Recent Analysts’ Ratings Changes for Symantec (SYMC)

Several brokerages have updated their recommendations and price targets on shares of Symantec (NASDAQ: SYMC) in the last few weeks:

  • 5/16/2018 – Symantec was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “strong sell” rating. According to Zacks, “Estimates for Symantec have been revised downward after the company provided a disappointing outlook for Q1 & FY19. Furthermore, margins are anticipated to remain under pressure due to continued shift of the company’s business model to ratable revenues, and increased investment in sales and marketing capacity, which makes us cautious about its near-term performance. Going ahead, the ongoing internal investigations related to the reporting of certain non-GAAP accounting measures, which include executive compensation too, public disclosures including commentary on the company’s historical financial results, certain forward-looking statements, stock-trading plans and retaliate, remain a major concern. The probe may throw light on serious issues which will severely cost the company in near future. The stock has underperformed the industry in a year's time.”
  • 5/16/2018 – Symantec was downgraded by analysts at Goldman Sachs from a “buy” rating to a “neutral” rating.
  • 5/15/2018 – Symantec was upgraded by analysts at Jefferies Group LLC from an “underperform” rating to a “hold” rating. They now have a $18.85 price target on the stock, down previously from $34.20.
  • 5/12/2018 – Symantec was downgraded by analysts at ValuEngine from a “sell” rating to a “strong sell” rating.
  • 5/11/2018 – Symantec had its price target lowered by analysts at Jefferies Group LLC to $20.00. They now have an “underperform” rating on the stock.
  • 5/11/2018 – Symantec was downgraded by analysts at Moffett Nathanson from a “neutral” rating to a “sell” rating. They now have a $20.00 price target on the stock.
  • 5/11/2018 – Symantec had its price target lowered by analysts at Credit Suisse Group from $30.00 to $26.00. They now have a “neutral” rating on the stock.
  • 5/11/2018 – Symantec was downgraded by analysts at BTIG Research from a “buy” rating to a “neutral” rating.
  • 5/11/2018 – Symantec was downgraded by analysts at Macquarie from an “outperform” rating to a “neutral” rating.
  • 5/11/2018 – Symantec had its “market perform” rating reaffirmed by analysts at Oppenheimer Holdings. They now have a $33.00 price target on the stock.
  • 5/11/2018 – Symantec was downgraded by analysts at UBS from an “outperform” rating to a “market perform” rating.
  • 5/11/2018 – Symantec had its “hold” rating reaffirmed by analysts at Robert W. Baird. They now have a $25.00 price target on the stock. They wrote, “Investigation [ Please refer to Appendix – Certification ] LOWERING PRICE TARGET 1-Year Price Chart J – 1 7 J – 1 7 A – 1 7 S – 1 7 O – 1 7 N – 1 7 D – 1 7 J – 1 8 F – 1 8 M – 1 8 A – 1 8 M – 1 8 3 6 3 4 3 2 3 0 2 8 2 6 2 4 2 5 3 4 $29.18 Market Cap (mil): $19,346 Shares Out (mil): 663.0 Average Daily Vol (mil): 5.32 2.1% Estimates FY 0.29 A 0.33 A 0.33 E Q2 0.30 A 0.40 A 0.38 E Q3 0.32 A 0.49 A 0.43 E Q4 0.28 A 0.46 A 0.44 E Fiscal EPS 1.18 A 1.69 A 1.58 E Previous Est 1.62 A 1.68 E FactSet and Baird Data. Price chart reflects most recent closing price. Jayson Noland, CFA Sr.””
  • 5/11/2018 – Symantec was downgraded by analysts at Barclays from an “overweight” rating to an “equal weight” rating.
  • 5/11/2018 – Symantec was downgraded by analysts at First Analysis from an “overweight” rating to an “equal weight” rating. They now have a $23.00 price target on the stock, down previously from $35.00.
  • 5/10/2018 – Symantec was downgraded by analysts at Piper Jaffray from an “overweight” rating to a “neutral” rating.
  • 5/10/2018 – Symantec was downgraded by analysts at TheStreet from a “b” rating to a “c+” rating.
  • 4/27/2018 – Symantec was downgraded by analysts at JMP Securities from an “outperform” rating to a “market perform” rating.
  • 4/26/2018 – Symantec was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating.
  • 4/11/2018 – Symantec was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating.
  • 4/9/2018 – Symantec was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. According to Zacks, “Symantec is one of the world’s leading internet security solution providers. Estimates for the stock have remained stable, of late. We believe rise in demand for cybersecurity-related products due to continuously increasing global hacking events, along with acquisitions, are likely to drive Symantec’s near-term results. Nonetheless, the company’s last few quarter’s revenues have been hurt by faster-than-expected shift to ratable and subscription-based revenue model, which makes us slightly cautious about its near-term growth prospect. Furthermore, we consider that although the sale of its certified authority business will avoid conflicts with Alphabet, the loss of high margin business may hurt its near-term profitability. Moreover, increasing competition from existing and newer companies remain headwinds. The stock has underperformed the industry in the last one year.”
  • 4/6/2018 – Symantec was upgraded by analysts at Standpoint Research from a “hold” rating to a “buy” rating.
  • 4/3/2018 – Symantec was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. According to Zacks, “Symantec is one of the world’s leading internet security solution providers. Estimates for the stock have remained stable, of late. We believe rise in demand for cybersecurity-related products due to continuously increasing global hacking events, along with acquisitions, are likely to drive Symantec’s near-term results. Nonetheless, the company’s last few quarter’s revenues have been hurt by faster-than-expected shift to ratable and subscription-based revenue model, which makes us slightly cautious about its near-term growth prospect. Furthermore, we consider that although the sale of its certified authority business will avoid conflicts with Alphabet, the loss of high margin business may hurt its near-term profitability. Moreover, increasing competition from existing and newer companies remain headwinds. The stock has underperformed the industry in the last one year.”
  • 3/23/2018 – Symantec was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. According to Zacks, “Symantec is one of the world’s leading internet security solution providers. Estimates for the stock have remained stable, of late. We believe rise in demand for cybersecurity-related products due to continuously increasing global hacking events, along with acquisitions, are likely to drive Symantec’s near-term results. Nonetheless, the company’s last few quarter’s revenues have been hurt by faster-than-expected shift to ratable and subscription-based revenue model, which makes us slightly cautious about its near-term growth prospect. Furthermore, we consider that although the sale of its certified authority business will avoid conflicts with Alphabet, the loss of high margin business may hurt its near-term profitability. Moreover, increasing competition from existing and newer companies remain headwinds. The stock has underperformed the industry in the last one year.”
  • 3/22/2018 – Symantec was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.

