Symantec (SYMC) Coverage Initiated by Analysts at Wedbush

Research analysts at Wedbush started coverage on shares of Symantec (NASDAQ:SYMC) in a report issued on Thursday, Marketbeat reports. The firm set a “neutral” rating and a $19.00 price target on the technology company’s stock. Wedbush’s price target suggests a potential downside of 3.41% from the stock’s previous close.

Several other analysts also recently weighed in on SYMC. BidaskClub downgraded shares of Symantec from a “buy” rating to a “hold” rating in a report on Tuesday, June 26th. Morgan Stanley dropped their target price on shares of Symantec from $26.00 to $23.00 and set an “equal weight” rating for the company in a report on Monday, June 25th. UBS Group dropped their target price on shares of Symantec from $23.00 to $21.00 and set a “neutral” rating for the company in a report on Friday, August 3rd. Stifel Nicolaus dropped their target price on shares of Symantec from $21.00 to $19.00 and set a “hold” rating for the company in a report on Friday, August 3rd. Finally, Cowen upgraded shares of Symantec from an “underperform” rating to a “market perform” rating in a report on Tuesday. Three research analysts have rated the stock with a sell rating, twenty have issued a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $23.55.

Symantec stock opened at $19.67 on Thursday. Symantec has a fifty-two week low of $17.81 and a fifty-two week high of $32.95. The company has a market capitalization of $12.79 billion, a P/E ratio of 20.71, a P/E/G ratio of 2.89 and a beta of 0.67.

Symantec (NASDAQ:SYMC) last posted its earnings results on Thursday, August 2nd. The technology company reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.01. Symantec had a net margin of 25.52% and a return on equity of 14.54%. The firm had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the firm earned $0.33 EPS. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. Equities analysts expect that Symantec will post 0.9 earnings per share for the current fiscal year.

Several large investors have recently bought and sold shares of the business. Cornerstone Wealth Management LLC grew its stake in shares of Symantec by 53.4% in the third quarter. Cornerstone Wealth Management LLC now owns 32,630 shares of the technology company’s stock worth $1,000,000 after acquiring an additional 11,364 shares in the last quarter. Oakbrook Investments LLC acquired a new position in shares of Symantec in the third quarter worth $1,352,000. Aperio Group LLC grew its stake in shares of Symantec by 19.5% in the third quarter. Aperio Group LLC now owns 315,063 shares of the technology company’s stock worth $6,705,000 after acquiring an additional 51,366 shares in the last quarter. Gateway Investment Advisers LLC grew its stake in shares of Symantec by 19.4% in the third quarter. Gateway Investment Advisers LLC now owns 469,507 shares of the technology company’s stock worth $9,991,000 after acquiring an additional 76,213 shares in the last quarter. Finally, Andra AP fonden grew its stake in shares of Symantec by 22.1% in the third quarter. Andra AP fonden now owns 165,900 shares of the technology company’s stock worth $3,530,000 after acquiring an additional 30,000 shares in the last quarter. Institutional investors and hedge funds own 92.18% 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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Analyst Recommendations for Symantec (NASDAQ:SYMC)

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