Symantec Corporation (SYMC) Cut to “Equal Weight” at Morgan Stanley
Morgan Stanley cut shares of Symantec Corporation (NASDAQ:SYMC) from an overweight rating to an equal weight rating in a research note issued to investors on Tuesday morning, Marketbeat reports. The brokerage currently has $34.00 target price on the technology company’s stock, down from their previous target price of $37.00.
Several other research analysts also recently commented on SYMC. Barclays PLC reaffirmed an overweight rating and set a $36.00 target price (down from $38.00) on shares of Symantec Corporation in a report on Wednesday, August 9th. Zacks Investment Research downgraded Symantec Corporation from a hold rating to a sell rating in a research note on Tuesday, October 3rd. BidaskClub downgraded Symantec Corporation from a buy rating to a hold rating in a research note on Saturday, August 5th. Robert W. Baird reissued a hold rating on shares of Symantec Corporation in a research note on Thursday, August 3rd. Finally, Oppenheimer Holdings, Inc. reissued an outperform rating and issued a $35.00 price objective (up from $33.00) on shares of Symantec Corporation in a research note on Friday, August 4th. Three equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and ten have issued a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $31.52.
Symantec Corporation (NASDAQ:SYMC) opened at 32.36 on Tuesday. The firm has a 50-day moving average price of $32.15 and a 200 day moving average price of $30.54. The firm’s market cap is $19.83 billion. Symantec Corporation has a 1-year low of $22.76 and a 1-year high of $34.20.
Symantec Corporation (NASDAQ:SYMC) last announced its earnings results on Wednesday, August 2nd. The technology company reported $0.15 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.03. The firm had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.20 billion. Symantec Corporation had a positive return on equity of 10.73% and a negative net margin of 8.68%. The business’s quarterly revenue was up 38.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.29 EPS. Equities analysts predict that Symantec Corporation will post $1.80 earnings per share for the current year.
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In other news, Director Anita M. Sands sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $33.51, for a total value of $67,020.00. Following the completion of the transaction, the director now directly owns 37,386 shares of the company’s stock, valued at $1,252,804.86. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Amy L. Cappellanti-Wolf sold 2,163 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $29.85, for a total value of $64,565.55. Following the completion of the transaction, the senior vice president now directly owns 115,997 shares of the company’s stock, valued at $3,462,510.45. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,662,816 shares of company stock valued at $48,437,529. 1.30% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. Commerce Bank grew its holdings in shares of Symantec Corporation by 352.5% in the second quarter. Commerce Bank now owns 43,888 shares of the technology company’s stock valued at $1,240,000 after acquiring an additional 34,189 shares in the last quarter. Delta Lloyd Asset Management N.V. bought a new position in shares of Symantec Corporation in the second quarter valued at approximately $1,830,000. Numeric Investors LLC grew its holdings in shares of Symantec Corporation by 168.5% in the second quarter. Numeric Investors LLC now owns 54,500 shares of the technology company’s stock valued at $1,540,000 after acquiring an additional 34,200 shares in the last quarter. Spirit of America Management Corp NY grew its holdings in shares of Symantec Corporation by 9.9% in the second quarter. Spirit of America Management Corp NY now owns 26,200 shares of the technology company’s stock valued at $740,000 after acquiring an additional 2,350 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan grew its holdings in shares of Symantec Corporation by 1.5% in the first quarter. Municipal Employees Retirement System of Michigan now owns 20,120 shares of the technology company’s stock valued at $617,000 after acquiring an additional 290 shares in the last quarter. 91.65% of the stock is owned by institutional investors.
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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