Symantec Corporation (NASDAQ:SYMC) was upgraded by Zacks Investment Research from a “strong sell” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, July 11th. The firm presently has a $32.00 target price on the technology company’s stock. Zacks Investment Research‘s price target points to a potential upside of 9.70% from the stock’s previous close.

According to Zacks, “Estimates have been stable ahead of Symantec’s first-quarter fiscal 2018 results. The prospects of cybersecurity companies look bright as the recent global hackings, like WannaCry and Petya, have started to adversely affect the top- and bottom-line results of various organizations like Mondelez, FedEx and Merck & Co. The silver lining in this entire episode will be the rise in demand for security-related products among companies and governments, in our opinion. We believe that this could bring Symantec back into the limelight. Moreover, the recent deal to acquire Israel-based Fireglass will further strengthen Symantec’s leadership position in Secure Web Gateway and Email protection, both delivered on premises and in the cloud. Nonetheless, smaller companies like Kaspersky are consistently launching comparable products. These, along with competition from the likes of Microsoft, remain headwinds.”

Other equities research analysts have also issued research reports about the stock. UBS AG lowered shares of Symantec Corporation from a “buy” rating to a “neutral” rating and upped their price target for the company from $31.00 to $33.00 in a research report on Thursday, May 18th. Robert W. Baird reiterated a “hold” rating on shares of Symantec Corporation in a research note on Saturday, June 10th. Evercore ISI set a $25.00 price objective on Symantec Corporation and gave the company a “hold” rating in a research note on Saturday, June 10th. Jefferies Group LLC boosted their price objective on Symantec Corporation from $29.00 to $31.00 and gave the company a “hold” rating in a research note on Thursday, May 11th. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $29.00 price objective (up from $28.00) on shares of Symantec Corporation in a research note on Thursday, May 11th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and fourteen have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $31.00.

Shares of Symantec Corporation (NASDAQ SYMC) traded down 1.06% during trading on Tuesday, reaching $28.86. 18,823,864 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $29.53 and a 200 day moving average price of $29.72. The firm’s market cap is $17.58 billion. Symantec Corporation has a 12 month low of $20.47 and a 12 month high of $33.22.

Symantec Corporation (NASDAQ:SYMC) last released its quarterly earnings results on Wednesday, August 2nd. The technology company reported $0.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate 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 during the quarter, compared to analyst estimates of $1.20 billion. During the same quarter in the prior year, the firm earned $0.29 EPS. The business’s revenue for the quarter was up 38.9% compared to the same quarter last year. On average, analysts forecast that Symantec Corporation will post $1.80 EPS for the current year.

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In other Symantec Corporation news, SVP Amy L. Cappellanti-Wolf sold 3,741 shares of the stock in a transaction on Monday, June 5th. The stock was sold at an average price of $29.91, for a total value of $111,893.31. Following the sale, the senior vice president now owns 88,774 shares in the company, valued at $2,655,230.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Scott C. Taylor sold 15,000 shares of the stock in a transaction on Monday, July 24th. The stock was sold at an average price of $31.04, for a total value of $465,600.00. Following the transaction, the executive vice president now directly owns 257,591 shares in the company, valued at approximately $7,995,624.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 188,943 shares of company stock worth $5,766,330. Insiders own 0.76% of the company’s stock.

Several institutional investors have recently bought and sold shares of SYMC. Advisory Services Network LLC purchased a new position in Symantec Corporation during the first quarter worth about $142,000. Johnson Financial Group Inc. increased its position in Symantec Corporation by 8.0% in the first quarter. Johnson Financial Group Inc. now owns 5,271 shares of the technology company’s stock worth $162,000 after buying an additional 390 shares during the last quarter. IFP Advisors Inc increased its position in Symantec Corporation by 0.3% in the first quarter. IFP Advisors Inc now owns 6,283 shares of the technology company’s stock worth $193,000 after buying an additional 19 shares during the last quarter. American Asset Management Inc. purchased a new position in Symantec Corporation during the first quarter worth about $207,000. Finally, Yakira Capital Management Inc. purchased a new position in Symantec Corporation during the first quarter worth about $217,000. 93.82% of the stock is currently owned by institutional investors and hedge funds.

Symantec Corporation Company Profile

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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Analyst Recommendations for Symantec Corporation (NASDAQ:SYMC)

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