Piper Jaffray Companies Reaffirms Buy Rating for Symantec Corporation (SYMC)
Piper Jaffray Companies restated their buy rating on shares of Symantec Corporation (NASDAQ:SYMC) in a report issued on Tuesday. The firm currently has a $40.00 price target on the technology company’s stock.
Several other research analysts have also commented on SYMC. MKM Partners reissued a neutral rating and issued a $30.00 price objective (up from $26.00) on shares of Symantec Corporation in a research report on Monday, May 15th. Zacks Investment Research lowered Symantec Corporation from a hold rating to a strong sell rating in a research report on Tuesday, May 16th. UBS AG lowered Symantec Corporation from a buy rating to a neutral rating and raised their price objective for the company from $31.00 to $33.00 in a research report on Thursday, May 18th. Royal Bank Of Canada lowered Symantec Corporation from an outperform rating to a sector perform rating and dropped their target price for the stock from $34.00 to $32.00 in a research report on Friday, May 19th. They noted that the move was a valuation call. Finally, Barclays PLC raised Symantec Corporation from an equal weight rating to an overweight rating and lifted their target price for the stock from $34.00 to $38.00 in a research report on Tuesday, May 30th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Symantec Corporation currently has a consensus rating of Hold and an average target price of $31.54.
Shares of Symantec Corporation (NASDAQ SYMC) traded up 0.58% during midday trading on Tuesday, reaching $33.14. The company’s stock had a trading volume of 1,786,578 shares. The firm’s market capitalization is $20.31 billion. Symantec Corporation has a 52 week low of $22.76 and a 52 week high of $34.17. The firm’s 50 day moving average is $29.91 and its 200 day moving average is $30.09.
Symantec Corporation (NASDAQ:SYMC) last released its quarterly earnings data 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 positive return on equity of 10.73% and a negative net margin of 8.68%. The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same period last year, the company posted $0.29 earnings per share. The firm’s revenue was up 38.9% compared to the same quarter last year. Equities analysts forecast that Symantec Corporation will post $1.81 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 13th. Shareholders of record on Monday, August 21st were paid a $0.075 dividend. The ex-dividend date of this dividend was Thursday, August 17th. This represents a $0.30 dividend on an annualized basis and a yield of 0.91%. Symantec Corporation’s payout ratio is currently -49.18%.
In other Symantec Corporation news, EVP Roxane Divol sold 15,111 shares of Symantec Corporation stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $33.05, for a total value of $499,418.55. Following the completion of the transaction, the executive vice president now directly owns 114,940 shares in the company, valued at $3,798,767. The sale was disclosed in a legal filing 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 value of $71,125.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,672,732 shares of company stock valued at $48,674,230. 1.30% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. boosted its stake in Symantec Corporation 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 acquiring an additional 292 shares during the period. Sun Life Financial INC boosted its position in shares of Symantec Corporation by 44,100.0% during the second quarter. Sun Life Financial INC now owns 4,420 shares of the technology company’s stock worth $125,000 after buying an additional 4,410 shares during the period. Harfst & Associates Inc. acquired a new position in shares of Symantec Corporation during the second quarter worth approximately $127,000. Johnson Financial Group Inc. boosted its position in shares of Symantec Corporation by 6.2% during the second quarter. Johnson Financial Group Inc. now owns 5,596 shares of the technology company’s stock worth $158,000 after buying an additional 325 shares during the period. Finally, American Asset Management Inc. acquired a new position in shares of Symantec Corporation during the first quarter worth approximately $207,000. Institutional investors own 91.72% of the company’s stock.
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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