Deutsche Bank Initiates Coverage on Symantec (SYMC)

Equities researchers at Deutsche Bank initiated coverage on shares of Symantec (NASDAQ:SYMC) in a research report issued on Tuesday. The firm set a “hold” rating and a $30.00 price target on the technology company’s stock. Deutsche Bank’s target price would indicate a potential upside of 6.53% from the company’s previous close.

Several other equities research analysts have also weighed in on the company. BidaskClub lowered Symantec from a “hold” rating to a “sell” rating in a research note on Tuesday. Stifel Nicolaus reissued a “hold” rating and set a $27.00 price objective on shares of Symantec in a research note on Friday, November 3rd. Morgan Stanley reduced their price objective on Symantec from $34.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday, November 3rd. Evercore ISI reissued a “hold” rating and set a $25.00 price objective on shares of Symantec in a research note on Thursday, November 2nd. Finally, Barclays reissued a “buy” rating and set a $36.00 price objective on shares of Symantec in a research note on Thursday, November 2nd. Three research analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $32.29.

Symantec (NASDAQ SYMC) opened at $28.16 on Tuesday. Symantec has a 1 year low of $23.77 and a 1 year high of $34.20. The stock has a market capitalization of $17,460.00, a price-to-earnings ratio of 45.48, a PEG ratio of 2.89 and a beta of 1.07. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.12 and a current ratio of 1.12.

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

In other news, Director Suzanne M. Vautrinot sold 2,500 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $32.81, for a total value of $82,025.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott C. Taylor sold 10,622 shares of the firm’s stock in a transaction on Monday, September 25th. The stock was sold at an average price of $32.83, for a total value of $348,720.26. Following the completion of the sale, the executive vice president now directly owns 232,609 shares of the company’s stock, valued at approximately $7,636,553.47. The disclosure for this sale can be found here. In the last ninety days, insiders sold 445,225 shares of company stock valued at $13,014,010. 1.30% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SYMC. Northwestern Mutual Wealth Management Co. boosted its position in Symantec by 7.9% during 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 during the last quarter. Sun Life Financial INC boosted its position in Symantec by 44,100.0% during 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 during the last quarter. Harfst & Associates Inc. acquired a new stake in Symantec during the second quarter valued at $127,000. Johnson Financial Group Inc. boosted its position in Symantec by 6.2% during the second quarter. Johnson Financial Group Inc. now owns 5,596 shares of the technology company’s stock valued at $158,000 after purchasing an additional 325 shares during the last quarter. Finally, United Bank Inc. acquired a new stake in Symantec during the third quarter valued at $200,000. 94.74% of the stock is owned by hedge funds and other institutional investors.

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About Symantec

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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