Symantec (SYMC) Shares Gap Up to $28.77

Symantec Corporation (NASDAQ:SYMC) gapped up before the market opened on Friday . The stock had previously closed at $28.08, but opened at $28.77. Symantec shares last traded at $28.82, with a volume of 10488351 shares traded.

A number of brokerages have recently issued reports on SYMC. BidaskClub cut Symantec from a “sell” rating to a “strong sell” rating in a report on Saturday. Morgan Stanley downgraded shares of Symantec from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $37.00 to $34.00 in a research report on Tuesday, October 10th. Zacks Investment Research downgraded shares of Symantec from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. Standpoint Research downgraded shares of Symantec from a “buy” rating to a “hold” rating in a research report on Monday, October 9th. Finally, Evercore ISI reiterated a “hold” rating and issued a $25.00 price target on shares of Symantec in a research report on Thursday, November 2nd. Two equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and nine have assigned a buy rating to the company’s stock. Symantec has a consensus rating of “Hold” and an average target price of $32.29.

The firm has a market cap of $17,867.88, a PE ratio of -72.05, a P/E/G ratio of 2.91 and a beta of 1.08. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 1.72.

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

In other Symantec news, CFO Nicholas R. Noviello sold 375,000 shares of the business’s stock in a transaction that occurred 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 in the company, valued at $16,609,072.22. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Francis C. Rosch sold 57,103 shares of the business’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 transaction, the executive vice president now owns 325,026 shares of the company’s stock, valued at $8,912,212.92. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Symantec by 7.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,982 shares of the technology company’s stock worth $112,000 after buying an additional 292 shares in the last quarter. Sun Life Financial INC increased its holdings in shares of Symantec by 44,100.0% during the second quarter. Sun Life Financial INC now owns 4,420 shares of the technology company’s stock worth $125,000 after buying an additional 4,410 shares in the last quarter. Harfst & Associates Inc. acquired a new position in shares of Symantec during the second quarter worth $127,000. United Bank Inc. acquired a new position in shares of Symantec during the third quarter worth $200,000. Finally, Roundview Capital LLC acquired a new position in shares of Symantec during the second quarter worth $222,000. Institutional investors own 94.74% of the company’s stock.

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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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