According to Zacks, “Symantec suffered weak Q4 results wherein both earnings and revenues fell on a year-over-year basis. The company is hurt by a drop in the enterprise bookings, softening its Enterprise Security segment. Low ProxySG refresh cycle and tepid sales of cloud proxy, Web Security Services, mailnly due to competition loss to Zscale, is a concern. Further, rising costs in the Enterprise business are expected to keep margins under pressure in the near term. Also, leak guidance provided by the company and the abrupt departure of CEO Greg Clark are likely to leave the stock stressed. Shares of the company have underperformed the industry year to date. However, solid demand for cybersecurity-related products and an increase in the global IT security spending due to menacingly growing global hacking events are a positive. Moreover, Symantec's innovative products and solutions will help it win customers, thereby increasing its business volume.”
A number of other equities research analysts have also recently commented on SYMC. Robert W. Baird reissued a “hold” rating and issued a $25.00 price objective on shares of Symantec in a research note on Friday, February 1st. Credit Suisse Group reissued a “hold” rating and issued a $23.00 price objective on shares of Symantec in a research note on Friday, February 1st. Evercore ISI reissued a “hold” rating and issued a $22.00 price objective on shares of Symantec in a research note on Monday, February 4th. Mizuho started coverage on Symantec in a research note on Tuesday, March 26th. They issued a “neutral” rating and a $25.00 price objective for the company. Finally, Goldman Sachs Group raised Symantec from a “neutral” rating to a “buy” rating and raised their price objective for the company from $23.00 to $28.00 in a research note on Monday, April 8th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $22.13.
NASDAQ SYMC traded up $0.02 during trading hours on Wednesday, hitting $19.49. 268,700 shares of the company’s stock were exchanged, compared to its average volume of 6,047,385. Symantec has a 1-year low of $17.42 and a 1-year high of $24.77. The stock has a market capitalization of $12.23 billion, a P/E ratio of 16.66, a P/E/G ratio of 1.79 and a beta of 1.09. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.85 and a quick ratio of 1.02.
Symantec (NASDAQ:SYMC) last announced its quarterly earnings data on Thursday, May 9th. The technology company reported $0.39 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.39. Symantec had a return on equity of 13.05% and a net margin of 0.59%. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter last year, the firm posted $0.46 earnings per share. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. Equities analysts expect that Symantec will post 1.35 earnings per share for the current year.
In related news, VP Matthew Charles Brown sold 5,393 shares of Symantec stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $21.90, for a total transaction of $118,106.70. Following the sale, the vice president now directly owns 58,514 shares in the company, valued at $1,281,456.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Amy L. Cappellanti-Wolf sold 18,321 shares of Symantec stock in a transaction on Thursday, February 14th. The stock was sold at an average price of $23.05, for a total value of $422,299.05. Following the sale, the senior vice president now owns 276,640 shares in the company, valued at $6,376,552. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,116,703 shares of company stock worth $26,033,682. 1.90% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the stock. Covington Capital Management bought a new stake in Symantec during the fourth quarter worth $28,000. PRW Wealth Management LLC bought a new stake in shares of Symantec in the fourth quarter valued at $30,000. Parisi Gray Wealth Management bought a new stake in shares of Symantec in the fourth quarter valued at $45,000. CX Institutional raised its stake in shares of Symantec by 133.1% in the first quarter. CX Institutional now owns 2,813 shares of the technology company’s stock valued at $65,000 after buying an additional 1,606 shares during the period. Finally, Mizuho Securities Co. Ltd. bought a new stake in shares of Symantec in the first quarter valued at $76,000. Institutional investors and hedge funds own 89.96% of the company’s stock.
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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