Symantec Co. (SYMC) Sees Significant Increase in Short Interest
Symantec Co. (NASDAQ:SYMC) saw a significant increase in short interest during the month of September. As of September 14th, there was short interest totalling 17,642,921 shares, an increase of 26.8% from the August 31st total of 13,909,039 shares. Based on an average daily volume of 5,111,792 shares, the days-to-cover ratio is currently 3.5 days. Approximately 2.9% of the company’s shares are short sold.
Several brokerages recently weighed in on SYMC. Stifel Nicolaus boosted their price objective on shares of Symantec from $20.00 to $22.00 and gave the stock a “hold” rating in a research note on Tuesday. Zacks Investment Research raised shares of Symantec from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 10th. BidaskClub raised shares of Symantec from a “hold” rating to a “buy” rating in a research note on Friday, July 6th. ValuEngine cut shares of Symantec from a “hold” rating to a “sell” rating in a research note on Saturday, June 2nd. Finally, UBS Group reduced their price objective on shares of Symantec from $23.00 to $21.00 and set a “neutral” rating on the stock in a research note on Friday, August 3rd. Three research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and four have assigned a buy rating to the company. Symantec currently has a consensus rating of “Hold” and a consensus price target of $24.71.
Shares of NASDAQ SYMC opened at $21.26 on Friday. Symantec has a 1-year low of $17.81 and a 1-year high of $33.92. The stock has a market cap of $13.18 billion, a PE ratio of 22.11, a P/E/G ratio of 2.98 and a beta of 0.65. The company has a current ratio of 1.16, a quick ratio of 1.15 and a debt-to-equity ratio of 0.85.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 12th. Stockholders of record on Monday, August 20th were issued a dividend of $0.075 per share. The ex-dividend date of this dividend was Friday, August 17th. This represents a $0.30 annualized dividend and a dividend yield of 1.41%. Symantec’s dividend payout ratio is currently 31.58%.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Tobam bought a new stake in shares of Symantec during the second quarter worth about $39,842,000. Clinton Group Inc. bought a new stake in shares of Symantec during the second quarter worth about $1,928,000. Bridgewater Associates LP increased its position in shares of Symantec by 84.6% during the second quarter. Bridgewater Associates LP now owns 55,261 shares of the technology company’s stock worth $1,141,000 after acquiring an additional 25,319 shares in the last quarter. Crosslink Capital Inc. bought a new stake in shares of Symantec during the second quarter worth about $9,798,000. Finally, Principal Financial Group Inc. increased its position in shares of Symantec by 4.4% during the first quarter. Principal Financial Group Inc. now owns 942,951 shares of the technology company’s stock worth $24,376,000 after acquiring an additional 39,418 shares in the last quarter. Hedge funds and other institutional investors own 92.08% of the company’s stock.
Symantec Corporation, together with its subsidiaries, provides cybersecurity solutions worldwide. It operates through two segments, Consumer Digital Safety and Enterprise Security. The Consumer Digital Safety segment provides Norton-branded services that provide multi-layer security services across desktop and mobile operating systems, public Wi-Fi connections, and home networks to defend against online threats to individuals, families, and small businesses.
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