Symantec Corporation (NASDAQ:SYMC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday, October 3rd.
According to Zacks, “Estimates for Internet security provider, Symantec have been stable off late. Shares of the company have underperformed the industry over the past six months. The company faces increased competition from bellwethers such as Microsoft and Intel. Other small and medium-sized companies like Kaspersky, Trend Micro and VMware are consistently launching comparable products. Also, fluctuation in demand poses challenges for Symantec. Nonetheless, 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.”
Several other equities analysts have also commented on SYMC. Barclays PLC reiterated an “overweight” rating and set a $36.00 price objective (down from $38.00) on shares of Symantec Corporation in a research report on Thursday, August 3rd. Robert W. Baird reiterated a “hold” rating and set a $32.00 price objective on shares of Symantec Corporation in a research report on Friday, September 8th. Royal Bank Of Canada restated a “hold” rating and issued a $32.00 target price on shares of Symantec Corporation in a research report on Monday, July 31st. BidaskClub upgraded Symantec Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, August 23rd. Finally, Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $35.00 price objective (up previously from $33.00) on shares of Symantec Corporation in a research report on Friday, August 4th. Three research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and ten have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $31.52.
Symantec Corporation (NASDAQ SYMC) traded up 1.44% on Tuesday, hitting $32.36. The stock had a trading volume of 3,356,123 shares. The company’s market cap is $19.83 billion. Symantec Corporation has a 12 month low of $22.76 and a 12 month high of $34.20. The company has a 50-day moving average of $32.23 and a 200 day moving average of $30.54.
Symantec Corporation (NASDAQ:SYMC) last announced its quarterly earnings data on Wednesday, August 2nd. The technology company reported $0.15 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.03. The firm had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.20 billion. Symantec Corporation had a positive return on equity of 10.73% and a negative net margin of 8.68%. Symantec Corporation’s quarterly revenue was up 38.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.29 earnings per share. On average, analysts predict that Symantec Corporation will post $1.80 EPS for the current fiscal year.
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In related news, SVP Amy L. Cappellanti-Wolf sold 2,163 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $29.85, for a total value of $64,565.55. Following the completion of the sale, the senior vice president now owns 115,997 shares of the company’s stock, valued at $3,462,510.45. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Michael David Fey sold 1,348,831 shares of the firm’s stock in a transaction that occurred 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 disclosure for this sale can be found here. In the last three months, insiders sold 1,662,816 shares of company stock valued at $48,437,529. 1.30% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. boosted its stake in Symantec Corporation by 7.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,982 shares of the technology company’s stock valued at $112,000 after acquiring an additional 292 shares during the last quarter. Sun Life Financial INC boosted its stake in Symantec Corporation by 44,100.0% in the second quarter. Sun Life Financial INC now owns 4,420 shares of the technology company’s stock valued at $125,000 after acquiring an additional 4,410 shares during the last quarter. Harfst & Associates Inc. bought a new position in Symantec Corporation in the second quarter valued at approximately $127,000. Johnson Financial Group Inc. boosted its stake in Symantec Corporation by 6.2% in the second quarter. Johnson Financial Group Inc. now owns 5,596 shares of the technology company’s stock valued at $158,000 after acquiring an additional 325 shares during the last quarter. Finally, Yakira Capital Management Inc. bought a new position in Symantec Corporation in the first quarter valued at approximately $217,000. 91.65% of the stock is currently 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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