Should Investors Be Buying Symantec (NASDAQ:SYMC) Stock Following Today’s Morgan Stanley Upgrade?

Share

Symantec (NASDAQ:SYMC) Stock Upgrade

In analysts note issued on Tuesday morning, Morgan Stanley boosted shares of Symantec (NASDAQ:SYMC) to a “Overweight”. The previous rating for SYMC was a “Equal-Weight”.

From a total of 20 analysts covering Symantec (NASDAQ:SYMC) stock, 4 rate it a ”Buy”, 2 a “Sell”, and 23 a ”Hold”. This means that 14% of the ratings are positive. The highest target price is $25 while the lowest target price is $19. The mean of all analyst targets is $23.25 with a 19.28% above today’s ($20.23) stock price. Symantec was the topic of 15 analyst reports since August 11, 2015 according to the firm StockzIntelligence Inc. Argus Research downgraded shares on December 4 to “Hold” rating. Morgan Stanley upgraded shares to “Equal Weight” rating and $24 target share price in a report from an August 21. BTIG Research initiated SYMC stock in a recent report from September 10 with “Neutral” rating. RBC Capital Markets maintained the rating on August 12. RBC Capital Markets has a “Sector Perform” rating and a $24 price target on shares. Finally, TheStreet downgraded the stock to “Buy” rating in a report issued on an August 15.

Approximately 3.77 million shares of stock traded hands. Symantec Corporation (NASDAQ:SYMC) has declined 22.28% since May 12, 2015 and is downtrending. It has underperformed by 18.60% the S&P500.

The overall sentiment of institutions has increased to 1 in Q2 2015. Its up 0.22, from 0.78 in 2015Q2. The ratio improved, as 39 institutions have sold all the shares of Symantec Corporation that they owned while 196 funds have taken shares off the table. 40 funds have purchased shares for the first time while 195 added to their positions. These institutions now hold 567.74 million shares or 7.28% less than the 612.34 million shares they owned in 2015Q2.

The Fund Westerly Capital Management Llc currently is holding shares equating to 4.67% of its total portfolio in Symantec Corporation representing a total of 200,000 shares. Another fund,Intrepid Capital Management Inc, is holding a total of 483,780 shares equating to 3.27% of their holdings. Additionally, Paragon Capital Management Llc has a 418,674 share stake in Symantec Corporation which represents 3.17% of their total portfolio. The Fund, Breithorn Capital Management, based out of New York, has also built up a stake in the stock, which represents a total of 2.86% of their total portfolio. Finally Lyrical Asset Management Lp, a fund which is based in the state of New York reported a total holdings of 5.74 million shares.

Insider activity is a very important aspect to track on any stock. Going back to May 18, 2015, shareholders of Symantec Corporation have witnessed 0 insider purchases, and a total of 5 insider sales equating to a net activity of approximately $2.12 million . Miller Robert Steve sold 76,217 shares worth approximately $1.52 million. Cain Matthew M sold 11,472 shares worth approximately $229,440. Shirk Brett sold 68 shares worth approximately $1,448. Garfield Mark S. sold 3,647 shares worth approximately $79,014. The company insider Schulman Daniel H sold 4,000 shares worth $94,080.

Symantec Corporation provides security, backup and availability solutions. The company has a market cap of $13.27 billion. The Firm operates in three divisions: Consumer Security, Enterprise Security, and Information Management. It has 20.88 P/E ratio. The Company’s services and products offer protection of information in any environment from the mobile device, to the enterprise data center, to cloud systems.

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.”

COMMENTS: