Gen Digital (NASDAQ:GEN) Price Target Raised to $33.00

Gen Digital (NASDAQ:GEN) had its price objective lifted by Royal Bank Of Canada from $32.00 to $33.00 in a report released on Friday morning,Benzinga reports. They currently have a sector perform rating on the stock.

Several other analysts also recently commented on the stock. B. Riley began coverage on shares of Gen Digital in a research report on Monday, July 14th. They issued a “buy” rating and a $46.00 price target for the company. Evercore ISI began coverage on shares of Gen Digital in a research report on Tuesday, July 1st. They issued an “outperform” rating and a $35.00 price target for the company. Morgan Stanley reduced their price target on shares of Gen Digital from $27.00 to $25.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 16th. Barclays upped their price target on shares of Gen Digital from $32.00 to $33.00 and gave the company an “equal weight” rating in a research report on Friday. Finally, Wall Street Zen cut shares of Gen Digital from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 5th. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $35.33.

Gen Digital Stock Up 7.7%

Shares of NASDAQ:GEN opened at $30.45 on Friday. The firm has a 50 day simple moving average of $29.64 and a 200-day simple moving average of $27.83. Gen Digital has a twelve month low of $22.74 and a twelve month high of $31.72. The company has a market capitalization 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 company has a current ratio of 0.50, a quick ratio of 0.51 and a debt-to-equity ratio of 3.63.

Gen Digital (NASDAQ:GEN) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.60 by $0.04. Gen Digital had a net margin of 14.12% and a return on equity of 57.99%. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the prior year, the firm earned $0.53 EPS. Gen Digital’s revenue for the quarter was up 30.3% on a year-over-year basis. On average, equities analysts predict that Gen Digital will post 2.05 EPS for the current fiscal year.

Gen Digital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Monday, August 18th will be given a dividend of $0.125 per share. The ex-dividend date is Monday, August 18th. This represents a $0.50 dividend on an annualized basis and a yield of 1.6%. Gen Digital’s dividend payout ratio is presently 48.08%.

Insider Buying and Selling

In other Gen Digital news, Director Nora Denzel sold 31,646 shares of the company’s stock in a transaction 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 completion of the transaction, the director owned 34,860 shares in the company, valued at approximately $1,002,573.60. This represents a 47.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 9.30% of the company’s stock.

Hedge Funds Weigh In On Gen Digital

A number of institutional investors and hedge funds have recently made changes to their positions in GEN. Cullen Frost Bankers Inc. acquired a new position in shares of Gen Digital during the 2nd quarter worth $32,000. Catalyst Capital Advisors LLC grew its stake in shares of Gen Digital by 117.6% during the 1st quarter. Catalyst Capital Advisors LLC now owns 1,580 shares of the company’s stock worth $42,000 after purchasing an additional 854 shares during the period. Geneos Wealth Management Inc. grew its stake in Gen Digital by 221.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,717 shares of the company’s stock valued at $46,000 after acquiring an additional 1,183 shares during the last quarter. Tsfg LLC acquired a new stake in Gen Digital in the 1st quarter valued at about $52,000. Finally, Rise Advisors LLC grew its stake in Gen Digital by 19.2% in the 1st quarter. Rise Advisors LLC now owns 2,361 shares of the company’s stock valued at $63,000 after acquiring an additional 381 shares during the last quarter. 81.38% of the stock is 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.