Symantec (SYMC) Rating Lowered to Underperform at Jefferies Group
Jefferies Group cut shares of Symantec (NASDAQ:SYMC) from a hold rating to an underperform rating in a research note published on Thursday morning, Marketbeat reports. The firm currently has $23.00 target price on the technology company’s stock, down from their previous target price of $30.00. Jefferies Group also issued estimates for Symantec’s Q4 2018 earnings at $0.27 EPS and FY2018 earnings at $0.89 EPS.
Other equities analysts have also recently issued research reports about the stock. Piper Jaffray Companies set a $40.00 price objective on shares of Symantec and gave the stock a buy rating in a research note on Sunday, October 15th. BidaskClub cut shares of Symantec from a hold rating to a sell rating in a research note on Tuesday, December 19th. Deutsche Bank assumed coverage on shares of Symantec in a research note on Tuesday, December 19th. They issued a hold rating and a $30.00 price objective on the stock. Stifel Nicolaus reiterated a hold rating and issued a $27.00 price objective on shares of Symantec in a research note on Friday, November 3rd. Finally, CIBC reiterated an outperform rating and issued a $33.00 price objective (down previously from $35.00) on shares of Symantec in a research note on Thursday, November 2nd. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nine have given a buy rating to the company’s stock. Symantec has an average rating of Hold and a consensus target price of $31.96.
Shares of Symantec (NASDAQ:SYMC) traded up $0.21 during trading hours on Thursday, hitting $27.46. 7,862,616 shares of the stock traded hands, compared to its average volume of 5,067,009. Symantec has a 52-week low of $25.65 and a 52-week high of $34.20. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 1.72. The company has a market cap of $16,894.51, a PE ratio of -68.65, a PEG ratio of 2.76 and a beta of 1.08.
In related news, EVP Francis C. Rosch sold 57,103 shares of the firm’s stock in a transaction on Wednesday, December 6th. The shares were sold at an average price of $27.42, for a total value of $1,565,764.26. Following the completion of the transaction, the executive vice president now directly owns 325,026 shares of the company’s stock, valued at $8,912,212.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Nicholas R. Noviello sold 375,000 shares of the firm’s stock in a transaction on Monday, November 6th. The shares were sold at an average price of $29.38, for a total transaction of $11,017,500.00. Following the completion of the transaction, the chief financial officer now directly owns 565,319 shares of the company’s stock, valued at $16,609,072.22. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. grew its holdings in shares of 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 in the last quarter. Sun Life Financial INC grew its holdings in shares of Symantec by 44,100.0% in the second quarter. Sun Life Financial INC now owns 4,420 shares of the technology company’s stock valued at $125,000 after purchasing an additional 4,410 shares in the last quarter. Harfst & Associates Inc. purchased a new position in shares of Symantec in the second quarter valued at $127,000. United Bank Inc. purchased a new position in shares of Symantec in the third quarter valued at $200,000. Finally, Jaffetilchin Investment Partners LLC purchased a new position in shares of Symantec in the third quarter valued at $225,000. 94.85% of the stock is 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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