Symantec Corporation (SYMC) Receives $32.30 Consensus Target Price from Analysts

Shares of Symantec Corporation (NASDAQ:SYMC) have earned a consensus recommendation of “Hold” from the twenty-eight research firms that are presently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and nine have assigned a buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $32.30.

Several research firms have recently weighed in on SYMC. Zacks Investment Research upgraded Symantec from a “sell” rating to a “hold” rating in a research note on Tuesday. Deutsche Bank began coverage on Symantec in a research note on Tuesday, December 19th. They set a “hold” rating and a $30.00 price target for the company. BidaskClub downgraded Symantec from a “hold” rating to a “sell” rating in a research note on Tuesday, December 19th. Stifel Nicolaus reiterated a “hold” rating and set a $27.00 price target on shares of Symantec in a research note on Friday, November 3rd. Finally, Morgan Stanley cut their price target on Symantec from $34.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday, November 3rd.

In other news, EVP Francis C. Rosch sold 57,103 shares of the stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $27.42, for a total transaction of $1,565,764.26. Following the transaction, the executive vice president now directly owns 325,026 shares in the company, valued at approximately $8,912,212.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Nicholas R. Noviello sold 375,000 shares of the stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $29.38, for a total value of $11,017,500.00. Following the transaction, the chief financial officer now owns 565,319 shares in the company, valued at $16,609,072.22. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Capital World Investors increased its position in shares of Symantec by 3.7% during the 2nd quarter. Capital World Investors now owns 75,819,338 shares of the technology company’s stock valued at $2,141,896,000 after purchasing an additional 2,695,567 shares during the last quarter. Vanguard Group Inc. grew its position in Symantec by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 61,195,217 shares of the technology company’s stock worth $1,728,766,000 after acquiring an additional 757,092 shares during the last quarter. Jackson Square Partners LLC grew its position in Symantec by 5.0% during the 2nd quarter. Jackson Square Partners LLC now owns 20,071,586 shares of the technology company’s stock worth $567,022,000 after acquiring an additional 964,537 shares during the last quarter. Coatue Management LLC grew its position in Symantec by 4.3% during the 2nd quarter. Coatue Management LLC now owns 17,902,408 shares of the technology company’s stock worth $505,743,000 after acquiring an additional 743,961 shares during the last quarter. Finally, Capital Research Global Investors grew its position in Symantec by 1,784.9% during the 2nd quarter. Capital Research Global Investors now owns 14,305,855 shares of the technology company’s stock worth $404,140,000 after acquiring an additional 13,546,895 shares during the last quarter. Hedge funds and other institutional investors own 94.74% of the company’s stock.

Shares of Symantec (SYMC) traded up $0.54 during trading hours on Tuesday, reaching $29.51. The company’s stock had a trading volume of 5,086,312 shares, compared to its average volume of 5,045,575. The company has a market cap of $18,300.00, a P/E ratio of -50.88, a PEG ratio of 2.92 and a beta of 1.07. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.12 and a quick ratio of 1.12. Symantec has a 52-week low of $24.55 and a 52-week high of $34.20.

Symantec (NASDAQ:SYMC) last posted its quarterly earnings results on Wednesday, November 1st. The technology company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.14. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.27 billion. Symantec had a positive return on equity of 12.33% and a negative net margin of 5.29%. The firm’s quarterly revenue was up 25.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.30 EPS. sell-side analysts forecast that Symantec will post 1.05 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 13th. Shareholders of record on Monday, November 20th were issued a $0.075 dividend. The ex-dividend date of this dividend was Friday, November 17th. This represents a $0.30 annualized dividend and a dividend yield of 1.02%. Symantec’s payout ratio is currently -51.72%.

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About Symantec

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.

Analyst Recommendations for Symantec (NASDAQ:SYMC)

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