Symantec Corporation (SYMC) – Research Analysts’ Weekly Ratings Updates
Several analysts have recently updated their ratings and price targets for Symantec Corporation (NASDAQ: SYMC):
- 10/15/2017 – Symantec Corporation was given a new $40.00 price target on by analysts at Piper Jaffray Companies. They now have a “buy” rating on the stock.
- 10/10/2017 – Symantec Corporation was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating. They now have a $34.00 price target on the stock, down previously from $37.00.
- 10/9/2017 – Symantec Corporation was downgraded by analysts at Cowen and Company from a “market perform” rating to an “underperform” rating. They now have a $31.00 price target on the stock.
- 10/9/2017 – Symantec Corporation was downgraded by analysts at Standpoint Research from a “buy” rating to a “hold” rating.
- 10/9/2017 – Symantec Corporation was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. According to Zacks, “Estimates for internet security provider, Symantec, have been unchanged, of late, ahead of the company’s Q2 earnings release. The company, during its first-quarter earnings release, announced that privately-owned DigiCert Inc. has agreed to buy its Website Security business. However, we consider that although the sale of its certified authority business will avoid conflicts with Alphabet, the high margin of the sold business may hurt Symantec’s near-term profitability. Furthermore, changing customer spending behavior makes us pretty skeptical about Symantec’s near-term performance. Moreover, smaller companies like Kaspersky are consistently launching comparable products. These, along with competition from the likes of Microsoft, remain headwinds. The uncertainty over PC sales adds to its woes. Nonetheless, the stock has outperformed the industry to which it belongs to in the last one year.”
- 10/3/2017 – Symantec Corporation was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. 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.”
- 9/12/2017 – Symantec Corporation had its “buy” rating reaffirmed by analysts at Piper Jaffray Companies. They now have a $40.00 price target on the stock.
- 9/8/2017 – Symantec Corporation had its “hold” rating reaffirmed by analysts at Robert W. Baird. They now have a $32.00 price target on the stock.
- 9/6/2017 – Symantec Corporation is now covered by analysts at Moffett Nathanson. They set a “neutral” rating and a $33.00 price target on the stock.
- 9/5/2017 – Symantec Corporation is now covered by analysts at Credit Suisse Group. They set an “outperform” rating and a $36.00 price target on the stock.
- 8/23/2017 – Symantec Corporation was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating.
Shares of Symantec Corporation (SYMC) traded down 0.16% on Tuesday, reaching $32.01. 2,169,932 shares of the company’s stock were exchanged. Symantec Corporation has a 52-week low of $22.76 and a 52-week high of $34.20. The stock’s market cap is $19.62 billion. The company’s 50 day moving average price is $32.23 and its 200-day moving average price is $30.54.
Symantec Corporation (NASDAQ:SYMC) last posted its quarterly earnings results on Wednesday, August 2nd. The technology company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. The firm had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.20 billion. Symantec Corporation had a positive return on equity of 10.73% and a negative net margin of 8.68%. The company’s revenue for the quarter was up 38.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.29 EPS. Equities analysts forecast that Symantec Corporation will post $1.80 EPS for the current fiscal year.
In related news, EVP Scott C. Taylor sold 15,000 shares of the stock in a transaction on Monday, August 28th. The stock was sold at an average price of $30.00, for a total value of $450,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Suzanne M. Vautrinot sold 2,500 shares of the stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $32.81, for a total value of $82,025.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,660,816 shares of company stock worth $48,376,729 over the last 90 days. Company insiders own 1.30% 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, 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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