Zacks Investment Research Downgrades Symantec Corporation (SYMC) to Sell
Symantec Corporation (NASDAQ:SYMC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
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.”
SYMC has been the subject of several other research reports. Moffett Nathanson assumed coverage on shares of Symantec Corporation in a research report on Wednesday, September 6th. They issued a “neutral” rating and a $33.00 price target for the company. Standpoint Research upgraded shares of Symantec Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, June 29th. Credit Suisse Group assumed coverage on shares of Symantec Corporation in a research report on Tuesday, September 5th. They set an “outperform” rating and a $36.00 price objective on the stock. Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $33.00 target price (up from $32.00) on shares of Symantec Corporation in a research note on Friday, June 9th. Finally, Morgan Stanley reissued an “overweight” rating and set a $37.00 target price on shares of Symantec Corporation in a research note on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and thirteen have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $31.54.
Symantec Corporation (NASDAQ SYMC) traded up 1.052% during midday trading on Tuesday, hitting $33.125. The stock had a trading volume of 2,644,107 shares. The stock’s market cap is $20.30 billion. Symantec Corporation has a one year low of $22.76 and a one year high of $34.20. The firm has a 50 day moving average price of $31.10 and a 200 day moving average price of $30.40.
Symantec Corporation (NASDAQ:SYMC) last announced its earnings results on Wednesday, August 2nd. The technology company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.12 by $0.03. The company had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Symantec Corporation had a negative net margin of 8.68% and a positive return on equity of 10.73%. The business’s revenue for the quarter was up 38.9% on a year-over-year basis. During the same period last year, the company posted $0.29 earnings per share. Equities analysts expect that Symantec Corporation will post $1.81 EPS for the current year.
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In related news, Director Anita M. Sands sold 2,000 shares of the company’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $33.51, for a total transaction of $67,020.00. Following the completion of the sale, the director now directly owns 37,386 shares of the company’s stock, valued at approximately $1,252,804.86. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Scott C. Taylor sold 10,622 shares of the company’s stock in a transaction on Monday, September 25th. The stock was sold at an average price of $32.83, for a total transaction of $348,720.26. Following the sale, the executive vice president now directly owns 232,609 shares of the company’s stock, valued at $7,636,553.47. The disclosure for this sale can be found here. In the last three months, insiders sold 1,687,350 shares of company stock worth $49,166,674. Insiders own 1.30% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in SYMC. Capital World Investors lifted its position in Symantec Corporation by 3.7% during the 2nd quarter. Capital World Investors now owns 75,819,338 shares of the technology company’s stock worth $2,141,896,000 after acquiring an additional 2,695,567 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Symantec Corporation by 1.3% during the second quarter. Vanguard Group Inc. now owns 61,195,217 shares of the technology company’s stock valued at $1,728,766,000 after acquiring an additional 757,092 shares during the period. BlackRock Inc. boosted its holdings in Symantec Corporation by 2,815.1% during the first quarter. BlackRock Inc. now owns 40,975,309 shares of the technology company’s stock valued at $1,257,121,000 after acquiring an additional 39,569,694 shares during the period. State Street Corp boosted its holdings in Symantec Corporation by 1.7% during the first quarter. State Street Corp now owns 27,978,710 shares of the technology company’s stock valued at $858,386,000 after acquiring an additional 464,913 shares during the period. Finally, Jackson Square Partners LLC boosted its holdings in Symantec Corporation by 5.0% during the second quarter. Jackson Square Partners LLC now owns 20,071,586 shares of the technology company’s stock valued at $567,022,000 after acquiring an additional 964,537 shares during the period. Hedge funds and other institutional investors own 91.65% of the company’s stock.
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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