Jefferies Group Weighs in on Symantec Corporation’s FY2018 Earnings (SYMC)
Symantec Corporation (NASDAQ:SYMC) – Investment analysts at Jefferies Group reduced their FY2018 EPS estimates for Symantec in a research report issued to clients and investors on Thursday. Jefferies Group analyst J. Difucci now anticipates that the technology company will post earnings per share of $0.89 for the year, down from their prior forecast of $0.90. Jefferies Group has a “Underperform” rating on the stock. Jefferies Group also issued estimates for Symantec’s Q4 2018 earnings at $0.27 EPS.
A number of other research firms have also recently weighed in on SYMC. Zacks Investment Research cut shares of Symantec from a “hold” rating to a “sell” rating in a research note on Monday, October 9th. Standpoint Research cut shares of Symantec from a “buy” rating to a “hold” rating in a research note on Monday, October 9th. Cowen cut shares of Symantec from a “market perform” rating to an “underperform” rating and set a $31.00 price objective on the stock. in a research note on Monday, October 9th. Morgan Stanley cut shares of Symantec from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $37.00 to $34.00 in a research note on Tuesday, October 10th. Finally, Evercore ISI reaffirmed a “hold” rating and set a $25.00 price objective on shares of Symantec in a research note on Thursday, November 2nd. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $32.29.
Symantec (NASDAQ:SYMC) traded down $0.27 during midday trading on Friday, reaching $27.25. 12,557,301 shares of the company were exchanged, compared to its average volume of 7,347,042. The company has a market capitalization of $16,850.00, a PE ratio of -46.98, a P/E/G ratio of 2.78 and a beta of 1.07. Symantec has a twelve month low of $25.65 and a twelve month high of $34.20. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.12 and a current ratio of 1.12.
Symantec (NASDAQ:SYMC) last posted its earnings results on Wednesday, November 1st. The technology company reported $0.40 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.14. The business had revenue of $1.28 billion for the quarter, compared to analysts’ expectations 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 for the quarter was up 25.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.30 earnings per share.
In other Symantec news, CFO Nicholas R. Noviello sold 375,000 shares of the stock in a transaction on Monday, November 6th. The shares were sold at an average price of $29.38, for a total value of $11,017,500.00. Following the sale, the chief financial officer now directly 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 the SEC website. Also, EVP Francis C. Rosch sold 57,103 shares of the stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $27.42, for a total transaction of $1,565,764.26. Following the completion of the sale, the executive vice president now owns 325,026 shares in the company, valued at $8,912,212.92. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.
Several hedge funds have recently modified their holdings of SYMC. Capital Research Global Investors increased its position in shares of Symantec by 1,784.9% during the second quarter. Capital Research Global Investors now owns 14,305,855 shares of the technology company’s stock worth $404,140,000 after acquiring an additional 13,546,895 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of Symantec by 10,624.9% during the second quarter. Janus Henderson Group PLC now owns 9,578,167 shares of the technology company’s stock worth $270,583,000 after acquiring an additional 9,488,859 shares in the last quarter. Kensico Capital Management Corp bought a new position in Symantec in the third quarter valued at $225,241,000. Renaissance Technologies LLC grew its position in Symantec by 405.7% in the second quarter. Renaissance Technologies LLC now owns 4,857,838 shares of the technology company’s stock valued at $137,234,000 after purchasing an additional 3,897,200 shares in the last quarter. Finally, CI Global Investments Inc. grew its position in Symantec by 50.6% in the third quarter. CI Global Investments Inc. now owns 9,942,972 shares of the technology company’s stock valued at $326,229,000 after purchasing an additional 3,338,984 shares in the last quarter. 94.85% of the stock is owned by institutional investors.
Symantec Company Profile
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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