Gen Digital

Several institutional investors have recently bought and sold shares of the company. International Assets Investment Management LLC purchased a new position in shares of Gen Digital in the fourth quarter valued at approximately $27,000. Grove Bank & Trust boosted its position in Gen Digital by 452.2% in the 2nd quarter. Grove Bank & Trust now owns 1,132 shares of the company’s stock valued at $28,000 after buying an additional 927 shares during the period. Trust Co. of Vermont acquired a new position in shares of Gen Digital in the second quarter worth $32,000. Weiss Asset Management LP purchased a new stake in shares of Gen Digital during the first quarter worth $41,000. Finally, TD Private Client Wealth LLC increased its position in shares of Gen Digital by 65.8% during the fourth quarter. TD Private Client Wealth LLC now owns 1,539 shares of the company’s stock worth $42,000 after acquiring an additional 611 shares during the period. 81.38% of the stock is owned by institutional investors and hedge funds.

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.