BidaskClub Downgrades Symantec (SYMC) to Strong Sell

BidaskClub cut shares of Symantec (NASDAQ:SYMC) from a sell rating to a strong sell rating in a research note issued to investors on Saturday.

Several other equities research analysts have also recently issued reports on the stock. Zacks Investment Research raised shares of Symantec from a sell rating to a hold rating in a research note on Tuesday, January 2nd. Deutsche Bank assumed coverage on shares of Symantec in a research note on Tuesday, December 19th. They set a hold rating and a $30.00 target price on the stock. Stifel Nicolaus reaffirmed a hold rating and set a $27.00 target price on shares of Symantec in a research note on Friday, November 3rd. Morgan Stanley lowered their target price on shares of Symantec from $34.00 to $31.00 and set an equal weight rating on the stock in a research note on Friday, November 3rd. Finally, Evercore ISI reiterated a hold rating and set a $25.00 price target on shares of Symantec in a 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 given a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $32.29.

Shares of Symantec (NASDAQ:SYMC) opened at $28.82 on Friday. Symantec has a one year low of $25.64 and a one year high of $34.20. 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 stock has a market cap of $17,867.88, a price-to-earnings ratio of -72.05, a price-to-earnings-growth ratio of 2.91 and a beta of 1.08.

Symantec (NASDAQ:SYMC) last announced its earnings results on Wednesday, November 1st. The technology company reported $0.40 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the previous year, the company posted $0.30 EPS. The firm’s quarterly revenue was up 25.7% on a year-over-year basis. sell-side analysts forecast that Symantec will post 1.05 earnings per share for the current year.

In other Symantec news, CFO Nicholas R. Noviello sold 375,000 shares of the business’s stock in a transaction dated 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 sale, 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 legal filing with the Securities & Exchange Commission, 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 dated Wednesday, December 6th. The stock was sold at an average price of $27.42, for a total transaction of $1,565,764.26. Following the sale, the executive vice president now owns 325,026 shares in the company, valued at $8,912,212.92. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the business. Numeric Investors LLC increased its stake in Symantec by 168.5% during the second 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 period. Oakbrook Investments LLC grew its position in shares of Symantec by 99.7% during the third 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 in the last quarter. Comerica Bank grew its position in shares of Symantec by 3.4% during the third 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 in the last quarter. BNP Paribas Arbitrage SA grew its position in shares of Symantec by 47.2% during the third 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 in the last quarter. Finally, WINTON GROUP Ltd grew its position in shares of Symantec by 58.6% during the third 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 in the last quarter. Institutional investors own 94.85% 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.

Analyst Recommendations for Symantec (NASDAQ:SYMC)

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