Symantec (SYMC) Upgraded to Hold by Zacks Investment Research
Zacks Investment Research upgraded shares of Symantec (NASDAQ:SYMC) from a sell rating to a hold rating in a report published 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 research analysts have also issued research reports about the company. Barclays reissued a buy rating and issued a $36.00 target price on shares of Symantec in a research report on Thursday, November 2nd. Piper Jaffray Companies restated a buy rating and issued a $40.00 price target on shares of Symantec in a research note on Tuesday, September 12th. Morgan Stanley downgraded Symantec from an overweight rating to an equal weight rating and cut their price target for the stock from $37.00 to $34.00 in a research note on Tuesday, October 10th. Evercore ISI reiterated a hold rating and set a $25.00 target price on shares of Symantec in a research note on Thursday, November 2nd. Finally, Standpoint Research downgraded Symantec from a buy rating to a hold rating in a research note 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 has an average rating of Hold and a consensus target price of $32.29.
Symantec (NASDAQ:SYMC) last announced its earnings results on Wednesday, November 1st. The technology company reported $0.40 earnings per share (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 firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the prior year, the company earned $0.30 EPS. The business’s revenue was up 25.7% compared to the same quarter last year. equities research analysts forecast that Symantec will post 1.05 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, December 13th. Stockholders of record on Monday, November 20th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 1.02%. The ex-dividend date was Friday, November 17th. Symantec’s dividend payout ratio is presently -75.00%.
In other news, CFO Nicholas R. Noviello sold 375,000 shares of the company’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 $16,609,072.22. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Francis C. Rosch sold 57,103 shares of the company’s stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $27.42, for a total value of $1,565,764.26. Following the transaction, the executive vice president now directly owns 325,026 shares in the company, valued at $8,912,212.92. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Blair William & Co. IL grew its holdings in shares of Symantec by 2.2% during the second quarter. Blair William & Co. IL now owns 13,309 shares of the technology company’s stock valued at $376,000 after buying an additional 291 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Symantec by 7.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,982 shares of the technology company’s stock valued at $112,000 after purchasing an additional 292 shares during the last quarter. Johnson Financial Group Inc. boosted its holdings in Symantec by 6.2% in the second quarter. Johnson Financial Group Inc. now owns 5,596 shares of the technology company’s stock valued at $158,000 after purchasing an additional 325 shares during the last quarter. Thrivent Financial For Lutherans boosted its holdings in Symantec by 2.8% in the second quarter. Thrivent Financial For Lutherans now owns 23,749 shares of the technology company’s stock valued at $671,000 after purchasing an additional 645 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its holdings in Symantec by 18.2% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 8,765 shares of the technology company’s stock valued at $246,000 after purchasing an additional 1,351 shares during the last quarter. 94.74% of the stock is currently owned by hedge funds and other institutional investors.
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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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