No security: Symantec shares plunge 33 percent on disclosure of internal investigation

Gladys Abbott
May 12, 2018

The analysts tracking the company's stock responded sharply as well, with at least nine lowering their price targets so far. The stock's average target of $28.78 is -1.37% below today's ($29.18) share price. Lenox Wealth Advisors Inc. bought a new position in Symantec during the fourth quarter valued at approximately $224,000. On Thursday, February 1 Bank of America maintained Symantec Corporation (NASDAQ:SYMC) rating. The stock of Symantec Corporation (NASDAQ:SYMC) has "Sector Perform" rating given on Wednesday, August 12 by RBC Capital Markets. More interesting news about Symantec Corporation (NASDAQ:SYMC) were released by: Nasdaq.com and their article: "Symantec Corporation Stock Plummets On Weak Y2019 Guidance" published on May 11, 2018 as well as Streetinsider.com's news article titled: "S&P, Dow edge higher on healthcare gains, tech drags" with publication date: May 11, 2018. A stock that has a beta score higher than 1 means that volatility is high, while less than 1 means that volatility is low.

Analysts are also projecting an Average Revenue Estimate for Symantec Corporation as $1.19 Million in the Current Quarter. Evercore ISI restated a "hold" rating and issued a $25.00 target price on shares of Symantec in a report on Thursday, February 1st.

The world's No. 1 maker of cybersecurity software said fiscal first-quarter profit will be 31 cents to 35 cents per share, compared with an estimate of 41 cents, according to data compiled by Bloomberg. Symantec had a net margin of 22.24% and a return on equity of 14.26%. While in the same Quarter Previous year, the Actual EPS was $0.28.

On a conference call Thursday, Symantec officials didn't take any questions from Wall Street analysts, and kept their comments only to a set of prepared remarks about its investigation and fiscal fourth-quarter results. Other Wall Street experts have also recently posted reports on these shares. Jefferies downgraded the stock to "Underperform" rating in Thursday, January 18 report.

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The consensus recommendation, according to Zacks Investment research, is 2.8.

Among 32 analysts covering Symantec (NASDAQ:SYMC), 10 have Buy rating, 3 Sell and 19 Hold. Also, EVP Scott C. Taylor sold 41,284 shares of the firm's stock in a transaction on Monday, April 16th. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Cowen & Co maintained the shares of SYMC in report on Thursday, February 1 with "Sell" rating. About 56.47 million shares traded or 983.92% up from the average. The disclosure for this sale can be found here.

Symantec provides security, storage, and systems management solutions to help businesses and consumers secure and manage their information. It operates through two segments, Consumer Digital Safety and Enterprise Security.

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