Symantec Corporation to Post FY2018 Earnings of $0.89 Per Share, Jefferies Group Forecasts (SYMC)
Symantec Corporation (NASDAQ:SYMC) – Equities research analysts at Jefferies Group dropped their FY2018 earnings per share estimates for shares of Symantec in a research report issued 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 and a $23.00 price objective on the stock. Jefferies Group also issued estimates for Symantec’s Q4 2018 earnings at $0.27 EPS.
SYMC has been the subject of a number of other reports. Zacks Investment Research cut Symantec from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. BidaskClub cut Symantec from a “sell” rating to a “strong sell” rating in a research note on Saturday, January 13th. Barclays reaffirmed a “buy” rating and set a $36.00 price objective on shares of Symantec in a research note on Thursday, November 2nd. Morgan Stanley decreased their price objective on Symantec from $34.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday, November 3rd. 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 assigned a hold rating and nine have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $31.96.
Symantec (NASDAQ:SYMC) last released its earnings results on Wednesday, November 1st. The technology company reported $0.40 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.14. The company had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Symantec had a positive return on equity of 12.33% and a negative net margin of 5.29%. The business’s revenue for the quarter was up 25.7% on a year-over-year basis. During the same period last year, the firm earned $0.30 EPS.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. raised its holdings in Symantec by 7.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,982 shares of the technology company’s stock worth $112,000 after acquiring an additional 292 shares in the last quarter. Thrivent Financial For Lutherans raised its holdings in Symantec by 2.8% during the second quarter. Thrivent Financial For Lutherans now owns 23,749 shares of the technology company’s stock worth $671,000 after acquiring an additional 645 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its holdings in Symantec by 18.2% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 8,765 shares of the technology company’s stock worth $246,000 after acquiring an additional 1,351 shares in the last quarter. Scotia Capital Inc. raised its holdings in Symantec by 5.5% during the second quarter. Scotia Capital Inc. now owns 26,613 shares of the technology company’s stock worth $752,000 after acquiring an additional 1,385 shares in the last quarter. Finally, Martin & Co. Inc. TN raised its holdings in Symantec by 0.8% during the second quarter. Martin & Co. Inc. TN now owns 207,285 shares of the technology company’s stock worth $5,856,000 after acquiring an additional 1,575 shares in the last quarter. Institutional investors and hedge funds own 94.85% of the company’s stock.
In other news, EVP Francis C. Rosch sold 57,103 shares of the business’s stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $27.42, for a total value of $1,565,764.26. Following the sale, the executive vice president now directly owns 325,026 shares in the company, valued at $8,912,212.92. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Nicholas R. Noviello sold 375,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief financial officer now owns 565,319 shares in the company, valued at $16,609,072.22. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.
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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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