Zacks Investment Research Upgrades Symantec (SYMC) to Hold

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

According to Zacks, “Estimates for internet security provider, Symantec, have been unchanged of late. We believe rise in demand for cybersecurity-related products due to continuously increasing global hacking events, along with acquisitions will drive Symantec’s near-term results. Notably, the stock has outperformed the industry in the last one year. 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. Furthermore, changing customer spending behavior makes us pretty skeptical about Symantec’s near-term performance. Moreover, increasing competition from existing and newer companies remain headwinds. The uncertainty over PC sales adds to its woes. Nonetheless, the stock has underperformed the industry in the last one year.”

Other equities analysts have also recently issued reports about the stock. BidaskClub cut shares of Symantec from a “hold” rating to a “sell” rating in a report on Tuesday, December 19th. Piper Jaffray Companies set a $40.00 price objective on shares of Symantec and gave the company a “buy” rating in a research note on Sunday, October 15th. Deutsche Bank started coverage on shares of Symantec in a research note on Tuesday, December 19th. They issued a “hold” rating and a $30.00 price objective for the company. Stifel Nicolaus reaffirmed a “hold” rating and issued a $27.00 price objective on shares of Symantec in a research note on Friday, November 3rd. Finally, Robert W. Baird reaffirmed a “hold” rating and issued a $32.00 price objective on shares of Symantec in a research note on Friday, September 8th. Two investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and nine have given a buy rating to the company. Symantec has a consensus rating of “Hold” and a consensus target price of $32.29.

Symantec (SYMC) traded up $0.01 during trading on Tuesday, hitting $28.92. 1,843,987 shares of the stock traded hands, compared to its average volume of 4,906,600. 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 fifty-two week low of $23.94 and a fifty-two week high of $34.20. The stock has a market cap of $17,920.00, a PE ratio of -49.86, a P/E/G ratio of 2.92 and a beta of 1.07.

Symantec (NASDAQ:SYMC) last posted its quarterly earnings results on Wednesday, November 1st. The technology company reported $0.40 EPS 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 analysts’ expectations of $1.27 billion. During the same period in the previous year, the company posted $0.30 EPS. Symantec’s revenue was up 25.7% on a year-over-year basis. research analysts anticipate that Symantec will post 1.05 earnings per share for the current year.

In other Symantec news, EVP Francis C. Rosch sold 57,103 shares of the business’s stock in a transaction 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 transaction, the executive vice president now owns 325,026 shares of the company’s stock, valued at approximately $8,912,212.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Nicholas R. Noviello sold 375,000 shares of the business’s stock in a transaction 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 transaction, the chief financial officer now directly owns 565,319 shares of the company’s stock, valued at approximately $16,609,072.22. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Blair William & Co. IL lifted its position in Symantec by 2.2% during the 2nd quarter. Blair William & Co. IL now owns 13,309 shares of the technology company’s stock worth $376,000 after acquiring an additional 291 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Symantec by 7.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,982 shares of the technology company’s stock valued at $112,000 after buying an additional 292 shares during the last quarter. Johnson Financial Group Inc. raised its position in shares of Symantec by 6.2% during the second quarter. Johnson Financial Group Inc. now owns 5,596 shares of the technology company’s stock valued at $158,000 after buying an additional 325 shares during the last quarter. Thrivent Financial For Lutherans raised its position in shares of Symantec by 2.8% during the second quarter. Thrivent Financial For Lutherans now owns 23,749 shares of the technology company’s stock valued at $671,000 after buying an additional 645 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. raised its position in shares of Symantec by 18.2% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 8,765 shares of the technology company’s stock valued at $246,000 after buying an additional 1,351 shares during the last quarter. 94.74% of the stock is owned by hedge funds and other 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.

Analyst Recommendations for Symantec (NASDAQ:SYMC)

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