Symantec (NASDAQ:SYMC)‘s stock had its “hold” rating reissued by research analysts at Evercore ISI in a research note issued to investors on Monday. They presently have a $22.00 price objective on the technology company’s stock. Evercore ISI’s target price would suggest a potential upside of 11.11% from the company’s previous close.
The analysts wrote, “We continue to believe that there is room for improvement, particularly on the enterprise side of Symantec’s business, though Dale Fuller’s experience on the consumer side is likely to be of considerable value, in our view. We envision that some fresh eyes on the board may serve to help accelerate fundamental improvements (particularly on the cost side). With regards to the stock; from a fundamental standpoint we continue to believe that there is a debate on the future growth/margin mix at the company and from a technical standpoint the outstanding audit investigation remains a considerable overhang for most investors. Remain In Line rated.””
Several other equities analysts have also recently weighed in on SYMC. BidaskClub upgraded shares of Symantec from a “hold” rating to a “buy” rating in a research note on Friday, July 6th. Barclays lowered their price objective on shares of Symantec from $23.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Monday, August 6th. Morgan Stanley lowered their price objective on shares of Symantec from $26.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Monday, June 25th. Zacks Investment Research upgraded shares of Symantec from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 10th. Finally, Stifel Nicolaus lowered their price objective on shares of Symantec from $21.00 to $19.00 and set a “hold” rating on the stock in a research note on Friday, August 3rd. Four investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $24.55.
SYMC traded down $0.23 during midday trading on Monday, hitting $19.80. 3,609,871 shares of the company traded hands, compared to its average volume of 8,210,232. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.15 and a current ratio of 1.16. The stock has a market capitalization of $12.49 billion, a P/E ratio of 20.84, a P/E/G ratio of 2.83 and a beta of 0.65. Symantec has a 52 week low of $17.81 and a 52 week high of $34.20.
Symantec (NASDAQ:SYMC) last posted its earnings results on Thursday, August 2nd. The technology company reported $0.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.01. The business had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Symantec had a net margin of 25.52% and a return on equity of 14.54%. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.33 EPS. research analysts forecast that Symantec will post 0.9 EPS for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in the stock. FMR LLC increased its holdings in Symantec by 53.4% in the 2nd quarter. FMR LLC now owns 4,536,913 shares of the technology company’s stock worth $93,688,000 after acquiring an additional 1,578,770 shares in the last quarter. Nomura Holdings Inc. increased its holdings in Symantec by 1,229.6% in the 2nd quarter. Nomura Holdings Inc. now owns 723,585 shares of the technology company’s stock worth $14,942,000 after acquiring an additional 669,165 shares in the last quarter. Andra AP fonden increased its holdings in Symantec by 8.9% in the 2nd quarter. Andra AP fonden now owns 135,900 shares of the technology company’s stock worth $2,806,000 after acquiring an additional 11,100 shares in the last quarter. Global X Management Co LLC increased its holdings in Symantec by 87.6% in the 2nd quarter. Global X Management Co LLC now owns 27,329 shares of the technology company’s stock worth $564,000 after acquiring an additional 12,758 shares in the last quarter. Finally, HPM Partners LLC increased its holdings in Symantec by 9.7% in the 2nd quarter. HPM Partners LLC now owns 131,943 shares of the technology company’s stock worth $2,725,000 after acquiring an additional 11,613 shares in the last quarter. 92.27% of the stock is owned by institutional investors.
Symantec Company Profile
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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