Symantec Corporation (SYMC) Takes on $500 Million Silver Lake Investment, Reports 3Q Earnings


Shares of Symantec Corporation (NASDAQ:SYMC) are trading up $1.65 or 8.6% after the company reported better than expect top and bottom line numbers for their fiscal third quarter. While analysts were expecting an EPS of $0.24 on revenue of $905.81 million, the company reported an EPS of $0.26 on $90 million in revenue for the quarter. Earnings wasn’t the only catalyst of this spike in share price though.

Last evening Symantec Corporation (NASDAQ:SYMC) also reported that Silver Lake Partners had invested $500 million into the company and will now have a seat on the board of directors. This seems like a pretty solid vote of confidence for the company, and when combined with their recent earnings should get investors quite excited.

The stock decreased 0.52% or $0.1 during the last trading session, hitting $19.18. Approximately 25,081 shares traded hands. SYMC shares have declined 17.36% since July 1, 2015 and are currently downtrending. It has underperformed the S&P500 by 8.49%.

From a total of 12 analysts covering Symantec (NASDAQ:SYMC) stock, 4 rate it a “Buy”, 0 a “Sell”, and 8 a “Hold”. This means that 33% of the ratings are positive. The highest target price is $27 while the lowest target price is $22. The mean of all analyst targets is $24.13 which is 25.81% above today’s ($19.18) stock price. Symantec was the topic of 16 analyst reports since August 11, 2015 according to the firm StockzIntelligence Inc. Morgan Stanley upgraded shares on December 15 to a “Overweight” rating. Morgan Stanley upgraded shares to a”Equal Weight” rating and a $24 target share price in their report from an August 21. FBR Capital maintained SYMC stock in a recent report from November 5 with a “Mkt Perform” rating. S&P Research maintained the rating on August 12. S&P Research has a “Buy” rating and a $27 price target on shares. Finally, Zacks upgraded the stock to a “Sell” rating in a report they issued on an August 17.

The institutional sentiment increased to 1 in Q2 2015. It’s up 0.22, from 0.78 in 2015Q2. The ratio increased, as 39 funds sold all their Symantec Corporation shares they owned while 196 reduced their positions. 40 funds bought stakes while 195 increased their total positions. Institutions now own 567.74 million shares which is 7.28% less than the previous share count of 612.34 million in 2015Q2.

Westerly Capital Management Llc holds 4.67% of its total portfolio in Symantec Corporation, equating to 200,000 shares. Intrepid Capital Management Inc owns 483,780 shares representing 3.27% of their total US portfolio. Moreover, Paragon Capital Management Llc has 3.17% of their total portfolio invested in the company, equating to 418,674 shares. The New York-based Breithorn Capital Management has a total of 2.86% of their portfolio invested in the stock. Lyrical Asset Management Lp, a New York-based fund reported 5.74 million shares owned.

Since May 18, 2015, the stock had 0 buys, and 5 sales for a total of $2.12 million in net activity. Miller Robert Steve sold 76,217 shares worth $1.52 million. Cain Matthew M sold 11,472 shares worth $229,440. Shirk Brett sold 68 shares worth $1,448. Garfield Mark S. sold 3,647 shares worth $79,014. The 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 $13.02 billion. The Firm operates in three divisions: Consumer Security, Enterprise Security, and Information Management. It has 19.8 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.