Symantec Co. (NASDAQ:SYMC) saw a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 19,827,921 shares, an increase of 11.8% from the September 28th total of 17,738,243 shares. Approximately 3.2% of the company’s stock are short sold. Based on an average daily trading volume, of 7,062,750 shares, the days-to-cover ratio is presently 2.8 days.
Institutional investors and hedge funds have recently made changes to their positions in the company. Steward Partners Investment Advisory LLC grew its holdings in shares of Symantec by 355.7% during the third quarter. Steward Partners Investment Advisory LLC now owns 6,129 shares of the technology company’s stock valued at $130,000 after buying an additional 4,784 shares during the last quarter. Piedmont Investment Advisors LLC purchased a new stake in shares of Symantec during the second quarter valued at $150,000. Cerebellum GP LLC grew its holdings in shares of Symantec by 47.9% during the second quarter. Cerebellum GP LLC now owns 8,295 shares of the technology company’s stock valued at $171,000 after buying an additional 2,685 shares during the last quarter. Cito Capital Group LLC purchased a new stake in shares of Symantec during the second quarter valued at $207,000. Finally, Edge Wealth Management LLC grew its holdings in shares of Symantec by 498.7% during the third quarter. Edge Wealth Management LLC now owns 12,015 shares of the technology company’s stock valued at $256,000 after buying an additional 10,008 shares during the last quarter. 92.05% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ SYMC opened at $18.65 on Friday. Symantec has a 12-month low of $17.81 and a 12-month high of $32.95. The firm has a market capitalization of $12.23 billion, a price-to-earnings ratio of 19.63, a PEG ratio of 2.77 and a beta of 0.67.
SYMC has been the topic of several research reports. BidaskClub lowered shares of Symantec from a “buy” rating to a “hold” rating in a report on Tuesday, July 24th. Susquehanna Bancshares raised shares of Symantec from a “neutral” rating to a “positive” rating and lifted their price objective for the company from $21.00 to $23.00 in a report on Tuesday, August 21st. Stifel Nicolaus lifted their price objective on shares of Symantec from $20.00 to $22.00 and gave the company a “hold” rating in a report on Tuesday, September 25th. Bank of America cut their price objective on shares of Symantec from $21.00 to $19.00 and set an “underperform” rating on the stock in a report on Monday, July 30th. Finally, Wedbush initiated coverage on shares of Symantec in a report on Friday, October 19th. They set a “neutral” rating on the stock. Three research analysts have rated the stock with a sell rating, twenty have given a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $23.55.
Symantec Company Profile
Symantec Corporation, together with its subsidiaries, provides cybersecurity solutions worldwide. It operates through two segments, Consumer Digital Safety and Enterprise Security. The Consumer Digital Safety segment provides Norton-branded services that provide multi-layer security services across desktop and mobile operating systems, public Wi-Fi connections, and home networks to defend against online threats to individuals, families, and small businesses.
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