Symantec Corporation (NASDAQ:SYMC) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday, August 8th.
According to Zacks, “Symantec is a world leader in Internet security technology. The prospects of cybersecurity companies look bright as the recent global hackings, like WannaCry and Petya, have started to adversely affect the top- and bottom-line results of various organizations. The silver lining in this entire episode will be the rise in demand for security-related products among companies and governments, in our opinion. We believe that this could bring Symantec back into the limelight. Moreover, investment in growth areas such as Enterprise Backup, Storage Management and Security businesses are likely to boost Symantec’s long-term prospects. Additionally, restructuring initiatives and synergies from acquisitions are likely to support the company’s bottom line. Nonetheless, smaller companies like Kaspersky are consistently launching comparable products. Also, competition from the likes of Microsoft, remain headwinds.”
Several other research firms have also issued reports on SYMC. Robert W. Baird reissued a “hold” rating on shares of Symantec Corporation in a research note on Thursday, May 11th. First Analysis raised shares of Symantec Corporation from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $28.00 to $40.00 in a research note on Thursday, May 11th. MKM Partners reaffirmed a “neutral” rating and issued a $30.00 price target (up from $26.00) on shares of Symantec Corporation in a research note on Monday, May 15th. Jefferies Group LLC raised their price target on shares of Symantec Corporation from $29.00 to $31.00 and gave the company a “hold” rating in a research note on Thursday, May 11th. Finally, Citigroup Inc. reaffirmed a “neutral” rating and issued a $31.00 price target (up from $29.00) on shares of Symantec Corporation in a research note on Thursday, May 11th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Symantec Corporation has a consensus rating of “Hold” and an average target price of $31.00.
Shares of Symantec Corporation (NASDAQ:SYMC) traded up 1.46% during trading on Tuesday, reaching $28.45. The company’s stock had a trading volume of 7,202,238 shares. The company has a 50 day moving average of $29.56 and a 200 day moving average of $29.83. The company’s market cap is $17.43 billion. Symantec Corporation has a 12-month low of $22.76 and a 12-month high of $33.22.
Symantec Corporation (NASDAQ:SYMC) last posted its earnings results on Wednesday, August 2nd. The technology company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.03. Symantec Corporation had a negative net margin of 8.68% and a positive return on equity of 10.73%. The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same period in the prior year, the company posted $0.29 EPS. The company’s revenue for the quarter was up 38.9% on a year-over-year basis. On average, analysts anticipate that Symantec Corporation will post $1.81 EPS for the current fiscal year.
In other news, insider Michael David Fey sold 1,348,831 shares of Symantec Corporation stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $28.84, for a total transaction of $38,900,286.04. Following the completion of the sale, the insider now directly owns 1,605,757 shares of the company’s stock, valued at approximately $46,310,031.88. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Amy L. Cappellanti-Wolf sold 3,741 shares of Symantec Corporation stock in a transaction on Monday, June 5th. The stock was sold at an average price of $29.91, for a total transaction of $111,893.31. Following the sale, the senior vice president now directly owns 88,774 shares of the company’s stock, valued at $2,655,230.34. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,475,916 shares of company stock valued at $42,723,358. Corporate insiders own 0.76% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Chevy Chase Trust Holdings Inc. boosted its stake in shares of Symantec Corporation by 2.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 537,085 shares of the technology company’s stock worth $16,478,000 after buying an additional 11,350 shares during the period. Gulf International Bank UK Ltd boosted its stake in shares of Symantec Corporation by 5.2% in the first quarter. Gulf International Bank UK Ltd now owns 192,984 shares of the technology company’s stock worth $5,920,000 after buying an additional 9,600 shares during the period. Spirit of America Management Corp NY boosted its stake in shares of Symantec Corporation by 13.0% in the first quarter. Spirit of America Management Corp NY now owns 23,850 shares of the technology company’s stock worth $732,000 after buying an additional 2,750 shares during the period. Parametrica Management Ltd bought a new stake in shares of Symantec Corporation during the first quarter worth $448,000. Finally, Hartwell J M Limited Partnership boosted its stake in shares of Symantec Corporation by 9.1% in the first quarter. Hartwell J M Limited Partnership now owns 532,700 shares of the technology company’s stock worth $16,343,000 after buying an additional 44,650 shares during the period. 93.40% of the stock is owned by hedge funds and other institutional investors.
About Symantec Corporation
Symantec Corporation is a United States-based cyber security company. The Company offers products under categories, such as threat protection, information protection, cyber security services and Website security. Under threat protection, it offers Advanced Threat Protection, Endpoint Protection, Endpoint Protection Cloud, IT Management Suite, Email Security.Cloud, Data Center Security and Cloud Workload Protection products.
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