Symantec Corporation (SYMC) Stock Down After Price Target Increase at Piper Jaffray...

Symantec Corporation (SYMC) Stock Down After Price Target Increase at Piper Jaffray Companies

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Symantec Corporation (NASDAQ: SYMC) shares were down on Thursday February 2 on lighter trade volume than normal after a number of analysts weighed in on the investing value of the stock, boosting the price target of stock.

Meanwhile, The Dow Jones Industrial Average DJIA, -0.10% fell 34 points, or 0.2%, to 19,858. The S&P 500 SPX, -0.11% lost 4 points to 2,276, a drop of 0.2%. The Nasdaq Composite Index COMP, -0.05% slid 16 points, or 0.3%, to 5,626. Among the most actively traded Nasdaq stocks was Facebook Inc FB, +0.31% which fell 0.7% a day after it reported its quarterly results.

Symantec Corporation (NASDAQ: SYMC) had its price target boosted by equities researchers at Piper Jaffray Companies from $0.00 to $35.00. With a rating of on the stock, the company has a 52-week high of $27.70. The one-year price target of $27.27 is higher than the opening price of $26.62, causing a fair amount of other analysts to report on the company in recent days.

Yesterday Symantec Corporation (NASDAQ: SYMC) shares last traded at $27.05, which represents a dip of $0.20 from the previous closing price. Opening at $26.62, they fluctuated from $26.44 and $27.20 throughout the day.

Symantec Corporation (NASDAQ: SYMC) currently has a market cap of 16.86B.

Symantec Corporation (NASDAQ: SYMC) Average Daily Trading Volume

2,818,212 shares crossed the trading desk yesterday, 36 percent below normal, out of a total float 617,827,000. lower than normal. Look for trading volume to pick up in the coming days as investors often use increases in trading volume to identify heavy volume accumulation or distribution by institutional investors.

However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.

Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.

These instituitional investors retain teams of analysts that investigate thousands of stocks, so it is good confirmation 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 $25.47 and 200-day MA of $24.24. It has traded in a 52-week range between $16.14 – 27.70 and today’s last price is 2.35%% lower than the 52 week high of $27.70.

Indeed, earnings growth is among the most important things to look at in regards to stock investing and, accordingly, investors watch for companies that have been successful at growing their earnings at least 25% or more over 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.

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Dan specializes in matters of money management and personal finance and has been published on numerous financial, business, health and wellness and sports websites.

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