Symantec (NASDAQ:SYMC)‘s stock had its “hold” rating restated by equities researchers at Evercore ISI in a note issued to investors on Monday, February 4th. They currently have a $22.00 price objective on the technology company’s stock. Evercore ISI’s target price would suggest a potential downside of 2.35% from the company’s current price.
The analysts wrote, “We continue to believe that the company’s enterprise segment faces a number of competitive challenges (as we outlined in our preview) and with continued erosion (enterprise billings down ~8% ytd and down 3.5% y/y this quarter ex WSS/PKI) we do not believe the business has stabilized. Further, non-GAAP operating margins of 15.9% in the quarter do not sufficiently make up for the lack of growth. On the consumer side, billings growth continues to be anemic at 2% y/y but is an improvement over flattish growth in 1HF19 while maintaining high operating margins (~49% in the quarter). During MSFT’s F2Q19 report the company highlighted continuing PC market headwinds. While this is not a new phenomenon, SYMC’s Norton business remains exposed.””
Several other equities analysts have also issued reports on SYMC. Zacks Investment Research raised shares of Symantec from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a report on Friday, January 18th. BidaskClub lowered shares of Symantec from a “buy” rating to a “hold” rating in a report on Friday, November 23rd. Barclays reissued a “hold” rating and set a $23.00 price objective on shares of Symantec in a report on Sunday, November 4th. Robert W. Baird lifted their price objective on shares of Symantec from $22.00 to $23.00 and gave the company a “neutral” rating in a report on Friday, November 2nd. Finally, Credit Suisse Group reissued a “hold” rating and set a $23.00 price objective on shares of Symantec in a report on Friday, February 1st. Two investment analysts have rated the stock with a sell rating, twenty have given a hold rating and three have given a buy rating to the company’s stock. Symantec currently has a consensus rating of “Hold” and an average price target of $22.49.
Shares of Symantec stock traded up $0.04 on Monday, hitting $22.53. 4,225,481 shares of the company traded hands, compared to its average volume of 6,426,301. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.02 and a current ratio of 1.02. Symantec has a 52 week low of $17.42 and a 52 week high of $29.20. The company has a market capitalization of $14.49 billion, a PE ratio of 23.72, a P/E/G ratio of 2.47 and a beta of 1.05.
Symantec (NASDAQ:SYMC) last posted its quarterly earnings results on Thursday, January 31st. The technology company reported $0.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.05. Symantec had a negative net margin of 0.86% and a positive return on equity of 13.24%. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the previous year, the firm posted $0.49 earnings per share. On average, analysts forecast that Symantec will post 1.16 earnings per share for the current year.
In related news, EVP Samir Kapuria sold 45,455 shares of the business’s stock in a transaction on Thursday, February 14th. The shares were sold at an average price of $23.05, for a total transaction of $1,047,737.75. Following the completion of the transaction, the executive vice president now directly owns 313,931 shares in the company, valued at $7,236,109.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Amy L. Cappellanti-Wolf sold 18,321 shares of the business’s stock in a transaction on Thursday, February 14th. The shares were sold at an average price of $23.05, for a total transaction of $422,299.05. Following the transaction, the senior vice president now owns 276,640 shares of the company’s stock, valued at $6,376,552. The disclosure for this sale can be found here. Insiders own 1.90% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Starboard Value LP acquired a new position in shares of Symantec in the third quarter worth about $521,398,000. Capital International Investors acquired a new position in shares of Symantec in the third quarter worth about $222,769,000. CI Investments Inc. acquired a new position in shares of Symantec in the fourth quarter worth about $192,976,000. FMR LLC raised its position in shares of Symantec by 44.1% in the fourth quarter. FMR LLC now owns 8,779,685 shares of the technology company’s stock worth $165,892,000 after acquiring an additional 2,686,107 shares during the period. Finally, First Trust Advisors LP raised its position in shares of Symantec by 42.3% in the third quarter. First Trust Advisors LP now owns 8,701,121 shares of the technology company’s stock worth $185,160,000 after acquiring an additional 2,584,507 shares during the period. Institutional investors own 87.59% of the company’s stock.
Symantec Company Profile
Symantec Corporation provides cybersecurity products, services, and solutions worldwide. The company operates through two segments, Enterprise Security and Consumer Digital Safety. The Enterprise Security segment provides endpoint and information protection products, including endpoint security, advanced threat protection, and information protection solutions and their related support services; and network and Web security products, such as network security, Web security, and cloud security solutions and their related support services.
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