Symantec Corporation (SYMC) Earns “Buy” Rating from Piper Jaffray Companies

Symantec Corporation (NASDAQ:SYMC)‘s stock had its “buy” rating reiterated by equities research analysts at Piper Jaffray Companies in a research report issued to clients and investors on Tuesday. They currently have a $40.00 target price on the technology company’s stock. Piper Jaffray Companies’ price objective would suggest a potential upside of 18.59% from the company’s current price.

A number of other brokerages have also recently issued reports on SYMC. MKM Partners reiterated a “neutral” rating and set a $30.00 price objective (up previously from $26.00) on shares of Symantec Corporation in a research note on Monday, May 15th. Zacks Investment Research cut Symantec Corporation from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 16th. Royal Bank Of Canada reiterated a “hold” rating and set a $32.00 price objective on shares of Symantec Corporation in a research note on Monday, July 31st. Robert W. Baird reiterated a “hold” rating on shares of Symantec Corporation in a research note on Thursday, August 3rd. Finally, Evercore ISI set a $25.00 price objective on Symantec Corporation and gave the company a “hold” rating in a research note on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and fourteen have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $31.48.

Symantec Corporation (NASDAQ SYMC) traded up 2.99% during midday trading on Tuesday, hitting $33.73. The stock had a trading volume of 9,938,543 shares. Symantec Corporation has a 12 month low of $22.76 and a 12 month high of $33.87. The company’s market cap is $20.67 billion. The firm’s 50-day moving average price is $29.65 and its 200 day moving average price is $29.99.

Symantec Corporation (NASDAQ:SYMC) last announced its quarterly earnings data on Wednesday, August 2nd. The technology company reported $0.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.03. The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Symantec Corporation had a positive return on equity of 10.73% and a negative net margin of 8.68%. The firm’s quarterly revenue was up 38.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.29 earnings per share. On average, analysts expect that Symantec Corporation will post $1.81 earnings per share for the current fiscal year.

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In other Symantec Corporation news, Director Anita M. Sands sold 2,000 shares of the business’s stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $30.00, for a total transaction of $60,000.00. Following the completion of the sale, the director now owns 43,386 shares of the company’s stock, valued at $1,301,580. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Suzanne M. Vautrinot sold 2,500 shares of the business’s stock in a transaction dated Monday, July 3rd. The shares were 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 1,657,621 shares of company stock valued at $48,174,811 in the last three months. 1.30% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in the company. Capital World Investors lifted its position in shares of Symantec Corporation by 3.7% in the second quarter. Capital World Investors now owns 75,819,338 shares of the technology company’s stock valued at $2,141,896,000 after acquiring an additional 2,695,567 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Symantec Corporation by 1.3% in the second quarter. Vanguard Group Inc. now owns 61,195,217 shares of the technology company’s stock valued at $1,728,766,000 after acquiring an additional 757,092 shares in the last quarter. BlackRock Inc. lifted its position in shares of 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 acquiring an additional 39,569,694 shares in the last quarter. State Street Corp lifted its position in shares of Symantec Corporation by 1.7% in the first quarter. State Street Corp now owns 27,978,710 shares of the technology company’s stock valued at $858,386,000 after acquiring an additional 464,913 shares in the last quarter. Finally, Jackson Square Partners LLC lifted its position in shares of Symantec Corporation by 5.0% in the second quarter. Jackson Square Partners LLC now owns 20,071,586 shares of the technology company’s stock valued at $567,022,000 after acquiring an additional 964,537 shares in the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

Symantec Corporation Company Profile

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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