Symantec Corporation (SYMC) Lowered to Sell at BidaskClub
Symantec Corporation (NASDAQ:SYMC) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.
Other research analysts also recently issued reports about the stock. UBS AG downgraded shares of Symantec Corporation from a “buy” rating to a “neutral” rating and boosted their target price for the company from $31.00 to $33.00 in a research report on Thursday, May 18th. Robert W. Baird restated a “hold” rating on shares of Symantec Corporation in a research report on Saturday, June 10th. Evercore ISI set a $25.00 target price on shares of Symantec Corporation and gave the company a “hold” rating in a research report on Saturday, June 10th. Zacks Investment Research upgraded shares of Symantec Corporation from a “strong sell” rating to a “buy” rating and set a $32.00 target price for the company in a research report on Tuesday, July 11th. Finally, Barclays PLC restated an “overweight” rating and set a $36.00 target price (down from $38.00) on shares of Symantec Corporation in a research report on Thursday, August 3rd. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and thirteen have given a buy rating to the company. Symantec Corporation currently has a consensus rating of “Hold” and an average target price of $31.00.
Symantec Corporation (NASDAQ SYMC) opened at 28.45 on Thursday. The company’s market capitalization is $17.43 billion. The stock’s 50 day moving average price is $29.56 and its 200 day moving average price is $29.83. Symantec Corporation has a 12-month low of $22.76 and a 12-month high of $33.22.
Symantec Corporation (NASDAQ:SYMC) last posted its earnings results on Wednesday, August 2nd. The technology company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The company had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.20 billion. Symantec Corporation had a negative net margin of 8.68% and a positive return on equity of 10.73%. The firm’s quarterly revenue was up 38.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.29 earnings per share. On average, equities analysts anticipate that Symantec Corporation will post $1.81 EPS for the current fiscal year.
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In related news, Director Anita M. Sands sold 2,000 shares of the company’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $30.00, for a total transaction of $60,000.00. Following the completion of the sale, the director now owns 43,386 shares of the company’s stock, valued at approximately $1,301,580. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 18,069 shares of the company’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $29.39, for a total transaction of $531,047.91. Following the sale, the chief accounting officer now directly owns 92,754 shares of the company’s stock, valued at approximately $2,726,040.06. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,475,916 shares of company stock valued at $42,723,358. 0.76% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the stock. Reliance Trust Co. of Delaware acquired a new stake in shares of Symantec Corporation during the first quarter valued at about $349,000. DnB Asset Management AS boosted its stake in shares of Symantec Corporation by 18.3% in the first quarter. DnB Asset Management AS now owns 68,033 shares of the technology company’s stock valued at $2,087,000 after buying an additional 10,500 shares in the last quarter. Ledyard National Bank acquired a new stake in shares of Symantec Corporation during the first quarter valued at about $295,000. State of Alaska Department of Revenue acquired a new stake in shares of Symantec Corporation during the first quarter valued at about $782,000. Finally, Retirement Systems of Alabama boosted its stake in shares of Symantec Corporation by 1.2% in the first quarter. Retirement Systems of Alabama now owns 299,133 shares of the technology company’s stock valued at $9,177,000 after buying an additional 3,647 shares in the last quarter. 93.40% of the stock is owned by institutional investors.
About Symantec Corporation
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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