Shares of Symantec stock opened at $22.32 on Friday. The stock has a market cap of $13.89 billion, a PE ratio of 23.49, a PEG ratio of 3.15 and a beta of 0.86. The company has a quick ratio of 1.15, a current ratio of 1.11 and a debt-to-equity ratio of 0.99. Symantec has a twelve month low of $21.89 and a twelve month high of $22.52.

Symantec (NASDAQ:SYMC) last issued its quarterly earnings data on Thursday, May 10th. The technology company reported $0.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.07. The firm had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.19 billion. Symantec had a return on equity of 16.24% and a net margin of 23.98%. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.28 earnings per share. analysts anticipate that Symantec will post 0.85 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 20th. Stockholders of record on Friday, June 8th will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Thursday, June 7th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.34%. Symantec’s payout ratio is 31.58%.

In other news, EVP Francis C. Rosch sold 51,899 shares of the firm’s stock in a transaction dated Monday, March 5th. The stock was sold at an average price of $26.59, for a total transaction of $1,379,994.41. Following the completion of the transaction, the executive vice president now owns 213,026 shares in the company, valued at $5,664,361.34. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Suzanne M. Vautrinot sold 4,000 shares of the firm’s stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $27.72, for a total value of $110,880.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 97,183 shares of company stock valued at $2,630,726. Company insiders own 1.30% of the company’s stock.

Several institutional investors have recently modified their holdings of SYMC. Point72 Asia Hong Kong Ltd purchased a new position in Symantec in the first quarter worth about $109,000. Optimum Investment Advisors purchased a new position in Symantec in the first quarter worth about $129,000. Dupont Capital Management Corp grew its position in Symantec by 117.9% in the first quarter. Dupont Capital Management Corp now owns 5,265 shares of the technology company’s stock worth $136,000 after acquiring an additional 2,849 shares in the last quarter. Delpha Capital Management LLC purchased a new position in Symantec in the fourth quarter worth about $162,000. Finally, Genesee Valley Trust Co. purchased a new position in Symantec in the fourth quarter worth about $209,000. Hedge funds and other institutional investors own 95.18% of the company’s stock.

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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