Symantec (SYMC) Shares Gap Up on Strong Earnings

Symantec Co. (NASDAQ:SYMC) gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $17.06, but opened at $18.73. Symantec shares last traded at $19.50, with a volume of 20061337 shares trading hands.

The technology company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.09. Symantec had a net margin of 25.95% and a return on equity of 14.42%. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the previous year, the company earned $0.40 EPS. The business’s revenue was down 7.2% on a year-over-year basis.

Several equities analysts have commented on the stock. Barclays decreased their target price on shares of Symantec from $23.00 to $21.00 and set an “equal weight” rating on the stock in a report on Monday, August 6th. Stifel Nicolaus decreased their target price on shares of Symantec from $21.00 to $19.00 and set a “hold” rating on the stock in a report on Friday, August 3rd. Wedbush raised their target price on shares of Symantec from $19.00 to $21.00 and gave the company a “neutral” rating in a report on Friday. UBS Group raised shares of Symantec from a “neutral” rating to a “positive” rating in a report on Tuesday, August 21st. Finally, Zacks Investment Research raised shares of Symantec from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 10th. Two analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $22.99.

Several institutional investors have recently made changes to their positions in SYMC. Morgan Stanley grew its holdings in shares of Symantec by 154.9% during the 2nd quarter. Morgan Stanley now owns 9,064,682 shares of the technology company’s stock valued at $187,185,000 after purchasing an additional 5,508,428 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Symantec by 2,196.5% during the 2nd quarter. SG Americas Securities LLC now owns 2,705,441 shares of the technology company’s stock valued at $55,867,000 after purchasing an additional 2,587,635 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Symantec by 42.3% during the 3rd quarter. First Trust Advisors LP now owns 8,701,121 shares of the technology company’s stock valued at $185,160,000 after purchasing an additional 2,584,507 shares during the last quarter. Tobam bought a new stake in shares of Symantec during the 2nd quarter valued at approximately $39,842,000. Finally, FMR LLC grew its holdings in shares of Symantec by 53.4% during the 2nd quarter. FMR LLC now owns 4,536,913 shares of the technology company’s stock valued at $93,688,000 after purchasing an additional 1,578,770 shares during the last quarter. 92.02% of the stock is currently owned by institutional investors.

The firm has a market cap of $12.46 billion, a PE ratio of 17.26, a P/E/G ratio of 2.75 and a beta of 0.90.

About Symantec (NASDAQ:SYMC)

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.

Further Reading: Price to Earnings Ratio (PE), For Valuing Stocks

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