Gen Digital (NASDAQ:GEN) Insider Sells $892,500.00 in Stock

Gen Digital Inc. (NASDAQ:GEN) insider Travis Witteveen sold 30,000 shares of the stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $29.75, for a total transaction of $892,500.00. Following the completion of the transaction, the insider directly owned 466,545 shares in the company, valued at $13,879,713.75. The trade was a 6.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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 value 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 value of $882,600.00.

Gen Digital Price Performance

Shares of NASDAQ:GEN traded up $1.18 during midday trading on Wednesday, hitting $30.89. The stock had a trading volume of 8,693,330 shares, compared to its average volume of 7,255,911. Gen Digital Inc. has a fifty-two week low of $17.78 and a fifty-two week high of $31.65. The company has a market capitalization of $18.33 billion, a P/E ratio of 15.52, a price-to-earnings-growth ratio of 0.94 and a beta of 1.24. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 2.57. The company’s 50-day moving average price is $26.53 and its 200-day moving average price is $24.43.

Gen Digital (NASDAQ:GEN) last announced its quarterly earnings results on Wednesday, October 28th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.02. Gen Digital had a net margin of 23.07% and a return on equity of 56.80%. The company had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the firm posted $0.62 EPS. The firm’s revenue was up 12.2% on a year-over-year basis. As a group, equities research analysts predict that Gen Digital Inc. will post 2.65 EPS for the current fiscal year.

Gen Digital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 9th. Stockholders of record on Monday, November 16th will be paid a $0.1250 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, November 16th. Gen Digital’s dividend payout ratio is currently 25.13%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on GEN. Morgan Stanley raised their price objective on shares of Gen Digital from $32.00 to $34.00 and gave the company an “equal weight” rating in a research note on Thursday, October 29th. Barclays boosted their price objective on Gen Digital from $27.00 to $32.00 and gave the company an “equal weight” rating in a research note on Friday, August 7th. Wall Street Zen lowered Gen Digital from a “buy” rating to a “hold” rating in a report on Sunday, August 16th. Royal Bank Of Canada lifted their price objective on shares of Gen Digital from $24.00 to $27.00 and gave the stock a “sector perform” rating in a report on Thursday, October 29th. Finally, Wells Fargo & Company boosted their price objective on Gen Digital from $22.00 to $28.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $31.60.

Institutional Investors Weigh In On Gen Digital

Several large investors have recently bought and sold shares of the business. Grove Bank & Trust raised its holdings in shares of Gen Digital by 452.2% during the second quarter. Grove Bank & Trust now owns 1,132 shares of the company’s stock valued at $28,000 after purchasing an additional 927 shares during the last quarter. Weiss Asset Management LP bought a new position in Gen Digital in the first quarter valued at about $41,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in Gen Digital in the third quarter valued at about $44,000. Pension & Wealth Management Advisors Inc. bought a new position in Gen Digital in the third quarter valued at about $47,000. Finally, MassMutual Private Wealth & Trust FSB boosted its position in Gen Digital by 86.9% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,921 shares of the company’s stock worth $48,000 after purchasing an additional 893 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Gen Digital Company Profile

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.