Symantec (NASDAQ:SYMC) Downgraded by BidaskClub to Strong Sell

BidaskClub lowered shares of Symantec (NASDAQ:SYMC) from a sell rating to a strong sell rating in a research note published on Saturday, BidAskClub reports.

A number of other research analysts have also issued reports on the company. Evercore ISI set a $22.00 price target on Symantec and gave the stock a hold rating in a research report on Friday, August 9th. Monness Crespi & Hardt initiated coverage on Symantec in a research report on Wednesday, July 10th. They set a neutral rating for the company. ValuEngine lowered Symantec from a hold rating to a sell rating in a research report on Wednesday, October 2nd. Argus reiterated a hold rating on shares of Symantec in a research report on Tuesday, August 13th. Finally, Morgan Stanley upgraded Symantec from an underweight rating to an equal weight rating and set a $27.00 price target for the company in a research report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $22.82.

SYMC stock traded down $0.34 during midday trading on Friday, hitting $22.69. 3,654,900 shares of the company’s stock were exchanged, compared to its average volume of 3,813,451. Symantec has a 12-month low of $17.42 and a 12-month high of $26.07. The stock has a market capitalization of $14.23 billion, a price-to-earnings ratio of 19.39, a price-to-earnings-growth ratio of 3.21 and a beta of 1.29. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.79. The firm has a 50 day moving average price of $23.68 and a 200-day moving average price of $22.52.

Symantec (NASDAQ:SYMC) last released its quarterly earnings data on Thursday, August 8th. The technology company reported $0.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.11. Symantec had a return on equity of 14.94% and a net margin of 2.43%. The business had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the previous year, the firm posted $0.34 EPS. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. On average, sell-side analysts forecast that Symantec will post 1.33 EPS for the current fiscal year.

In other news, EVP Samir Kapuria sold 9,674 shares of the business’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $23.12, for a total value of $223,662.88. Following the sale, the executive vice president now owns 348,470 shares of the company’s stock, valued at approximately $8,056,626.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Peter A. Feld acquired 1,325,814 shares of the company’s stock in a transaction dated Wednesday, August 14th. The stock was purchased at an average cost of $22.95 per share, for a total transaction of $30,427,431.30. Following the purchase, the director now directly owns 24,685 shares in the company, valued at approximately $566,520.75. The disclosure for this purchase can be found here. Insiders sold a total of 29,022 shares of company stock worth $678,825 in the last three months. Company insiders own 1.90% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Arcadia Investment Management Corp MI bought a new stake in shares of Symantec in the 2nd quarter worth $39,000. CX Institutional raised its stake in shares of Symantec by 40.0% in the 2nd quarter. CX Institutional now owns 3,937 shares of the technology company’s stock worth $86,000 after buying an additional 1,124 shares in the last quarter. Sanders Morris Harris LLC bought a new stake in shares of Symantec in the 2nd quarter worth $215,000. Capital Fund Management S.A. raised its stake in shares of Symantec by 39.1% in the 2nd quarter. Capital Fund Management S.A. now owns 1,037,009 shares of the technology company’s stock worth $22,565,000 after buying an additional 291,700 shares in the last quarter. Finally, Bessemer Group Inc. raised its stake in shares of Symantec by 62.7% in the 2nd quarter. Bessemer Group Inc. now owns 36,640 shares of the technology company’s stock worth $797,000 after buying an additional 14,114 shares in the last quarter. 90.70% of the stock is currently owned by institutional investors.

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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