Symantec discloses investigation, sending shares plunging

Share

Symantec (NASDAQ:SYMC) was downgraded by equities research analysts at Barclays from an "overweight" rating to an "equal weight" rating in a note issued to investors on Friday, The Fly reports. Piper Jaffray cut Symantec from an "overweight" rating to a "neutral" rating in a report on Thursday. The stock of Symantec Corporation (NASDAQ:SYMC) earned "Hold" rating by Stifel Nicolaus on Wednesday, January 31.

More notable recent Symantec Corporation (NASDAQ:SYMC) news were published by: Seekingalpha.com which released: "Symantec -25.5% as analysts downgrade on audit investigation" on May 11, 2018, also Seekingalpha.com with their article: "Symantec: A Risky Hold Through Earnings" published on May 06, 2018, Streetinsider.com published: "Pre-Open Movers 05/11: (TTD) (IMMR) (AKCA) Higher; (SYMC) (CYTR) (RDFN) Lower (more...)" on May 11, 2018. On Friday, April 6 the firm has "Buy" rating by Standpoint Research given.

The consensus recommendation, according to Zacks Investment research, is 2.8. The stock now has a consensus rating of "Hold" and an average price target of $29.70.

In other Symantec news, Director Suzanne M. Vautrinot sold 4,000 shares of the firm's stock in a transaction on Friday, March 9th. The company has market cap of $18.14 billion. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 1.13.

Among 32 analysts covering Symantec (NASDAQ:SYMC), 10 have Buy rating, 3 Sell and 19 Hold.

Symatec Corp. (NASDAQ:SYMC) tanked on the revelation of an internal investigation that likely will delay the filing of the company's annual report and on a disappointing full-year forecast for fiscal 2019. Revenue rose 9.6 percent to $1.22 billion, ahead of the estimate of $1.19 billion. On a non-GAAP basis, Symantec reported net income of $US310mln, or US$0.46 a share, up 68% from US$184mln, or US$0.28 a share, in the year-earlier quarter. The shares were sold at an average price of $26.59, for a total value of $1,379,994.41. Following the transaction, the executive vice president now directly owns 188,426 shares of the company's stock, valued at approximately $5,202,441.86. Shares for $1.14 million were sold by TAYLOR SCOTT C. The disclosure for this sale can be found here. Institutional investors and hedge funds own 95.28% of the company's stock. Mn Services Vermogensbeheer B.V. now owns 97,470 shares of the technology company's stock valued at $2,520,000 after acquiring an additional 2,800 shares during the last quarter. CI Global Investments Inc. lifted its stake in shares of Symantec by 27.2% in the fourth quarter. Moreover, Scge Management L.P. has 6.97% invested in the company for 1.58 million shares. Great West Life Assurance Co. Orbis Allan Gray Ltd now owns 29,262,025 shares of the technology company's stock worth $821,092,000 after buying an additional 22,104,563 shares in the last quarter. Orbis Investment Management (U.S.) Llc owns 433,598 shares or 8.26% of their USA portfolio. The institutional investor owned 21,097 shares of the technology company's stock after selling 3,399 shares during the quarter.

Share