Symantec Corporation (SYMC) - NASDAQ
  • Tue, Jul. 5, 2:47 PM
    • With rumblings growing this week of flaws in security software from Symantec (SYMC -0.7%), a federal agency is warning over an antivirus vulnerability.
    • The Computer Emergency Readiness Team at the Dept. of Homeland Security calls it a "very serious event" in an alert to the security industry. It's advising customers apply two patches that Symantec issued.
    • The vulnerability can allow attackers to remotely control computers afflicted by the flaw.
    • Last week, Google "Project Zero" team member Tavis Ormandy posted about flaws "as bad as it gets" in Symantec and Norton-branded antivirus products. The problems can occur without a click or other user interaction, he said. Symantec issued an advisory in response and said updates were available to fix the vulnerabilities.
    | Tue, Jul. 5, 2:47 PM | 2 Comments
  • Wed, Jun. 29, 8:10 AM
    • Evercore upgrades the software security maker's stock to Hold from Sell based on benefits from its $4.65B acquisition of Blue Coat announced on June 12.
    • SYMC +1% premarket
    | Wed, Jun. 29, 8:10 AM
  • Mon, Jun. 20, 11:48 AM
    • UBS's Brent Thill says the pillars of his previously bearish view - a lack of revenue drivers, and lame management - go away thanks to the $4.7B purchase of Blue Coat, whose "respected" CEO Greg Clark will become CEO of Symantec (SYMC +4.5%), and join the board.
    • He does caution, though, of the high technical and sales integration/execution/cultural risks. Clark and team, however, have "a turnaround track record," he says.
    • Thill upgrades SYMC to Buy from Sell, and lifts the price target to $24 from $16 (current price is $20.86).
    | Mon, Jun. 20, 11:48 AM
  • Thu, Jun. 16, 2:40 PM
    • Believing the company's $4.65B deal to buy security hardware/software firm Blue Coat will almost immediately return the company's enterprise security ops to positive growth, BTIG's Joel Fishbein has upgraded Symantec (SYMC +2.7%) to Buy, and set a $23 target.
    • Fishbein also likes the planned appointment of Blue Coat chief Greg Clark as Symantec's CEO, and thinks initial targets for $150M/year in cost synergies and FY18 (ends March '18) EPS of $1.75 appear conservative.
    • Symantec is up 13% since the Blue Coat deal was announced.
    • Yesterday: Symantec reportedly made a bid for FireEye before striking the Blue Coat deal
    | Thu, Jun. 16, 2:40 PM
  • Wed, Jun. 15, 2:58 PM
    • Bloomberg reports FireEye (FEYE +5.4%) has rejected several takeover offers.
    • The report follows speculation a tech giant such as Cisco or IBM will bid for threat-prevention hardware/software/services provider as shares continue trading at depressed levels. FireEye rose on Monday after Symantec announced it's buying Blue Coat for $4.65B.
    • Update: Bloomberg reports FireEye hired Morgan Stanley to field offers, and "turned down at least two suitors that made offers below its expectations of $30 or more per share." Symantec (NASDAQ:SYMC) was one of the suitors before deciding to acquire Blue Coat. The sale process is no longer active.
    | Wed, Jun. 15, 2:58 PM | 17 Comments
  • Sun, Jun. 12, 9:22 PM
    • Symantec (NASDAQ:SYMC) is acquiring security hardware, software, and service provider Blue Coat (BLCT - was set to go public) for $4.65B in cash. With Blue Coat having posted revenue of $755M in the 12 months ending April, Symantec is paying 6.2x trailing sales.
    • Blue Coat CEO Greg Clark will become Symantec's CEO once the deal closes; Symantec announced in April Michael A. Brown will be stepping down as CEO once a successor is found. Symantec chairman/PayPal CEO Dan Schulman will be the company's chairman.
    • As part of the deal, P-E firm Silver Lake is doubling its Symantec investment to $1B via 2% convertible notes due 2021, and Blue Coat majority owner Bain is reinvesting $750M in the post-merger company via convertible notes on the same terms. Bain managing director David Humphrey will join Symantec's board. The notes carry a $20.41/share conversion price.
    • Symantec: "Blue Coat is the #1 market share leader and share gainer in Web Security with a widely recognized portfolio of integrated technologies serving as a trusted platform to deliver Cloud Generation Security to more than 15,000 customers worldwide ... This transaction will combine Symantec’s leading threat telemetry with Blue Coat’s networks and cloud security offerings to provide differentiated security solutions across hundreds of millions of endpoints and servers, and billions of email and web transactions."
    • The deal is expected to close in Q3, and be financed via cash on hand and $2.8B in debt. With Bain having acquired Blue Coat for $2.4B last year, the firm appears to be reaping a 90%+ return. Thanks partly to $150M/year in expected cost synergies, Symantec now expects FY18 (ends March '18) EPS of $1.70-$1.80 (compares with a current FY18 EPS consensus of $1.39). The company still plans to return the $1.3B left to be spent on its $5.5B capital return program by the end of FY17.
    • Conference call at 8AM ET on Monday (webcast).
    | Sun, Jun. 12, 9:22 PM | 1 Comment
  • Fri, May 13, 11:45 AM
    • Symantec (NASDAQ:SYMC) is up 1.7% today following an earnings miss that nonetheless fell in line with last month's earnings warning, and provided some details on a $400M efficiency program.
    • A plan to cut 1,200 jobs and close a quarter of its office has confused William Blair's Jonathan Ho, even while he calls it an "ambitious" move.
    • “We are perplexed at how the company plans to reposition itself as a next-generation security player and reaccelerate growth, while simultaneously reducing spending and headcount,” Ho wrote. He's maintaining a Market Perform rating on the stock.
