Zacks Investment Research cut shares of Symantec (NASDAQ:SYMC) from a hold rating to a strong sell rating in a research note released on Saturday morning.

According to Zacks, “Estimates have remained unchanged, of late, ahead of Symantec’s Q3 earnings release. The company has a mixed record of earnings surprises in recent quarters. We remain cautious about this internet-security provider's performance due to faster-than-expected shift in booking mix, which will have long-term benefits but will impede near-term revenue growth. Additionally, we consider that although the sale of its certified authority business will avoid conflicts with Alphabet, the loss of high-margin business might hurt Symantec’s profitability in the near future. Furthermore, changing customer spending behavior makes us pretty skeptical about its performance. Moreover, heightening competition from existing and new companies remain headwinds. The uncertainty over PC sales adds to its woes. The stock has underperformed the industry over the past year.”

A number of other research firms have also recently issued reports on SYMC. BidaskClub cut shares of Symantec from a sell rating to a strong sell rating in a research report on Saturday, January 13th. CIBC reissued an outperform rating and set a $33.00 price objective (down previously from $35.00) on shares of Symantec in a research report on Thursday, November 2nd. Stifel Nicolaus reissued a hold rating and set a $27.00 price objective on shares of Symantec in a research report on Friday, November 3rd. Standpoint Research cut shares of Symantec from a buy rating to a hold rating in a research report on Monday, October 9th. Finally, Cowen cut shares of Symantec from a market perform rating to an underperform rating and set a $31.00 price objective on the stock. in a research report on Monday, October 9th. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $31.71.

Shares of Symantec (NASDAQ SYMC) opened at $26.54 on Friday. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 1.72. The company has a market cap of $16,450.00, a price-to-earnings ratio of -45.76, a price-to-earnings-growth ratio of 2.78 and a beta of 1.07. Symantec has a 1 year low of $25.65 and a 1 year high of $34.20.

Symantec (NASDAQ:SYMC) last issued its quarterly earnings results on Wednesday, November 1st. The technology company reported $0.40 EPS for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.14. The business had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Symantec had a negative net margin of 5.29% and a positive return on equity of 12.33%. The business’s quarterly revenue was up 25.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.30 earnings per share. equities research analysts expect that Symantec will post 1.05 EPS for the current fiscal year.

In other news, EVP Francis C. Rosch sold 57,103 shares of the firm’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $27.42, for a total transaction of $1,565,764.26. Following the completion of the sale, the executive vice president now owns 325,026 shares in the company, valued at approximately $8,912,212.92. The sale was disclosed in a document filed 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 that occurred on Monday, November 6th. The stock was sold at an average price of $29.38, for a total transaction of $11,017,500.00. Following the sale, the chief financial officer now owns 565,319 shares of the company’s stock, valued at approximately $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 modified their holdings of the company. Numeric Investors LLC increased its stake in shares of Symantec by 168.5% during the 2nd quarter. Numeric Investors LLC now owns 54,500 shares of the technology company’s stock worth $1,540,000 after purchasing an additional 34,200 shares during the last quarter. Oakbrook Investments LLC boosted its holdings in Symantec by 99.7% in the 3rd quarter. Oakbrook Investments LLC now owns 51,180 shares of the technology company’s stock worth $1,679,000 after buying an additional 25,550 shares during the period. Comerica Bank boosted its holdings in Symantec by 3.4% in the 3rd quarter. Comerica Bank now owns 153,203 shares of the technology company’s stock worth $4,965,000 after buying an additional 5,105 shares during the period. BNP Paribas Arbitrage SA boosted its holdings in Symantec by 47.2% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 423,593 shares of the technology company’s stock worth $13,898,000 after buying an additional 135,857 shares during the period. Finally, WINTON GROUP Ltd boosted its holdings in Symantec by 58.6% in the 3rd quarter. WINTON GROUP Ltd now owns 634,662 shares of the technology company’s stock worth $20,823,000 after buying an additional 234,374 shares during the period. Institutional investors own 94.77% of the company’s stock.

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Symantec Company Profile

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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