BidaskClub Lowers Symantec (SYMC) to Strong Sell
BidaskClub downgraded shares of Symantec (NASDAQ:SYMC) from a sell rating to a strong sell rating in a research report released on Saturday.
A number of other equities analysts also recently issued reports on SYMC. Morgan Stanley downgraded shares of Symantec from an overweight rating to an equal weight rating and dropped their price objective for the stock from $37.00 to $34.00 in a report on Tuesday, October 10th. Zacks Investment Research downgraded shares of Symantec from a hold rating to a sell rating in a report on Tuesday, October 3rd. Standpoint Research downgraded shares of Symantec from a buy rating to a hold rating in a report on Monday, October 9th. Evercore ISI reaffirmed a hold rating and set a $25.00 price target on shares of Symantec in a report on Thursday, November 2nd. Finally, Stifel Nicolaus reaffirmed a hold rating and set a $27.00 price target on shares of Symantec in a report on Friday, November 3rd. Two analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and nine have given a buy rating to the stock. The company currently has an average rating of Hold and an average price target of $32.29.
Symantec (NASDAQ SYMC) opened at $27.87 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 1.72. The stock has a market cap of $17,280.00, a P/E ratio of -48.05, a P/E/G ratio of 2.91 and a beta of 1.07. Symantec has a 1-year low of $25.78 and a 1-year high of $34.20.
Symantec (NASDAQ:SYMC) last posted its quarterly earnings data on Wednesday, November 1st. The technology company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.14. The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.27 billion. Symantec had a negative net margin of 5.29% and a positive return on equity of 12.33%. The firm’s revenue was up 25.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.30 earnings per share. analysts expect that Symantec will post 1.05 EPS for the current year.
In other news, CFO Nicholas R. Noviello sold 375,000 shares of Symantec stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $29.38, for a total transaction of $11,017,500.00. Following the sale, the chief financial officer now owns 565,319 shares in the company, valued at $16,609,072.22. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Francis C. Rosch sold 57,103 shares of Symantec stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $27.42, for a total transaction of $1,565,764.26. Following the sale, the executive vice president now owns 325,026 shares in the company, valued at approximately $8,912,212.92. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in SYMC. Northwestern Mutual Wealth Management Co. raised its position in shares of Symantec by 7.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,982 shares of the technology company’s stock valued at $112,000 after buying an additional 292 shares during the last quarter. Sun Life Financial INC raised its position in shares of Symantec by 44,100.0% during the second quarter. Sun Life Financial INC now owns 4,420 shares of the technology company’s stock valued at $125,000 after buying an additional 4,410 shares during the last quarter. Harfst & Associates Inc. bought a new stake in shares of Symantec during the second quarter valued at approximately $127,000. United Bank Inc. bought a new stake in shares of Symantec during the third quarter valued at approximately $200,000. Finally, Roundview Capital LLC bought a new stake in shares of Symantec during the second quarter valued at approximately $222,000. Hedge funds and other institutional investors own 94.85% of the company’s stock.
Symantec Corporation is a United States-based cyber security company. The Company offers products under categories, such as threat protection, information protection and cyber security services. 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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