Symantec Corporation (SYMC) Upgraded by Standpoint Research to Buy

Symantec Corporation (NASDAQ:SYMC) was upgraded by equities researchers at Standpoint Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, June 29th, Marketbeat reports.

Other equities analysts have also recently issued reports about the stock. UBS AG lowered shares of Symantec Corporation from a “buy” rating to a “neutral” rating and upped their price objective for the company from $31.00 to $33.00 in a report on Thursday, May 18th. Robert W. Baird reissued a “hold” rating on shares of Symantec Corporation in a report on Saturday, June 10th. Evercore ISI set a $25.00 target price on shares of Symantec Corporation and gave the stock a “hold” rating in a research note on Saturday, June 10th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $29.00 target price (up previously from $28.00) on shares of Symantec Corporation in a report on Thursday, May 11th. Finally, Jefferies Group LLC raised their target price on shares of Symantec Corporation from $29.00 to $31.00 and gave the company a “hold” rating in a report on Thursday, May 11th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and fifteen have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $30.71.

Shares of Symantec Corporation (SYMC) traded up 0.29% during mid-day trading on Thursday, reaching $31.03. The company’s stock had a trading volume of 3,742,288 shares. Symantec Corporation has a 12 month low of $20.38 and a 12 month high of $33.22. The firm’s market cap is $18.87 billion. The company’s 50-day moving average is $29.44 and its 200 day moving average is $29.58.

Symantec Corporation (NASDAQ:SYMC) last released its quarterly earnings data on Wednesday, May 10th. The technology company reported $0.28 EPS for the quarter, meeting the consensus estimate of $0.28. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.18 billion. Symantec Corporation had a negative net margin of 2.64% and a positive return on equity of 11.06%. During the same period in the prior year, the firm earned $0.22 EPS. The business’s revenue for the quarter was up 34.7% on a year-over-year basis. On average, equities analysts anticipate that Symantec Corporation will post $1.79 EPS for the current year.

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In related news, CFO Nicholas R. Noviello sold 27,741 shares of the company’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $32.45, for a total transaction of $900,195.45. Following the sale, the chief financial officer now directly owns 184,928 shares of the company’s stock, valued at approximately $6,000,913.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Suzanne M. Vautrinot sold 2,500 shares of the stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $28.45, for a total value of $71,125.00. The disclosure for this sale can be found here. Insiders have sold a total of 188,943 shares of company stock valued at $5,766,330 in the last quarter. Company insiders own 0.76% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in Symantec Corporation by 2,815.1% in the first quarter. BlackRock Inc. now owns 40,975,309 shares of the technology company’s stock valued at $1,257,121,000 after buying an additional 39,569,694 shares during the last quarter. Dodge & Cox acquired a new position in Symantec Corporation during the fourth quarter valued at about $180,155,000. Norges Bank purchased a new position in shares of Symantec Corporation during the fourth quarter valued at $134,284,000. FMR LLC boosted its position in shares of Symantec Corporation by 41.9% in the first quarter. FMR LLC now owns 10,420,611 shares of the technology company’s stock valued at $319,703,000 after buying an additional 3,076,263 shares in the last quarter. Finally, Janus Capital Management LLC boosted its position in shares of Symantec Corporation by 32.2% in the first quarter. Janus Capital Management LLC now owns 7,033,459 shares of the technology company’s stock valued at $215,787,000 after buying an additional 1,714,844 shares in the last quarter. 93.00% of the stock is owned by institutional investors.

About Symantec Corporation

Symantec Corporation is a United States-based cyber security company. The Company offers products under categories, such as threat protection, information protection, cyber security services and Website security. 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.

Analyst Recommendations for Symantec Corporation (NASDAQ:SYMC)

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