$0.43 EPS Expected for Symantec Corporation (SYMC) This Quarter
Brokerages expect that Symantec Corporation (NASDAQ:SYMC) will report $0.43 earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Symantec Corporation’s earnings, with the lowest EPS estimate coming in at $0.42 and the highest estimate coming in at $0.44. Symantec Corporation posted earnings of $0.30 per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 43.3%. The firm is scheduled to announce its next quarterly earnings report after the market closes on Wednesday, November 1st.
According to Zacks, analysts expect that Symantec Corporation will report full year earnings of $1.81 per share for the current financial year, with EPS estimates ranging from $1.71 to $1.84. For the next fiscal year, analysts forecast that the company will report earnings of $2.02 per share, with EPS estimates ranging from $1.95 to $2.08. Zacks’ EPS calculations are a mean average based on a survey of analysts that that provide coverage for Symantec Corporation.
Symantec Corporation (NASDAQ:SYMC) last issued its quarterly earnings data on Wednesday, August 2nd. The technology company reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.03. Symantec Corporation had a negative net margin of 8.68% and a positive return on equity of 10.73%. The company had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the prior year, the firm earned $0.29 earnings per share. The firm’s revenue was up 38.9% compared to the same quarter last year.
A number of analysts have commented on the stock. Cowen and Company lowered shares of Symantec Corporation from a “market perform” rating to an “underperform” rating and set a $31.00 price target for the company. in a research note on Monday, October 9th. Standpoint Research lowered shares of Symantec Corporation from a “buy” rating to a “hold” rating in a research note on Monday, October 9th. Zacks Investment Research lowered shares of Symantec Corporation from a “hold” rating to a “sell” rating in a research note on Monday, October 9th. Piper Jaffray Companies restated a “buy” rating and set a $40.00 price target on shares of Symantec Corporation in a research note on Tuesday, September 12th. Finally, Morgan Stanley lowered shares of Symantec Corporation from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $37.00 to $34.00 in a research note on Tuesday, October 10th. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating and ten have assigned a buy rating to the company’s stock. Symantec Corporation presently has an average rating of “Hold” and a consensus price target of $31.52.
TRADEMARK VIOLATION WARNING: This piece of content was first published by American Banking News and is owned by of American Banking News. If you are viewing this piece of content on another site, it was stolen and reposted in violation of US and international copyright law. The original version of this piece of content can be viewed at https://www.americanbankingnews.com/2017/10/30/0-43-eps-expected-for-symantec-corporation-symc-this-quarter.html.
In related news, insider Michael David Fey sold 1,348,831 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $28.84, for a total value of $38,900,286.04. Following the sale, the insider now directly owns 1,605,757 shares of the company’s stock, valued at $46,310,031.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Amy L. Cappellanti-Wolf sold 2,163 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $29.85, for a total transaction of $64,565.55. Following the completion of the sale, the senior vice president now directly owns 115,997 shares in the company, valued at $3,462,510.45. The disclosure for this sale can be found here. Insiders sold 1,645,816 shares of company stock worth $47,911,129 over the last ninety days. 1.30% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. raised its stake in Symantec Corporation by 7.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,982 shares of the technology company’s stock valued at $112,000 after purchasing an additional 292 shares in the last quarter. Sun Life Financial INC raised its stake in Symantec Corporation by 44,100.0% in the second quarter. Sun Life Financial INC now owns 4,420 shares of the technology company’s stock valued at $125,000 after purchasing an additional 4,410 shares in the last quarter. Harfst & Associates Inc. purchased a new stake in Symantec Corporation in the second quarter valued at approximately $127,000. Johnson Financial Group Inc. raised its stake in Symantec Corporation by 6.2% in the second quarter. Johnson Financial Group Inc. now owns 5,596 shares of the technology company’s stock valued at $158,000 after purchasing an additional 325 shares in the last quarter. Finally, United Bank Inc. purchased a new stake in Symantec Corporation in the third quarter valued at approximately $200,000. 91.41% of the stock is currently owned by institutional investors and hedge funds.
Shares of Symantec Corporation (SYMC) traded up 0.87% during midday trading on Monday, hitting $32.37. 1,267,713 shares of the stock traded hands. Symantec Corporation has a 52 week low of $22.76 and a 52 week high of $34.20. The stock’s market capitalization is $19.84 billion. The firm has a 50-day moving average price of $32.73 and a 200-day moving average price of $30.66.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Symantec Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Symantec Corporation and related companies with MarketBeat.com's FREE daily email newsletter.