Morgan Stanley Cuts Symantec Corporation (SYMC) Price Target to $31.00
Symantec Corporation (NASDAQ:SYMC) had its target price lowered by Morgan Stanley from $34.00 to $31.00 in a research report sent to investors on Friday morning. Morgan Stanley currently has an equal weight rating on the technology company’s stock.
A number of other research analysts have also issued reports on the company. Credit Suisse Group initiated coverage on Symantec Corporation in a research report on Tuesday, September 5th. They set an outperform rating and a $36.00 target price on the stock. Zacks Investment Research upgraded Symantec Corporation from a strong sell rating to a buy rating and set a $32.00 target price on the stock in a research report on Tuesday, July 11th. Robert W. Baird reiterated a hold rating and set a $32.00 target price on shares of Symantec Corporation in a research report on Friday, September 8th. Stifel Nicolaus reiterated a hold rating and set a $27.00 target price on shares of Symantec Corporation in a research report on Wednesday, July 19th. Finally, Moffett Nathanson initiated coverage on Symantec Corporation in a research report on Wednesday, September 6th. They set a neutral rating and a $33.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and ten have given a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $31.79.
Shares of Symantec Corporation (NASDAQ SYMC) traded down $0.18 during trading hours on Friday, hitting $29.70. The stock had a trading volume of 698,005 shares, compared to its average volume of 5,896,859. The stock has a market cap of $18,521.96, a PE ratio of 47.42, a price-to-earnings-growth ratio of 2.34 and a beta of 1.13. The company has a current ratio of 1.12, a quick ratio of 1.02 and a debt-to-equity ratio of 1.72.
Symantec Corporation (NASDAQ:SYMC) last announced its earnings results on Wednesday, November 1st. The technology company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.14. Symantec Corporation had a positive return on equity of 12.33% and a negative net margin of 5.29%. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter last year, the firm posted $0.30 EPS. The business’s revenue was up 25.7% on a year-over-year basis. equities analysts expect that Symantec Corporation will post 1.14 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 13th. Investors of record on Monday, November 20th will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date of this dividend is Friday, November 17th. Symantec Corporation’s payout ratio is -75.00%.
In related news, Director Suzanne M. Vautrinot sold 2,500 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $32.81, for a total transaction of $82,025.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Amy L. Cappellanti-Wolf sold 927 shares of the firm’s stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $30.00, for a total value of $27,810.00. Following the sale, the senior vice president now directly owns 112,907 shares of the company’s stock, valued at $3,387,210. The disclosure for this sale can be found here. Insiders have sold a total of 1,645,816 shares of company stock valued at $47,911,129 over the last three months. Corporate insiders own 1.30% of the company’s stock.
Several large investors have recently modified their holdings of SYMC. Commerce Bank grew its position in Symantec Corporation by 352.5% in the 2nd quarter. Commerce Bank now owns 43,888 shares of the technology company’s stock valued at $1,240,000 after acquiring an additional 34,189 shares in the last quarter. Delta Lloyd Asset Management N.V. acquired a new position in Symantec Corporation in the 2nd quarter valued at about $1,830,000. Numeric Investors LLC grew its position in Symantec Corporation by 168.5% in the 2nd quarter. Numeric Investors LLC now owns 54,500 shares of the technology company’s stock valued at $1,540,000 after acquiring an additional 34,200 shares in the last quarter. Oakbrook Investments LLC grew its position in Symantec Corporation by 99.7% in the 3rd quarter. Oakbrook Investments LLC now owns 51,180 shares of the technology company’s stock valued at $1,679,000 after acquiring an additional 25,550 shares in the last quarter. Finally, Spirit of America Management Corp NY grew its position in Symantec Corporation by 9.9% in the 2nd quarter. Spirit of America Management Corp NY now owns 26,200 shares of the technology company’s stock valued at $740,000 after acquiring an additional 2,350 shares in the last quarter. 91.54% of the stock is owned by hedge funds and other institutional investors.
Symantec Corporation Company Profile
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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