Evercore ISI Initiates Coverage on Gen Digital (NASDAQ:GEN)

Analysts at Evercore ISI initiated coverage on shares of Gen Digital (NASDAQ:GEN) in a research note issued on Tuesday, Marketbeat Ratings reports. The firm set an “outperform” rating and a $35.00 price target on the stock. Evercore ISI’s price objective would suggest a potential upside of 17.41% from the stock’s current price.

GEN has been the subject of a number of other reports. Wall Street Zen upgraded shares of Gen Digital from a “buy” rating to a “strong-buy” rating in a report on Friday, June 27th. 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 report on Wednesday, May 7th. Finally, Morgan Stanley lowered 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. Two investment analysts have rated the stock with a hold rating, one has issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $30.00.

Gen Digital Stock Up 0.0%

Shares of NASDAQ GEN opened at $29.81 on Tuesday. The firm has a market cap of $18.49 billion, a P/E ratio of 28.66, a price-to-earnings-growth ratio of 1.11 and a beta of 1.01. The company has a debt-to-equity ratio of 3.51, a quick ratio of 0.51 and a current ratio of 0.51. Gen Digital has a 1 year low of $22.74 and a 1 year high of $31.72. The firm’s 50 day moving average price is $28.31 and its 200 day moving average price is $27.41.

Gen Digital (NASDAQ:GEN) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.01. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $999.48 million. Gen Digital had a return on equity of 59.38% and a net margin of 16.34%. The business’s revenue was up 4.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.53 earnings per share. As a group, sell-side analysts anticipate that Gen Digital will post 2.05 earnings per share for the current year.

Insider Transactions at Gen Digital

In other Gen Digital news, Director Nora Denzel sold 31,646 shares of Gen Digital stock in a transaction that occurred 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 transaction, the director directly owned 34,860 shares of the company’s stock, 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. Company insiders own 12.20% of the company’s stock.

Hedge Funds Weigh In On Gen Digital

A number of hedge funds have recently made changes to their positions in the business. Voya Investment Management LLC boosted its holdings in Gen Digital by 0.8% in the 1st quarter. Voya Investment Management LLC now owns 164,625 shares of the company’s stock worth $4,369,000 after acquiring an additional 1,286 shares during the period. First Hawaiian Bank raised its stake in shares of Gen Digital by 129.6% during the first quarter. First Hawaiian Bank now owns 75,278 shares of the company’s stock valued at $1,998,000 after purchasing an additional 42,488 shares during the period. Modern Wealth Management LLC acquired a new position in shares of Gen Digital during the first quarter worth $423,000. Strs Ohio purchased a new position in shares of Gen Digital in the first quarter valued at $1,505,000. Finally, Geneos Wealth Management Inc. boosted its stake in shares of Gen Digital by 221.5% in the first quarter. Geneos Wealth Management Inc. now owns 1,717 shares of the company’s stock valued at $46,000 after purchasing an additional 1,183 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Gen Digital Company Profile

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.