Symantec Corporation (SYMC) Sees Large Drop in Short Interest

Symantec Corporation (NASDAQ:SYMC) saw a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 18,461,480 shares, a decline of 15.5% from the October 13th total of 21,842,409 shares. Based on an average daily trading volume, of 3,447,889 shares, the short-interest ratio is presently 5.4 days. Approximately 3.0% of the company’s shares are short sold.

Shares of Symantec Corporation (SYMC) opened at $28.28 on Friday. The stock has a market cap of $17,530.00, a PE ratio of 44.60, a PEG ratio of 2.84 and a beta of 1.12. 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 Corporation has a 12 month low of $23.20 and a 12 month high of $34.20.

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

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 13th. Stockholders of record on Monday, November 20th will be paid a $0.075 dividend. The ex-dividend date of this dividend is Friday, November 17th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.06%. Symantec Corporation’s dividend payout ratio (DPR) is presently -51.72%.

Several equities analysts recently weighed in on SYMC shares. Zacks Investment Research lowered shares of Symantec Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, October 3rd. Moffett Nathanson started coverage on shares of Symantec Corporation in a report on Wednesday, September 6th. They set a “neutral” rating and a $33.00 target price on the stock. Credit Suisse Group started coverage on shares of Symantec Corporation in a report on Tuesday, September 5th. They set an “outperform” rating and a $36.00 target price on the stock. Barclays PLC restated a “buy” rating and set a $36.00 target price on shares of Symantec Corporation in a report on Thursday, November 2nd. Finally, Morgan Stanley reduced their target price on shares of Symantec Corporation from $34.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday, November 3rd. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and ten have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $32.39.

In other news, SVP Amy L. Cappellanti-Wolf sold 2,163 shares of the business’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $29.85, for a total transaction of $64,565.55. Following the completion of the sale, the senior vice president now directly owns 115,997 shares of the company’s stock, valued at approximately $3,462,510.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Amy L. Cappellanti-Wolf sold 927 shares of the business’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $30.00, for a total transaction of $27,810.00. Following the sale, the senior vice president now directly owns 112,907 shares of the company’s stock, valued at $3,387,210. The disclosure for this sale can be found here. Insiders have sold a total of 671,985 shares of company stock valued at $20,028,343 over the last three months. Corporate insiders own 1.30% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. Capital World Investors grew its position in shares of Symantec Corporation 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 buying an additional 2,695,567 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Symantec Corporation by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 61,195,217 shares of the technology company’s stock valued at $1,728,766,000 after buying an additional 757,092 shares during the last quarter. Jackson Square Partners LLC grew its position in shares of Symantec Corporation by 5.0% during the 2nd quarter. Jackson Square Partners LLC now owns 20,071,586 shares of the technology company’s stock valued at $567,022,000 after buying an additional 964,537 shares during the last quarter. Coatue Management LLC grew its position in shares of Symantec Corporation by 4.3% during the 2nd quarter. Coatue Management LLC now owns 17,902,408 shares of the technology company’s stock valued at $505,743,000 after buying an additional 743,961 shares during the last quarter. Finally, Capital Research Global Investors grew its position in shares of Symantec Corporation by 1,784.9% during the 2nd quarter. Capital Research Global Investors now owns 14,305,855 shares of the technology company’s stock valued at $404,140,000 after buying an additional 13,546,895 shares during the last quarter. 90.39% of the stock is owned by institutional investors and hedge funds.

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About Symantec Corporation

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.

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