Symantec (SYMC) Shares Gap Up to $28.77

Symantec Corporation (NASDAQ:SYMC)’s share price gapped up prior to trading on Friday . The stock had previously closed at $28.08, but opened at $28.77. Symantec shares last traded at $28.82, with a volume of 10488351 shares traded.

A number of equities analysts recently commented on SYMC shares. Piper Jaffray Companies set a $40.00 price objective on Symantec and gave the stock a “buy” rating in a report on Sunday, October 15th. Barclays restated a “buy” rating and issued a $36.00 price objective on shares of Symantec in a report on Thursday, November 2nd. Morgan Stanley dropped their price objective on Symantec from $34.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday, November 3rd. BidaskClub upgraded Symantec from a “sell” rating to a “hold” rating in a report on Tuesday, December 12th. Finally, Stifel Nicolaus restated a “hold” rating and issued a $27.00 price objective on shares of Symantec in a report on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and nine have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $32.29.

The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 1.72. The stock has a market cap of $17,840.00, a price-to-earnings ratio of -49.69, a P/E/G ratio of 2.98 and a beta of 1.07.

Symantec (NASDAQ:SYMC) last announced its quarterly earnings results on Wednesday, November 1st. The technology company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.26 by $0.14. The company had revenue of $1.28 billion for 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 company’s revenue for the quarter was up 25.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.30 earnings per share. equities research analysts forecast that Symantec Corporation will post 1.05 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 13th. Stockholders of record on Monday, November 20th were paid a $0.075 dividend. The ex-dividend date was Friday, November 17th. This represents a $0.30 annualized dividend and a dividend yield of 1.04%. Symantec’s payout ratio is -51.72%.

In other news, EVP Francis C. Rosch sold 57,103 shares of the firm’s stock in a transaction on Wednesday, December 6th. The shares were sold at an average price of $27.42, for a total value of $1,565,764.26. Following the sale, the executive vice president now owns 325,026 shares in the company, valued at $8,912,212.92. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Nicholas R. Noviello sold 375,000 shares of the firm’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $29.38, for a total transaction of $11,017,500.00. Following the completion of the sale, the chief financial officer now owns 565,319 shares in the company, valued at approximately $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. Northwestern Mutual Wealth Management Co. grew its stake in shares of Symantec by 7.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,982 shares of the technology company’s stock worth $112,000 after acquiring an additional 292 shares during the last quarter. Thrivent Financial For Lutherans grew its stake in shares of Symantec by 2.8% in the second quarter. Thrivent Financial For Lutherans now owns 23,749 shares of the technology company’s stock worth $671,000 after acquiring an additional 645 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its stake in shares of Symantec by 18.2% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 8,765 shares of the technology company’s stock worth $246,000 after acquiring an additional 1,351 shares during the last quarter. Riverhead Capital Management LLC grew its stake in shares of Symantec by 2.1% in the second quarter. Riverhead Capital Management LLC now owns 66,981 shares of the technology company’s stock worth $1,892,000 after acquiring an additional 1,358 shares during the last quarter. Finally, Scotia Capital Inc. grew its stake in shares of Symantec by 5.5% in the second quarter. Scotia Capital Inc. now owns 26,613 shares of the technology company’s stock worth $752,000 after acquiring an additional 1,385 shares during the last quarter. Institutional investors and hedge funds own 94.74% of the company’s stock.

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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.

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