Wall Street analysts expect that Symantec Corporation (NASDAQ:SYMC) will post sales of $1.19 billion for the current quarter, Zacks Investment Research reports. Eight analysts have made estimates for Symantec’s earnings, with estimates ranging from $1.19 billion to $1.20 billion. Symantec posted sales of $1.12 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 6.3%. The business is expected to announce its next earnings results on Wednesday, May 9th.
According to Zacks, analysts expect that Symantec will report full year sales of $1.19 billion for the current financial year, with estimates ranging from $4.93 billion to $4.94 billion. For the next financial year, analysts forecast that the company will post sales of $4.94 billion per share, with estimates ranging from $4.80 billion to $5.12 billion. Zacks’ sales averages are an average based on a survey of research firms that follow Symantec.
Symantec (NASDAQ:SYMC) last posted its quarterly earnings data on Wednesday, January 31st. The technology company reported $0.49 EPS for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.05. Symantec had a net margin of 22.24% and a return on equity of 14.26%. The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period in the prior year, the firm posted $0.32 EPS. The company’s quarterly revenue was up 13.4% on a year-over-year basis.
A number of research analysts recently issued reports on SYMC shares. BidaskClub downgraded shares of Symantec from a “sell” rating to a “strong sell” rating in a research report on Saturday, January 13th. Morgan Stanley dropped 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 report on Friday, November 3rd. Credit Suisse Group downgraded shares of Symantec from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $36.00 to $30.00 in a research report on Monday, January 22nd. CIBC reiterated an “outperform” rating and set a $33.00 target price (down previously from $35.00) on shares of Symantec in a research report on Thursday, November 2nd. Finally, Zacks Investment Research upgraded shares of Symantec from a “sell” rating to a “hold” rating in a research report on Tuesday, January 2nd. Four research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and eight have issued a buy rating to the company’s stock. Symantec presently has an average rating of “Hold” and an average target price of $30.92.
In related news, EVP Francis C. Rosch sold 57,103 shares of the stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $27.42, for a total transaction of $1,565,764.26. Following the completion of the transaction, the executive vice president now owns 325,026 shares in the company, valued at $8,912,212.92. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.30% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the business. Strs Ohio boosted its position in Symantec by 3.5% during the third quarter. Strs Ohio now owns 47,434 shares of the technology company’s stock worth $1,556,000 after purchasing an additional 1,619 shares during the period. Raymond James Financial Services Advisors Inc. boosted its position in Symantec by 6.7% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 27,997 shares of the technology company’s stock worth $919,000 after purchasing an additional 1,762 shares during the period. Ledyard National Bank boosted its position in Symantec by 13.6% during the fourth quarter. Ledyard National Bank now owns 15,870 shares of the technology company’s stock worth $445,000 after purchasing an additional 1,905 shares during the period. Xact Kapitalforvaltning AB boosted its position in Symantec by 2.3% during the third quarter. Xact Kapitalforvaltning AB now owns 92,043 shares of the technology company’s stock worth $3,020,000 after purchasing an additional 2,107 shares during the period. Finally, Bessemer Group Inc. boosted its position in Symantec by 22.8% during the third quarter. Bessemer Group Inc. now owns 11,435 shares of the technology company’s stock worth $375,000 after purchasing an additional 2,124 shares during the period. Hedge funds and other institutional investors own 91.54% of the company’s stock.
Symantec (NASDAQ:SYMC) traded down $0.15 during trading on Friday, hitting $27.55. 7,371,200 shares of the company were exchanged, compared to its average volume of 7,725,836. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 1.13. Symantec has a 52 week low of $24.94 and a 52 week high of $34.20. The firm has a market cap of $17,080.00, a P/E ratio of 105.96, a PEG ratio of 3.15 and a beta of 0.89.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 14th. Investors of record on Tuesday, February 20th will be given a dividend of $0.075 per share. The ex-dividend date is Friday, February 16th. This represents a $0.30 annualized dividend and a yield of 1.09%. Symantec’s payout ratio is currently 115.38%.
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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.
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