GEN - This Overlooked Security Stock Is Beating the Market in 2022 -- Is It a Buy for 2023?
Perhaps this is the first you've ever heard of Gen Digital (NASDAQ: GEN) stock, the company formerly known as NortonLifeLock (and before that, Symantec). In a year in which tech stocks are getting absolutely clobbered, this cybersecurity specialist is down 17%, compared to a 19% decline for the S&P 500 and a nearly 32% plunge for the Nasdaq Composite .
Despite the relative outperformance, Gen Digital is no high-growth business. However, it has some lofty goals for turning a higher profit over the next couple of years, which is what has some investors optimistic. Is the stock a buy for 2023?
Gen Digital (an abbreviation for Generation Digital, a reflection of the company's goal to keep consumers around the globe safe in what has become a very digital world) recently completed its rebrand after merging with fellow cybersecurity company Avast. A few years ago, the business was known as Symantec. Semiconductor designer and enterprise software company Broadcom (NASDAQ: AVGO) purchased the enterprise security segment from Symantec, leaving the leftover consumer security brands as NortonLifeLock. Now paired up with Avast's consumer software, Gen Digital is a leader in individual and small business security software.
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This Overlooked Security Stock Is Beating the Market in 2022 -- Is It a Buy for 2023?