Wedbush Raises Symantec (SYMC) Price Target to $21.00

Symantec (NASDAQ:SYMC) had its target price increased by equities researchers at Wedbush from $19.00 to $21.00 in a report released on Friday. The firm currently has a “neutral” rating on the technology company’s stock. Wedbush’s price objective points to a potential upside of 7.69% from the company’s previous close.

SYMC has been the topic of a number of other reports. BidaskClub lowered shares of Symantec from a “buy” rating to a “hold” rating in a research note on Tuesday, July 24th. Susquehanna Bancshares upgraded shares of Symantec from a “neutral” rating to a “positive” rating and lifted their price objective for the company from $21.00 to $23.00 in a research note on Tuesday, August 21st. Stifel Nicolaus lifted their price objective on shares of Symantec from $20.00 to $22.00 and gave the company a “hold” rating in a research note on Tuesday, September 25th. Bank of America dropped their price objective on shares of Symantec from $21.00 to $19.00 and set an “underperform” rating on the stock in a research note on Monday, July 30th. Finally, Robert W. Baird restated a “hold” rating and issued a $22.00 price objective on shares of Symantec in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and three have issued a buy rating to the company. Symantec presently has a consensus rating of “Hold” and a consensus target price of $23.11.

NASDAQ SYMC opened at $19.50 on Friday. The firm has a market capitalization of $12.46 billion, a price-to-earnings ratio of 20.53, a price-to-earnings-growth ratio of 2.75 and a beta of 0.90. Symantec has a one year low of $17.49 and a one year high of $29.95.

Symantec (NASDAQ:SYMC) last posted its quarterly earnings data on Thursday, November 1st. The technology company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.09. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.14 billion. Symantec had a net margin of 25.95% and a return on equity of 14.42%. Symantec’s quarterly revenue was down 7.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.40 earnings per share. Equities research analysts anticipate that Symantec will post 0.9 EPS for the current year.

Institutional investors have recently modified their holdings of the company. Tobam acquired a new position in shares of Symantec during the second quarter worth about $39,842,000. Morgan Stanley increased its stake in shares of Symantec by 154.9% during the second quarter. Morgan Stanley now owns 9,064,682 shares of the technology company’s stock worth $187,185,000 after acquiring an additional 5,508,428 shares during the period. Clinton Group Inc. acquired a new position in shares of Symantec during the second quarter worth about $1,928,000. Bridgewater Associates LP increased its stake in shares of Symantec by 84.6% during the second quarter. Bridgewater Associates LP now owns 55,261 shares of the technology company’s stock worth $1,141,000 after acquiring an additional 25,319 shares during the period. Finally, Crosslink Capital Inc. acquired a new position in shares of Symantec during the second quarter worth about $9,798,000. Institutional investors and hedge funds own 92.02% of the company’s stock.

About Symantec

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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