Symantec (SYMC) Downgraded by Credit Suisse Group to “Neutral”

Symantec (NASDAQ:SYMC) was downgraded by investment analysts at Credit Suisse Group from an “outperform” rating to a “neutral” rating in a note issued to investors on Monday, MarketBeat reports. They currently have a $30.00 price target on the technology company’s stock, down from their prior price target of $36.00. Credit Suisse Group’s target price indicates a potential upside of 9.25% from the stock’s current price.

Several other brokerages also recently issued reports on SYMC. Zacks Investment Research downgraded shares of Symantec from a “hold” rating to a “sell” rating in a report on Monday, October 9th. Standpoint Research downgraded shares of Symantec from a “buy” rating to a “hold” rating in a report on Monday, October 9th. Cowen downgraded shares of Symantec from a “market perform” rating to an “underperform” rating and set a $31.00 price target for the company. in a report on Monday, October 9th. Morgan Stanley downgraded shares of Symantec from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $37.00 to $34.00 in a report on Tuesday, October 10th. Finally, Evercore ISI reissued a “hold” rating and set a $25.00 price target on shares of Symantec in a report on Thursday, November 2nd. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $31.71.

Shares of Symantec (NASDAQ SYMC) traded up $0.21 during trading on Monday, hitting $27.46. 7,871,500 shares of the stock traded hands, compared to its average volume of 7,387,393. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.12 and a current ratio of 1.12. Symantec has a 1-year low of $25.65 and a 1-year high of $34.20. The firm has a market cap of $16,370.00, a price-to-earnings ratio of -47.34, a P/E/G ratio of 2.78 and a beta of 1.07.

Symantec (NASDAQ:SYMC) last issued its earnings results on Wednesday, November 1st. The technology company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.14. Symantec had a negative net margin of 5.29% and a positive return on equity of 12.33%. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period in the previous year, the business earned $0.30 EPS. The firm’s revenue was up 25.7% on a year-over-year basis. sell-side analysts predict that Symantec will post 1.05 earnings per share for the current year.

In related news, EVP Francis C. Rosch sold 57,103 shares of the business’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $27.42, for a total transaction of $1,565,764.26. Following the completion of the sale, the executive vice president now directly owns 325,026 shares of the company’s stock, valued at $8,912,212.92. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Nicholas R. Noviello sold 375,000 shares of the business’s stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $29.38, for a total transaction of $11,017,500.00. Following the sale, the chief financial officer now directly owns 565,319 shares of the company’s stock, valued at $16,609,072.22. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of SYMC. Sun Life Financial INC raised its stake in shares of Symantec by 44,100.0% during the second quarter. Sun Life Financial INC now owns 4,420 shares of the technology company’s stock worth $125,000 after buying an additional 4,410 shares during the last quarter. United Bank Inc. bought a new stake in shares of Symantec during the third quarter worth approximately $200,000. Roundview Capital LLC bought a new stake in shares of Symantec during the second quarter worth approximately $222,000. Jaffetilchin Investment Partners LLC bought a new stake in shares of Symantec during the third quarter worth approximately $225,000. Finally, Whittier Trust Co. grew its holdings in Symantec by 192.1% during the third quarter. Whittier Trust Co. now owns 7,460 shares of the technology company’s stock valued at $245,000 after purchasing an additional 4,906 shares during the period. 94.77% of the stock is owned by institutional investors and hedge funds.

ILLEGAL ACTIVITY WARNING: “Symantec (SYMC) Downgraded by Credit Suisse Group to “Neutral”” was first posted by American Banking News and is the property of of American Banking News. If you are accessing this piece of content on another domain, it was illegally copied and republished in violation of United States and international trademark and copyright law. The correct version of this piece of content can be read at https://www.americanbankingnews.com/2018/01/22/symantec-symc-downgraded-by-credit-suisse-group-to-neutral.html.

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.

Analyst Recommendations for Symantec (NASDAQ:SYMC)

Receive News & Ratings for Symantec Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Symantec and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply