Symantec (SYMC) Upgraded to “Hold” by Zacks Investment Research

Symantec (NASDAQ:SYMC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.

According to Zacks, “Symantec recently reported dismal Q3 top-line performance mainly due a faster-than-expected shift to ratable and subscription-based revenue model. However, management is optimistic about the shift as it promises long-term growth opportunities for the company. We believe that realignment of its sales force has helped it grabbing more deals worth above $1 million in the third quarter. The accelerated adoption of Symantec’s Integrated Cyber Defense Platform and cloud proxy solution is a major tailwind. Nonetheless, we consider that although the sale of its certified authority business will avoid conflicts with Alphabet, the loss of high margin business may hurt Symantec’s near-term profitability. Moreover, increasing competition from existing and newer companies remain headwinds. The uncertainty over PC sales adds to its woes. The stock has underperformed the industry in the last one year.”

Other equities analysts have also issued research reports about the stock. Stifel Nicolaus lowered their price target on shares of Symantec from $27.00 to $26.00 and set a “hold” rating for the company in a research report on Thursday, February 1st. Morgan Stanley decreased their target price on shares of Symantec from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Thursday, February 1st. Cowen reiterated a “sell” rating and issued a $26.00 target price on shares of Symantec in a research report on Thursday, February 1st. Robert W. Baird reiterated a “hold” rating on shares of Symantec in a research report on Thursday, February 1st. Finally, Bank of America increased their target price on shares of Symantec from $19.00 to $21.00 and gave the company an “underperform” rating in a research report on Thursday, February 1st. Four analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eight have assigned a buy rating to the company. Symantec presently has an average rating of “Hold” and an average price target of $30.92.

Symantec (NASDAQ:SYMC) traded down $0.23 during trading on Tuesday, hitting $26.56. 4,517,426 shares of the stock traded hands, compared to its average volume of 7,583,968. The company has a market capitalization of $16,793.97, a price-to-earnings ratio of 17.31, a P/E/G ratio of 14.37 and a beta of 0.90. The company has a quick ratio of 1.12, a current ratio of 1.15 and a debt-to-equity ratio of 1.13. Symantec has a fifty-two week low of $25.65 and a fifty-two week high of $34.20.

Symantec (NASDAQ:SYMC) last released its quarterly earnings results on Wednesday, January 31st. The technology company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.44 by $0.05. The business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.27 billion. Symantec had a net margin of 22.24% and a return on equity of 14.26%. The company’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.32 earnings per share. research analysts expect that Symantec will post 0.2 earnings per share for the current year.

In other Symantec news, EVP Francis C. Rosch sold 57,103 shares of the company’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $27.42, for a total value 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 approximately $8,912,212.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. United Bank Inc. acquired a new stake in Symantec in the 3rd quarter valued at about $200,000. Jaffetilchin Investment Partners LLC acquired a new stake in Symantec in the 3rd quarter valued at about $225,000. Whittier Trust Co. lifted its holdings in Symantec by 192.1% in the 3rd quarter. Whittier Trust Co. now owns 7,460 shares of the technology company’s stock valued at $245,000 after acquiring an additional 4,906 shares during the last quarter. MUFG Americas Holdings Corp acquired a new stake in Symantec in the 3rd quarter valued at about $248,000. Finally, Lenox Wealth Advisors Inc. acquired a new stake in Symantec in the 4th quarter valued at about $224,000. 94.93% of the stock is owned by institutional investors.

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About Symantec

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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