Symantec shares dive as it discloses internal probe

Daniel Fowler
May 11, 2018

Symantec (NASDAQ:SYMC) plunges 13.2% aftermarket on Q4 results that beat EPS and revenue estimates. It is expecting earnings per share between $1.50 and $1.65 with revenue ranging from $4.76 billion to $4.90 billion. The company issued revenue guidance of $4.76-4.90 billion, compared to the consensus revenue estimate of $4.94 billion.Symantec also updated its Q1 guidance to $0.31-0.35 EPS.

SYMC reached $29.18 during the last trading session after $0.43 change.Currently Symantec Corporation is downtrending after 16.28% change in last May 11, 2017. The stock of Symantec Corporation (NASDAQ:SYMC) has "Sector Perform" rating given on Wednesday, August 12 by RBC Capital Markets. The rating was maintained by H.C. Wainwright on Thursday, February 8 with "Buy".

Symantec Chief Executive Officer Greg Clark and the bulk of his senior management team have been with the 36-year-old company for about two years, joining from Blue Coat Inc, which Symantec acquired in August 2016. The stock of Symantec Corporation (NASDAQ:SYMC) earned "Buy" rating by Citigroup on Monday, August 22. During the same period in the prior year, the company posted $0.28 EPS.

Sean X. McKessy, a former chief of an SEC program that rewards whistleblowers for turning in firms that violate US securities laws, said the warning of a delay in filing the 10-K suggests that the issue is related to accounting practices.

Symantec Corporation registered $2.63 million net activity with 0 insider buys and 3 insider sales since March 5, 2018. The company recorded net income of $1.16 billion up from a net loss of $106 million previous year.

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Analysts are also projecting an Average Revenue Estimate for Symantec Corporation as $1.19 Million in the Current Quarter.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 20th.

Symantec shares plummeted roughly 20% on Thursday after the antivirus maker warned an internal investigation could delay its annual report. This represents a $0.30 annualized dividend and a dividend yield of 1.03%. 56 investors sold all, 144 reduced holdings as Symantec Corporation ratio is positive.

SYMC has been the subject of several research analyst reports. Stephens maintained the stock with "Hold" rating in Thursday, February 1 report. Evercore ISI reaffirmed a hold rating and set a $25.00 price objective on shares of Symantec in a report on Thursday, February 1st. The company was maintained on Thursday, February 1 by Cowen & Co. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have given a buy rating to the company. In Thursday, February 1 report Bank of America maintained the stock with "Underperform" rating. The insider Rosch Francis C sold 51,899 shares worth $1.38 million. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 4,000 shs valued at $110,880 were sold by Vautrinot Suzanne M on Friday, March 9. The disclosure for this sale can be found here.

The Stock had a 2.79 Consensus Analyst Recommendation 30 Days Ago, whereas 60 days ago and 90 days ago the analyst recommendations were 2.79 and 2.79 respectively.

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