Symantec Corporation (SYMC) Stock Price Target Moved to $27.00 at Jefferies Group

Symantec Corporation (NASDAQ: SYMC) shares rose on Wednesday January 18 on lower trade volume than normal after a number of analysts weighed in on the investing value of the stock, increasing the price target of stock.

Meanwhile, in early trade today, the S&P 500 SPX, +0.00% was off 2 points, or 0.1%, at 2,265, shortly after open. The Nasdaq Composite COMP, +0.20% was flat at 5,537. The Dow Jones Industrial Average DJIA, -0.20% slipped 54 points or 0.3%, to 19,770.

Symantec Corporation (NASDAQ: SYMC) had its price target boosted by equities researchers at Jefferies Group from $0.00 to $27.00. Jefferies Group currently has a rating of Hold on the shares. The one-year price target of $26.43 is higher than the opening price of $26.25, resulting a fair amount of other analysts to comment on the stock recently. Looking back over the last year, Symantec Corporation stock has a high of $26.57.

Shares of Symantec Corporation (NASDAQ: SYMC) opened at $26.25 yesterday trading between $26.21 and $26.57, and last traded at $26.55, which is a spike of $0.35 over the previous closing price.

Symantec Corporation (NASDAQ: SYMC) currently has a market cap of 16.55B.

Symantec Corporation (NASDAQ: SYMC) Average Daily Trading Volume

1,279,164 shares traded hands yesterday, 87 percent lower than the average, out of a total float 617,796,000. lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use upticks in trading volume to identify heavy volume accumulation or distribution by institutional investors.

As with all potential breakouts, investors look for volume to be at least 40%-50% higher than normal on the breakout to show that fund managers and other professional investors are jumping in.

Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.

Institutional investors such as these have teams of analysts researching thousands of stocks, so it is good validation to see them taking a postion in a stock you’re researching.

Symantec Corporation (NASDAQ: SYMC) Moving Averages

A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.

This is because the average acts like a floor (support), so the price bounces up off of it.

In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.

By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.

With that in mind, Symantec Corporation (NASDAQ: SYMC) now has a 50-day MA of $24.57 and 200-day MA of $23.78. It has traded in a 52-week range between $16.14 – 26.57 and today’s last price is 0.08%% lower than the 52 week high of $26.57.

Indeed, earnings growth is among the most critical things to look at in regards to stock investing and, accordingly, investors identify companies that have increased their earnings at least 25% or more for the past 3 years.

DISCLOSURE: The views and opinions expressed in this article do not represent the views of the website. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.

Leave a Reply

Your email address will not be published. Required fields are marked *