Today’s Stock On Watch: What’s Ahead for Symantec Corporation After Touching 52-Week High?

Today's Stock On Watch: What's Ahead for Symantec Corporation After Touching 52 Week High?

The stock of Symantec Corporation (NASDAQ:SYMC) hit a new 52-week high and has $33.68 target or 33.00% above today’s $25.32 share price. The 5 months bullish chart indicates low risk for the $15.85B company. The 1-year high was reported on Oct, 5 by Barchart.com. If the $33.68 price target is reached, the company will be worth $5.23 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 752,320 shares traded hands. Symantec Corporation (NASDAQ:SYMC) has risen 23.71% since March 2, 2016 and is uptrending. It has outperformed by 15.46% the S&P500.

Analysts await Symantec Corporation (NASDAQ:SYMC) to report earnings on November, 3. They expect $0.15 earnings per share, down 58.33% or $0.21 from last year’s $0.36 per share. SYMC’s profit will be $93.86 million for 42.22 P/E if the $0.15 EPS becomes a reality. After $0.23 actual earnings per share reported by Symantec Corporation for the previous quarter, Wall Street now forecasts -34.78% negative EPS growth.

Symantec Corporation (NASDAQ:SYMC) Ratings Coverage

Out of 19 analysts covering Symantec (NASDAQ:SYMC), 9 rate it a “Buy”, 0 “Sell”, while 10 “Hold”. This means 47% are positive. Symantec has been the topic of 39 analyst reports since August 11, 2015 according to StockzIntelligence Inc. The stock has “Neutral” rating given by Goldman Sachs on Monday, March 21. The stock of Symantec Corporation (NASDAQ:SYMC) earned “Outperform” rating by Credit Suisse on Tuesday, August 11. On Wednesday, August 12 the stock rating was maintained by RBC Capital Markets with “Sector Perform”. As per Friday, April 29, the company rating was downgraded by Raymond James. The firm earned “Buy” rating on Tuesday, August 11 by Citigroup. Guggenheim initiated the stock with “Buy” rating in Thursday, September 15 report. As per Thursday, April 28, the company rating was maintained by Wunderlich. The rating was maintained by RBC Capital Markets on Friday, August 5 with “Outperform”. The rating was initiated by Barclays Capital with “Equal-Weight” on Friday, August 5. Citigroup upgraded Symantec Corporation (NASDAQ:SYMC) on Friday, August 19 to “Buy” rating.

According to Zacks Investment Research, “Symantec, a world leader in Internet security technology, provides a broad range of content security solutions to individuals and companies. The company is a leading provider of anti-virus protection, Internet content and e-mail filtering, and mobile code detection technologies to enterprise customers.”

Insitutional Activity: The institutional sentiment decreased to 0.8 in 2016 Q2. Its down 0.06, from 0.86 in 2016Q1. The ratio dropped, as 62 funds sold all Symantec Corporation shares owned while 194 reduced positions. 62 funds bought stakes while 144 increased positions. They now own 560.92 million shares or 1.60% less from 570.06 million shares in 2016Q1.
Deere & holds 29,347 shares or 0.03% of its portfolio. Managed Asset Portfolios Lc reported 368,500 shares or 3.32% of all its holdings. Rhumbline Advisers reported 939,180 shares or 0.06% of all its holdings. Synovus Finance holds 0% or 400 shares in its portfolio. Vanguard accumulated 0.07% or 55.08M shares. Shell Asset Mngmt holds 113,170 shares or 0.05% of its portfolio. Lpl Ltd Liability Corporation holds 38,292 shares or 0.01% of its portfolio. Schroder Inv Management Gp reported 4.56 million shares or 0.19% of all its holdings. Advisory Service holds 0.06% or 15,615 shares in its portfolio. Moreover, Eaton Vance Mgmt has 0.01% invested in Symantec Corporation (NASDAQ:SYMC) for 172,729 shares. Federated Inc Pa holds 2.53 million shares or 0.15% of its portfolio. California State Teachers Retirement Sys last reported 1.33 million shares in the company. Blackrock Inc last reported 0.05% of its portfolio in the stock. Moreover, Manchester Cap Mngmt Ltd Liability has 0% invested in Symantec Corporation (NASDAQ:SYMC) for 1,511 shares. British Columbia Investment Mgmt holds 0.05% of its portfolio in Symantec Corporation (NASDAQ:SYMC) for 297,186 shares.

Insider Transactions: Since June 14, 2016, the stock had 0 insider purchases, and 5 insider sales for $838,083 net activity. Rosch Francis C also sold $83,000 worth of Symantec Corporation (NASDAQ:SYMC) shares. On Tuesday, July 5 the insider Vautrinot Suzanne M sold $76,463. Cappellanti-Wolf Amy L. sold $385,026 worth of Symantec Corporation (NASDAQ:SYMC) on Thursday, September 15. $222,344 worth of Symantec Corporation (NASDAQ:SYMC) was sold by Garfield Mark S..

More important recent Symantec Corporation (NASDAQ:SYMC) news were published by: Profitconfidential.com which released: “Symantec Corporation: Why SYMC Stock Can Gain 20%” on October 05, 2016, also Twst.com published article titled: “Symantec Corporation: 10/05 Symantec Selects VMware AirWatch to Build Enhanced …”, Profitconfidential.com published: “Symantec Corporation: SYMC Stock Needs a Handle to Really Soar” on September 16, 2016. More interesting news about Symantec Corporation (NASDAQ:SYMC) was released by: Seekingalpha.com and their article: “Symantec: Blue Coat Alone Is No Cure” with publication date: September 27, 2016.

SYMC Company Profile

Symantec Corporation, incorporated on April 19, 1988, provides security and information management solutions. The Firm operates its business on a global civilian cyber intelligence threat network and tracks various threats across the Internet from mobile devices, endpoints, and servers across the world. The Firm is developing solutions for cloud, threat protection, information protection and cyber security services. The Firm operates through two divisions: Consumer Security and Enterprise Security. The Company’s services include business critical services, consulting services, customer success services, cyber security services and education services.

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