Symantec (SYMC) Price Target Cut to $22.00

Symantec (NASDAQ:SYMC) had its target price lowered by stock analysts at Mizuho from $25.00 to $22.00 in a research note issued on Friday, BenzingaRatingsTable reports. The firm presently has a “neutral” rating on the technology company’s stock. Mizuho’s target price would indicate a potential upside of 17.04% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Robert W. Baird reaffirmed a “hold” rating on shares of Symantec in a report on Friday. Jefferies Financial Group decreased their price target on Symantec from $22.00 to $19.00 and set a “hold” rating for the company in a report on Friday. Goldman Sachs Group raised Symantec from a “neutral” rating to a “buy” rating and increased their price target for the stock from $23.00 to $28.00 in a report on Monday, April 8th. Wedbush reaffirmed a “neutral” rating and set a $19.00 price target (down from $24.00) on shares of Symantec in a report on Friday. Finally, Zacks Investment Research downgraded Symantec from a “buy” rating to a “hold” rating in a report on Wednesday, April 3rd. Four equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $22.67.

Shares of SYMC traded down $3.37 during mid-day trading on Friday, reaching $18.80. 13,274,990 shares of the company’s stock were exchanged, compared to its average volume of 5,136,157. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.75. The firm has a market cap of $14.08 billion, a PE ratio of 19.79, a price-to-earnings-growth ratio of 2.05 and a beta of 1.09. Symantec has a 52-week low of $17.42 and a 52-week high of $29.20.

Symantec (NASDAQ:SYMC) last announced its earnings results on Thursday, May 9th. The technology company reported $0.39 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.39. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.21 billion. Symantec had a negative net margin of 0.86% and a positive return on equity of 13.24%. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period last year, the firm posted $0.46 earnings per share. As a group, equities research analysts forecast that Symantec will post 1.16 EPS for the current fiscal year.

In other news, SVP Amy L. Cappellanti-Wolf sold 18,321 shares of Symantec stock in a transaction on Thursday, February 14th. The stock was sold at an average price of $23.05, for a total transaction of $422,299.05. Following the completion of the transaction, the senior vice president now owns 276,640 shares of the company’s stock, valued at approximately $6,376,552. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Gregory S. Clark sold 61,170 shares of Symantec stock in a transaction on Friday, April 12th. The stock was sold at an average price of $24.00, for a total value of $1,468,080.00. Following the transaction, the insider now directly owns 1,565,007 shares of the company’s stock, valued at approximately $37,560,168. The disclosure for this sale can be found here. Insiders have sold a total of 1,116,703 shares of company stock valued at $26,033,682 in the last ninety days. Corporate insiders own 1.90% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. increased its position in Symantec by 59.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 152,865 shares of the technology company’s stock worth $2,889,000 after purchasing an additional 57,015 shares in the last quarter. Strs Ohio increased its position in Symantec by 6,355.7% during the 1st quarter. Strs Ohio now owns 507,867 shares of the technology company’s stock worth $11,675,000 after purchasing an additional 500,000 shares in the last quarter. Matrix Asset Advisors Inc. NY increased its position in Symantec by 10.1% during the 4th quarter. Matrix Asset Advisors Inc. NY now owns 229,857 shares of the technology company’s stock worth $4,343,000 after purchasing an additional 21,003 shares in the last quarter. IFM Investors Pty Ltd increased its position in Symantec by 10.8% during the 4th quarter. IFM Investors Pty Ltd now owns 36,229 shares of the technology company’s stock worth $685,000 after purchasing an additional 3,523 shares in the last quarter. Finally, Nissay Asset Management Corp Japan ADV increased its position in Symantec by 3.1% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 46,701 shares of the technology company’s stock worth $883,000 after purchasing an additional 1,388 shares in the last quarter. Hedge funds and other institutional investors own 89.98% of the company’s stock.

Symantec Company Profile

Symantec Corporation provides cybersecurity products, services, and solutions worldwide. The company operates through two segments, Enterprise Security and Consumer Digital Safety. The Enterprise Security segment provides endpoint and information protection products, including endpoint security, advanced threat protection, and information protection solutions and their related support services; and network and Web security products, such as network security, Web security, and cloud security solutions and their related support services.

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Analyst Recommendations for Symantec (NASDAQ:SYMC)

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