Symantec (NASDAQ:SYMC) Upgraded to “Hold” at 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, January 2nd.

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.”

A number of other research analysts also recently issued reports on SYMC. Credit Suisse Group assumed coverage on Symantec in a report on Tuesday, September 5th. They issued an “outperform” rating and a $36.00 price target on the stock. Moffett Nathanson assumed coverage on Symantec in a research report on Wednesday, September 6th. They issued a “neutral” rating and a $33.00 price objective for the company. Robert W. Baird reissued a “hold” rating and issued a $32.00 price objective on shares of Symantec in a research report on Friday, September 8th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $40.00 price target on shares of Symantec in a research report on Tuesday, September 12th. Finally, Cowen cut Symantec from a “market perform” rating to an “underperform” rating and set a $31.00 price target for the company. in a research report on Monday, October 9th. Two analysts have rated the stock with a sell rating, sixteen have given a hold rating and nine have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $32.29.

Shares of Symantec (NASDAQ SYMC) traded down $0.35 during midday trading on Tuesday, hitting $28.66. The stock had a trading volume of 8,636,899 shares, compared to its average volume of 5,448,986. The stock has a market capitalization of $17,770.00, a P/E ratio of -49.41, a price-to-earnings-growth ratio of 2.98 and a beta of 1.07. Symantec has a 12-month low of $25.05 and a 12-month high of $34.20. 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 (NASDAQ:SYMC) last released its quarterly earnings data on Wednesday, November 1st. The technology company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.26 by $0.14. Symantec had a positive return on equity of 12.33% and a negative net margin of 5.29%. The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same period last year, the business posted $0.30 EPS. Symantec’s quarterly revenue was up 25.7% on a year-over-year basis. research analysts expect that Symantec will post 1.05 EPS for the current year.

In related news, CFO Nicholas R. Noviello sold 375,000 shares of the stock in a transaction on Monday, November 6th. The stock was sold at an average price of $29.38, for a total value of $11,017,500.00. Following the transaction, the chief financial officer now owns 565,319 shares of the company’s stock, valued at $16,609,072.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Francis C. Rosch sold 57,103 shares of the stock in a transaction on 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 transaction, the executive vice president now directly owns 325,026 shares in the company, valued at approximately $8,912,212.92. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.

A number of large investors have recently bought and sold shares of SYMC. New England Research & Management Inc. boosted its stake in Symantec by 83.8% in the fourth quarter. New England Research & Management Inc. now owns 28,850 shares of the technology company’s stock valued at $810,000 after acquiring an additional 13,150 shares in the last quarter. Parametric Portfolio Associates LLC boosted its stake in Symantec by 0.4% in the third quarter. Parametric Portfolio Associates LLC now owns 2,410,450 shares of the technology company’s stock valued at $79,087,000 after acquiring an additional 9,642 shares in the last quarter. Coastline Trust Co boosted its stake in Symantec by 109.2% in the third quarter. Coastline Trust Co now owns 22,104 shares of the technology company’s stock valued at $725,000 after acquiring an additional 11,540 shares in the last quarter. Afam Capital Inc. boosted its stake in Symantec by 1.8% in the third quarter. Afam Capital Inc. now owns 244,102 shares of the technology company’s stock valued at $8,009,000 after acquiring an additional 4,276 shares in the last quarter. Finally, Neuberger Berman Group LLC boosted its stake in Symantec by 2.5% in the third quarter. Neuberger Berman Group LLC now owns 7,499,042 shares of the technology company’s stock valued at $246,044,000 after acquiring an additional 183,766 shares in the last quarter. 94.74% of the stock is currently 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.

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