Ondrej Vlcek, the President of Gen Digital (NASDAQ:GEN), recently increased his stake in the company. The transaction was undertaken after the release of fiscal fourth-quarter earnings on May 11. The company’s strong quarterly performance and upbeat outlook might have helped boost confidence in the stock.
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The multinational software company, with a market cap of $10.4 billion, provides cybersecurity solutions.
According to the SEC filing, Vlcek bought 300,000 shares of GEN stock at an average price of $15.79 per share on May 17, worth $4.74 million. As a result of the recent transaction, he now owns GEN shares worth $72.3 million.
Tracking insider transactions can be a valuable strategy. This is because insiders often have better practical insights into a company’s outlook than the average investor.
Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is Gen a Good Stock to Buy?
Following the Q4 release, two Wall Street analysts on TipRanks reiterated their Buy rating on GEN stock, while two maintained a Hold rating.
Among these, Evercore ISI analyst Peter Levine initiated coverage on the stock with a price target of $27. According to the analyst, Gen is “the leading consumer cybersecurity platform.” Also, Levine expects the company to witness higher demand for cybersecurity due to its end-to-end solution platform.
Currently, Wall Street is cautiously optimistic about GEN stock. It has a Moderate Buy consensus rating based on one Buy and two Hold recommendations. The average stock price target of $22 implies an upside potential of 35.8%.
