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 note issued to investors on Monday.

According to Zacks, “Symantec is one of the world’s leading internet security solution providers. Estimates for the stock have remained stable, of late. We believe rise in demand for cybersecurity-related products due to continuously increasing global hacking events, along with acquisitions, are likely to drive Symantec’s near-term results. Nonetheless, the company’s last few quarter’s revenues have been hurt by faster-than-expected shift to ratable and subscription-based revenue model, which makes us slightly cautious about its near-term growth prospect. Furthermore, we consider that although the sale of its certified authority business will avoid conflicts with Alphabet, the loss of high margin business may hurt its near-term profitability. Moreover, increasing competition from existing and newer companies remain headwinds. The stock has underperformed the industry in the last one year.”

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Several other equities analysts have also recently issued reports on SYMC. BidaskClub cut Symantec from a “sell” rating to a “strong sell” rating in a report on Saturday, January 13th. Evercore ISI reaffirmed a “hold” rating and set a $25.00 price objective on shares of Symantec in a report on Friday, January 26th. Credit Suisse Group cut Symantec from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $36.00 to $30.00 in a report on Monday, January 22nd. Standpoint Research raised Symantec from a “hold” rating to a “buy” rating in a report on Friday, April 6th. Finally, Barclays reduced their price objective on Symantec from $36.00 to $34.00 and set an “overweight” rating for the company in a report on Thursday, February 1st. Three research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have issued a buy rating to the company. Symantec has a consensus rating of “Hold” and a consensus price target of $30.87.

SYMC opened at $26.45 on Monday. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 1.13. The company has a market capitalization of $16,160.00, a PE ratio of 40.08, a price-to-earnings-growth ratio of 2.14 and a beta of 0.87. Symantec has a 12 month low of $24.93 and a 12 month high of $34.20.

Symantec (NASDAQ:SYMC) last posted its quarterly earnings results on Wednesday, January 31st. The technology company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.44 by $0.05. The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Symantec had a return on equity of 14.26% and a net margin of 22.24%. The company’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period last year, the firm earned $0.32 EPS. research analysts forecast that Symantec will post 0.99 EPS for the current fiscal year.

In other news, Director Suzanne M. Vautrinot sold 4,000 shares of the business’s stock in a transaction on Friday, March 9th. The stock was sold at an average price of $27.72, for a total value of $110,880.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Francis C. Rosch sold 51,899 shares of the business’s stock in a transaction on Monday, March 5th. The stock was sold at an average price of $26.59, for a total value of $1,379,994.41. Following the completion of the transaction, the executive vice president now directly owns 213,026 shares of the company’s stock, valued at $5,664,361.34. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Several large investors have recently made changes to their positions in SYMC. BB&T Securities LLC purchased a new stake in shares of Symantec in the third quarter valued at $300,000. Stifel Financial Corp grew its position in shares of Symantec by 58.7% in the third quarter. Stifel Financial Corp now owns 239,422 shares of the technology company’s stock valued at $7,853,000 after purchasing an additional 88,525 shares during the period. Caisse DE Depot ET Placement DU Quebec purchased a new stake in shares of Symantec in the third quarter valued at $356,000. Nomura Asset Management Co. Ltd. grew its position in shares of Symantec by 3.8% in the third quarter. Nomura Asset Management Co. Ltd. now owns 95,769 shares of the technology company’s stock valued at $3,143,000 after purchasing an additional 3,500 shares during the period. Finally, Magnetar Financial LLC purchased a new stake in shares of Symantec in the third quarter valued at $373,000. 95.39% of the stock is owned by institutional investors and hedge funds.

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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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