Symantec Co. (SYMC) Short Interest Down 24.6% in November

Symantec Co. (NASDAQ:SYMC) saw a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 13,442,302 shares, a decline of 24.6% from the October 31st total of 17,825,581 shares. Based on an average daily volume of 14,730,921 shares, the days-to-cover ratio is currently 0.9 days. Currently, 2.1% of the shares of the company are short sold.

A number of research firms have commented on SYMC. BidaskClub lowered shares of Symantec from a “buy” rating to a “hold” rating in a research note on Friday, November 23rd. Zacks Investment Research restated a “sell” rating on shares of Symantec in a research note on Friday, November 16th. ValuEngine upgraded shares of Symantec from a “hold” rating to a “buy” rating in a research note on Friday, November 16th. Evercore ISI restated a “hold” rating and issued a $22.00 price objective on shares of Symantec in a research note on Sunday, November 11th. Finally, Barclays restated a “hold” rating and issued a $23.00 price objective on shares of Symantec in a research note on Sunday, November 4th. Three equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $23.11.

Hedge funds have recently added to or reduced their stakes in the stock. Tobam purchased a new stake in Symantec during the second quarter worth about $39,842,000. Morgan Stanley lifted its holdings in shares of Symantec by 154.9% in the second quarter. Morgan Stanley now owns 9,064,682 shares of the technology company’s stock valued at $187,185,000 after purchasing an additional 5,508,428 shares in the last quarter. Bridgewater Associates LP lifted its holdings in shares of Symantec by 84.6% in the second quarter. Bridgewater Associates LP now owns 55,261 shares of the technology company’s stock valued at $1,141,000 after purchasing an additional 25,319 shares in the last quarter. Crosslink Capital Inc. purchased a new stake in shares of Symantec in the second quarter valued at about $9,798,000. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Symantec by 1,481.4% in the third quarter. Assenagon Asset Management S.A. now owns 1,554,886 shares of the technology company’s stock valued at $33,088,000 after purchasing an additional 1,456,561 shares in the last quarter. 90.66% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Symantec stock opened at $22.11 on Friday. Symantec has a 52-week low of $17.49 and a 52-week high of $29.73. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.75. The stock has a market cap of $14.43 billion, a PE ratio of 23.27, a PEG ratio of 2.87 and a beta of 0.90.

Symantec (NASDAQ:SYMC) last released its quarterly earnings data on Thursday, November 1st. The technology company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.09. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.14 billion. Symantec had a net margin of 25.95% and a return on equity of 13.99%. The firm’s revenue was down 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.40 earnings per share. Equities analysts anticipate that Symantec will post 1 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Monday, November 19th will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend is Friday, November 16th. Symantec’s dividend payout ratio is currently 31.58%.

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About Symantec

Symantec Corporation, together with its subsidiaries, provides cybersecurity solutions worldwide. It operates through two segments, Consumer Digital Safety and Enterprise Security. The Consumer Digital Safety segment provides Norton-branded services that provide multi-layer security services across desktop and mobile operating systems, public Wi-Fi connections, and home networks to defend against online threats to individuals, families, and small businesses.

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