Form 4: Starboard Value's Peter Feld Reports Sale of Gen Digital Inc. Shares

Director Peter Feld reports the sale of Gen Digital Inc. shares held by various Starboard Value entities following the expiration of their respective investment periods.

Summary

• Peter Feld, a director of Gen Digital Inc., filed a Form 4 disclosing transactions involving the company's stock.
• The transactions involved sales of common stock by several entities affiliated with Starboard Value LP, including Starboard Leaders Tango LLC and Starboard Leaders Select VI LP.
• These sales occurred on May 14 and May 15, 2024, at an average price of $24.4359 and $24.8888 per share, respectively.
• Starboard Leaders Tango LLC sold 85,850 shares on May 14 and 39,182 shares on May 15, ceasing to own any shares of the Issuer as of May 15, 2024.
• Starboard Leaders Select VI LP sold 664,150 shares on May 14 and 303,118 shares on May 15, ceasing to own any shares of the Issuer as of May 15, 2024.
• The sales were conducted for co-investment accounts following the expiration of their respective investment periods with respect to Gen Digital Inc.
• Feld disclaims beneficial ownership of the securities held by these entities except to the extent of his pecuniary interest therein.
• After the reported transactions, Feld continues to indirectly beneficially own shares through various Starboard Value entities, including Starboard Value and Opportunity Master Fund Ltd (9,644,194 shares), Starboard X Master Fund Ltd (2,024,896 shares), and others.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the filing primarily reports transactions related to the expiration of investment periods. While some entities reduced their holdings, Starboard Value maintains a significant indirect ownership position.

Negatives

• Starboard Leaders Tango LLC and Starboard Leaders Select VI LP have completely exited their positions in Gen Digital Inc.

Industry Context

This filing reflects activity by a significant shareholder, Starboard Value, and provides insight into their investment strategy and holdings in Gen Digital Inc. Monitoring such filings is crucial for understanding potential shifts in investor sentiment and ownership structure.

Stakeholder Impact

• The sale of shares by Starboard-affiliated entities could potentially influence the short-term stock price of Gen Digital Inc.
• The continued indirect ownership by Starboard Value suggests ongoing involvement and influence in the company's strategic direction.

Key Dates