    • But a legacy player like Symantec faces challenges amid a broad migration to next-generation subscription products: “We remain concerned that the long-term transition away from legacy antivirus to next-generation solutions may be happening at an accelerating pace, which could be a headwind to Symantec’s legacy business."
    • Now read Symantec Is A Value Trap »
    | Fri, May 13, 11:45 AM
  • Thu, May 12, 5:03 PM
    • Symantec (NASDAQ:SYMC) came in largely flat in fiscal Q4 results, in line with its profit warning, and it cut its dividend as expected as it pursues an efficiency program for fiscal 2017.
    • Revenues fell 3% on a GAAP basis (down 2% in constant currency, and down 6% on non-GAAP basis).
    • The company says there's a $400M efficiency program under way, including eliminating stranded costs from its divestiture of Veritas, and that it's entered into a new $2B credit facility (includes a $1B refinancing of its revolver and a $1B prepayable term loan).
    • With that, the company is slashing its quarterly dividend to $0.075 from the previous $0.15. The dividend will be paid June 22 to shareholders of record as of the June 8 close (ex-div on June 6).
    • For Q1 2017, it's guiding to GAAP revenue of $865M-$895M, operating margin of 10-12.5%, and non-GAAP EPS of $0.24-$0.26 (above a consensus for $0.24). For the full year, it's guiding to GAAP revenue of $3.49B-$3.58B, operating margin of 12-13.5%, and non-GAAP EPS of $1.06-$1.10 (vs. consensus for $1.09).
    • Conference call at 5 p.m. ET.
    • Press Release
    | Thu, May 12, 5:03 PM
  • Thu, May 12, 4:44 PM
    • Symantec (NASDAQ:SYMC): FQ4 EPS of $0.22 misses by $0.01.
    • Revenue of $873M (-6.0% Y/Y) misses by $5.66M.
    • Press Release
    | Thu, May 12, 4:44 PM
  • Wed, May 11, 5:35 PM
    | Wed, May 11, 5:35 PM | 3 Comments
  • Thu, Apr. 28, 10:15 AM
    • Symantec (SYMC -5.5%) now expects to report FQ4 (calendar Q1) revenue of $873M and EPS of $0.22. That's below prior guidance of $885M-$915M and $0.24-$0.27, and a consensus of $901.2M and $0.25.
    • Enterprise security revenue guidance has been cut to $467M from $480M-$500M; consumer security guidance is now at $406M vs. a prior $405M-$415M.
    • The company also announces CEO Michael A. Brown will be stepping down once a successor has been named. The board has begun a search to find one. An Office of the CEO (contains several execs) has been formed to aid with the CEO search and transition.
    • Regarding the FQ4 warning, Symantec blames "a shift in enterprise security customer buying preferences is resulting in less license revenue during the quarter and more revenue being deferred to future periods." The company has been losing share for some time to smaller/faster-growing security software and services firms.
    • FQ4 results are due on the afternoon of May 12. Symantec's analyst day (was set for May 26) has been postponed.
    | Thu, Apr. 28, 10:15 AM
  • Thu, Apr. 28, 9:16 AM
    | Thu, Apr. 28, 9:16 AM
  • Tue, Mar. 22, 8:28 AM
    • Part of its $5.5B capital return plan, Symantec (NASDAQ:SYMC) launches a $1B accelerated share repurchase deal. This is to be the first in a series of buyback transactions promised to total $2.3B over the next year.
    • The company also declares a $4 per share special dividend (total of $2.7B), payable today to onwers of record as of March 8.
    • Source: Press Release
    • Shares +1.3% premarket
    | Tue, Mar. 22, 8:28 AM
  • Tue, Mar. 15, 7:16 PM
    • Symantec's (NASDAQ:SYMC) Encryption Everywhere service, to be offered via Web hosting partners, promises to let hosting firms "integrate encryption into every website from the moment it is created." Basic and premium service tiers can be provided.
    • Symantec claims only 3% of the ~1B Web sites on the planet are currently encrypted, and says it's aiming to secure all "legitimate" Web traffic by 2018. Major domain name registrar InterNetX is a launch partner.
    • The service is part of a 2016 effort to overhaul Symantec' security product lineup, and thus halt recent share losses. The company's enterprise security revenue fell 3% Y/Y in FQ3 (calendar Q4) to $495M.
    | Tue, Mar. 15, 7:16 PM
  • Fri, Mar. 11, 9:19 AM
    • Declaring Symantec (NASDAQ:SYMC) to be a "value stock that doesn’t have to get a lot right for shares to move higher," RBC's Matthew Hedberg has upgraded the security software vendor to Outperform. His target remains $23.
    • Hedburg thinks demand for Symantec's security offerings is rising as enterprises move to protect endpoints, and thinks the company can effectively cross-sell new products such as its Advanced Threat Protection (ATP) offering to its 330K customers. He also believes automatic subscription renewals might slow the ongoing decline in Symantec's consumer security ops.
    • Shares are up 4.4% premarket to $18.48. They closed yesterday just $1.56 above a 52-week low of $16.14. P-E firm Silver Lake recently invested $500M in Silver Lake following the sale of the company's storage software ops to Carlyle. Activist Elliott Management has reportedly taken a stake as well.
    • Three months ago: Morgan Stanley upgrades Symantec, likes security positioning
    | Fri, Mar. 11, 9:19 AM
  • Fri, Mar. 4, 9:23 AM
    | Fri, Mar. 4, 9:23 AM | 10 Comments
Company Description
Symantec Corp. engages in the provision of security, storage, and systems management solutions. It operates through the following segments: Consumer Security, Enterprise Security, and Information Management. The Consumer Security segment offers multi-layer security and identity protection on... More
Sector: Technology
Industry: Security Software & Services
Country: United States