Symantec’s (SYMC) Hold Rating Reaffirmed at Robert W. Baird

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Robert W. Baird reissued their hold rating on shares of Symantec (NASDAQ:SYMC) in a research note published on Wednesday. The firm currently has a $22.00 price objective on the technology company’s stock.

“We maintain our Neutral rating and $22 price target into FY2Q19 earnings on November 1; we view the risk/reward profile as slightly favorable based on assumptions underlying consensus expectations. After many quarters, we think guidance and expectations appear reasonable despite competitive pressure on most parts of the business. Despite noisy headline numbers, we think the underlying results are less volatile than perceived and the business is stabilizing.”,” Robert W. Baird’s analyst commented.

Other equities research analysts also recently issued research reports about the company. BidaskClub upgraded Symantec from a hold rating to a buy rating in a report on Friday, July 6th. Barclays decreased their target price on Symantec from $23.00 to $21.00 and set an equal weight rating for the company in a research note on Monday, August 6th. Deutsche Bank boosted their target price on Symantec from $18.00 to $20.00 and gave the company a hold rating in a research note on Friday, August 17th. Stifel Nicolaus decreased their target price on Symantec from $21.00 to $19.00 and set a hold rating for the company in a research note on Friday, August 3rd. Finally, Evercore ISI reissued a hold rating and issued a $22.00 target price on shares of Symantec in a research note on Friday, August 3rd. Three equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $23.38.

NASDAQ SYMC traded up $0.38 on Wednesday, reaching $18.53. The company had a trading volume of 421,544 shares, compared to its average volume of 7,892,928. The company has a market capitalization of $11.29 billion, a PE ratio of 19.36, a P/E/G ratio of 2.49 and a beta of 0.67. Symantec has a 52 week low of $17.49 and a 52 week high of $32.95.

Symantec (NASDAQ:SYMC) last released its quarterly earnings data on Thursday, August 2nd. The technology company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.15 billion. Symantec had a return on equity of 14.54% and a net margin of 25.52%. The firm’s revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.33 earnings per share. On average, equities research analysts predict that Symantec will post 0.9 EPS for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its holdings in Symantec by 0.4% during the second quarter. BlackRock Inc. now owns 40,628,486 shares of the technology company’s stock worth $838,978,000 after acquiring an additional 145,704 shares in the last quarter. Morgan Stanley raised its stake in Symantec by 154.9% in the second quarter. Morgan Stanley now owns 9,064,682 shares of the technology company’s stock valued at $187,185,000 after buying an additional 5,508,428 shares during the period. First Trust Advisors LP raised its stake in Symantec by 42.3% in the third quarter. First Trust Advisors LP now owns 8,701,121 shares of the technology company’s stock valued at $185,160,000 after buying an additional 2,584,507 shares during the period. FMR LLC raised its stake in Symantec by 53.4% in the second quarter. FMR LLC now owns 4,536,913 shares of the technology company’s stock valued at $93,688,000 after buying an additional 1,578,770 shares during the period. Finally, Beutel Goodman & Co Ltd. raised its stake in Symantec by 7.3% in the third quarter. Beutel Goodman & Co Ltd. now owns 4,385,558 shares of the technology company’s stock valued at $72,196,000 after buying an additional 298,310 shares during the period. Institutional investors and hedge funds own 92.02% of the company’s stock.

Symantec Company Profile

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.

Read More: Understanding Price to Earnings Ratio (PE)

Analyst Recommendations for Symantec (NASDAQ:SYMC)

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