16,906 Gen Digital Inc. $GEN Shares Sold by Gallacher Capital Management LLC

Gallacher Capital Management LLC lessened its stake in Gen Digital Inc. (NASDAQ:GEN) by 50.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 16,662 shares of the company’s stock after selling 16,906 shares during the period. Gallacher Capital Management LLC’s holdings in Gen Digital were worth $367,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership lifted its stake in shares of Gen Digital by 45.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 13,094,386 shares of the company’s stock worth $246,567,000 after acquiring an additional 4,115,676 shares during the period. Legal & General Group Plc bought a new stake in Gen Digital in the second quarter valued at approximately $225,169,000. Deutsche Bank AG acquired a new stake in Gen Digital during the 2nd quarter valued at approximately $146,639,000. Bank of New York Mellon Corp acquired a new stake in Gen Digital during the 2nd quarter valued at approximately $108,421,000. Finally, Bank of America Corp DE acquired a new stake in Gen Digital during the 2nd quarter valued at approximately $62,004,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Wall Street Analysts Forecast Growth

GEN has been the topic of a number of recent analyst reports. Weiss Ratings upgraded shares of Gen Digital from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, October 16th. Wall Street Zen cut shares of Gen Digital from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. Barclays lifted 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. Royal Bank Of Canada lifted their target price on shares of Gen Digital from $24.00 to $27.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 29th. Finally, Morgan Stanley boosted their target price on shares of Gen Digital from $32.00 to $34.00 and gave the company an “equal weight” rating in a report on Thursday, October 29th. One investment 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 company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $31.60.

Gen Digital Trading Down 0.6%

Shares of GEN stock opened at $29.71 on Wednesday. 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 debt-to-equity ratio of 2.57, a quick ratio of 0.37 and a current ratio of 0.37. The stock has a 50 day simple moving average of $26.53 and a two-hundred day simple moving average of $24.43. The company has a market cap of $17.63 billion, a P/E ratio of 12.35, a PEG ratio of 0.94 and a beta of 1.24.

Gen Digital (NASDAQ:GEN) last posted its quarterly earnings results on Wednesday, October 28th. The company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.02. The firm had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Gen Digital had a return on equity of 56.80% and a net margin of 23.07%. The company’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.62 EPS. Research analysts forecast that Gen Digital Inc. will post 2.65 earnings per share for the current year.

Gen Digital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 9th. Investors of record on Monday, November 16th will be given a dividend of $0.1250 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Monday, November 16th. Gen Digital’s payout ratio is presently 25.13%.

Insider Activity at Gen Digital

In other Gen Digital news, Director Ondrej Vlcek sold 200,000 shares of the firm’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $30.00, for a total value of $6,000,000.00. Following the completion of the sale, the director directly owned 3,332,904 shares in the company, valued at approximately $99,987,120. This trade represents a 5.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Travis Witteveen sold 30,000 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $29.42, for a total transaction of $882,600.00. Following the completion of the sale, the insider owned 496,545 shares of the company’s stock, valued at $14,608,353.90. The trade was a 5.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 558,508 shares of company stock worth $16,356,093 in the last quarter. Company insiders own 9.70% of the company’s stock.

Gen Digital 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.