Zacks Investment Research cut shares of Symantec Corporation (NASDAQ:SYMC) from a hold rating to a sell rating in a report issued on Monday.
According to Zacks, “Estimates for internet security provider, Symantec, have been unchanged, of late, ahead of the company’s Q2 earnings release. The company, during its first-quarter earnings release, announced that privately-owned DigiCert Inc. has agreed to buy its Website Security business. However, we consider that although the sale of its certified authority business will avoid conflicts with Alphabet, the high margin of the sold business may hurt Symantec’s near-term profitability. Furthermore, changing customer spending behavior makes us pretty skeptical about Symantec’s near-term performance. Moreover, smaller companies like Kaspersky are consistently launching comparable products. These, along with competition from the likes of Microsoft, remain headwinds. The uncertainty over PC sales adds to its woes. Nonetheless, the stock has outperformed the industry to which it belongs to in the last one year.”
Other equities analysts have also issued reports about the stock. Barclays PLC reiterated an overweight rating and issued a $36.00 price objective (down from $38.00) on shares of Symantec Corporation in a research report on Thursday, August 3rd. Evercore ISI set a $25.00 price objective on shares of Symantec Corporation and gave the company a hold rating in a research report on Thursday, August 3rd. Robert W. Baird reiterated a hold rating on shares of Symantec Corporation in a research report on Thursday, August 3rd. BidaskClub lowered shares of Symantec Corporation from a buy rating to a hold rating in a research report on Saturday, August 5th. Finally, Cowen and Company reiterated a market perform rating and issued a $31.00 price objective (down from $33.00) on shares of Symantec Corporation in a research report on Thursday, August 3rd. Three equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and eleven have issued a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $31.42.
Shares of Symantec Corporation (SYMC) opened at 31.90 on Monday. The stock’s market capitalization is $19.55 billion. The company’s 50-day moving average is $32.06 and its 200-day moving average is $30.53. Symantec Corporation has a one year low of $22.76 and a one year high of $34.20.
Symantec Corporation (NASDAQ:SYMC) last posted its quarterly earnings data on Wednesday, August 2nd. The technology company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. Symantec Corporation had a negative net margin of 8.68% and a positive return on equity of 10.73%. The firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same period last year, the firm posted $0.29 EPS. Symantec Corporation’s quarterly revenue was up 38.9% on a year-over-year basis. On average, equities research analysts anticipate that Symantec Corporation will post $1.80 earnings per share for the current year.
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The company also recently announced a quarterly dividend, which was paid on Wednesday, September 13th. Stockholders of record on Monday, August 21st were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date was Thursday, August 17th. Symantec Corporation’s payout ratio is currently -49.18%.
In other news, Director Anita M. Sands sold 2,000 shares of the business’s stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $30.40, for a total transaction of $60,800.00. Following the completion of the sale, the director now owns 41,386 shares in the company, valued at approximately $1,258,134.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Suzanne M. Vautrinot sold 2,500 shares of the business’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $32.81, for a total value of $82,025.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,662,816 shares of company stock valued at $48,437,529 in the last quarter. Company insiders own 1.30% of the company’s stock.
Several large investors have recently modified their holdings of the company. Bessemer Group Inc. grew its holdings in shares of Symantec Corporation by 1.2% during the 2nd quarter. Bessemer Group Inc. now owns 9,311 shares of the technology company’s stock worth $263,000 after purchasing an additional 106 shares during the period. Wetherby Asset Management Inc. grew its holdings in shares of Symantec Corporation by 2.8% during the 2nd quarter. Wetherby Asset Management Inc. now owns 8,885 shares of the technology company’s stock worth $251,000 after purchasing an additional 246 shares during the period. Municipal Employees Retirement System of Michigan grew its holdings in shares of Symantec Corporation by 1.5% during the 1st quarter. Municipal Employees Retirement System of Michigan now owns 20,120 shares of the technology company’s stock worth $617,000 after purchasing an additional 290 shares during the period. Blair William & Co. IL grew its holdings in shares of Symantec Corporation 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 purchasing an additional 291 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of Symantec Corporation by 7.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,982 shares of the technology company’s stock worth $112,000 after purchasing an additional 292 shares during the period. Institutional investors and hedge funds own 91.65% of the company’s stock.
About Symantec Corporation
Symantec Corporation is a United States-based cyber security company. The Company offers products under categories, such as threat protection, information protection, cyber security services and Website security. 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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