Symantec Corporation (SYMC) Downgraded to “Sell” at BidaskClub
Symantec Corporation (NASDAQ:SYMC) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Thursday.
Several other equities research analysts have also commented on SYMC. UBS AG lowered shares of Symantec Corporation from a “buy” rating to a “neutral” rating and boosted their price target for the company from $31.00 to $33.00 in a report on Thursday, May 18th. Robert W. Baird restated a “hold” rating on shares of Symantec Corporation in a report on Saturday, June 10th. Evercore ISI set a $25.00 price target on shares of Symantec Corporation and gave the company a “hold” rating in a report on Saturday, June 10th. Barclays PLC restated an “overweight” rating and issued a $36.00 price target (down previously from $38.00) on shares of Symantec Corporation in a report on Wednesday, August 9th. Finally, Zacks Investment Research lowered shares of Symantec Corporation from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 8th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Symantec Corporation has a consensus rating of “Hold” and a consensus price target of $31.00.
Shares of Symantec Corporation (NASDAQ SYMC) opened at 28.30 on Thursday. The company’s market capitalization is $17.34 billion. The firm has a 50-day moving average of $29.58 and a 200 day moving average of $29.84. Symantec Corporation has a 1-year low of $22.69 and a 1-year high of $33.22.
Symantec Corporation (NASDAQ:SYMC) last posted its quarterly earnings results on Wednesday, August 2nd. The technology company reported $0.15 EPS for the quarter, beating the 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 business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same quarter in the previous year, the business posted $0.29 EPS. The company’s quarterly revenue was up 38.9% compared to the same quarter last year. On average, analysts anticipate that Symantec Corporation will post $1.80 EPS for the current year.
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In other Symantec Corporation news, Director Anita M. Sands sold 2,000 shares of Symantec Corporation stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $30.00, for a total transaction of $60,000.00. Following the completion of the sale, the director now directly owns 43,386 shares in the company, valued at approximately $1,301,580. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Suzanne M. Vautrinot sold 2,500 shares of Symantec Corporation stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $28.45, for a total transaction of $71,125.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,495,033 shares of company stock valued at $43,284,251. Company insiders own 0.76% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Reliance Trust Co. of Delaware acquired a new stake in shares of Symantec Corporation during the first quarter valued at approximately $349,000. DnB Asset Management AS boosted its stake in shares of Symantec Corporation by 18.3% in the first quarter. DnB Asset Management AS now owns 68,033 shares of the technology company’s stock valued at $2,087,000 after buying an additional 10,500 shares during the last quarter. Ledyard National Bank acquired a new stake in shares of Symantec Corporation during the first quarter valued at approximately $295,000. State of Alaska Department of Revenue acquired a new stake in shares of Symantec Corporation during the first quarter valued at approximately $782,000. Finally, Retirement Systems of Alabama boosted its stake in shares of Symantec Corporation by 1.2% in the first quarter. Retirement Systems of Alabama now owns 299,133 shares of the technology company’s stock valued at $9,177,000 after buying an additional 3,647 shares during the last quarter. Institutional investors and hedge funds own 93.40% 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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