Symantec Corporation (SYMC) - NASDAQ
  • 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 The sale process is no longer active.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
  • 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, 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
  • 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
  • Fri, Feb. 5, 5:11 PM
    • Symantec (NASDAQ:SYMC) closed up 3% after posting an FQ3 beat, issuing in-line FQ4 guidance, disclosing a $500M Silver Lake investment, announcing a $4/share special dividend and a 50% regular dividend cut, boosting the size of its total capital return plan, and unveiling plans for fresh cost cuts. The gains came in spite of a 3.3% Nasdaq decline.
    • Possibly helping: The WSJ has reported well-known tech activist Elliott Management has "amassed a big stake" in the security software/services firm. The paper adds Elliott supports the Silver Lake deal and yesterday's other announcements.
    • Separately, CEO Michael Brown promised Symantec will be "very judicious" in pursuing acquisitions with its Silver Lake and Veritas deal proceeds. Brown previously suggested Symantec plans security acquisitions following the Veritas deal's closing.
    • FBR's Dan Ives (Market Perform rating) is cautiously optimistic about Symantec's turnaround efforts. "We believe the confluence of M&A, aggressive buybacks and a tighter operating model finally puts this company on the right path after a decade of pain. This remains a work-in-progress name, but we are now starting to be more optimistic that better days could be ahead for a ‘leaner and more focused’ Symantec."
    | Fri, Feb. 5, 5:11 PM
  • Fri, Feb. 5, 9:17 AM
    | Fri, Feb. 5, 9:17 AM | 10 Comments
  • Thu, Feb. 4, 5:39 PM
    | Thu, Feb. 4, 5:39 PM
  • Wed, Jan. 20, 8:07 AM
    • Citing "uncertainties developed regarding the transaction," Symantec (NASDAQ:SYMC) and Carlyle (NASDAQ:CG) have amended the terms of Carlyle's purchase of Symantec's Veritas storage software unit to cut the purchase price from $8B to $7.4B, and double Veritas' offshore cash balance to $400M.
    • Symantec will now be paid $6.6B in cash and left with a $400M equity interest in Veritas. After-tax cash proceeds are expected to total $5.3B, down from an original $6.3B.
    • The deal is still expected to close on Jan. 29. The sale price cut follows a Nasdaq selloff, as well as November reports indicating banks had postponed marketing the debt Carlyle planned to use to finance the Veritas deal.
    • Separately, Symantec now expects FQ3 revenue, op. margin, and EPS to be above the midpoints of the guidance ranges provided in its Nov. 5 FQ2 report. FQ3 results are due on Feb. 4.
    • Symantec has dropped to $18.05 premarket, making new 52-week lows in the process.
    | Wed, Jan. 20, 8:07 AM
  • Dec. 15, 2015, 11:38 AM
    • "With close to 175 million endpoints, Symantec retains significant incumbency advantages as the industry focus shifts back towards next gen endpoints and security analytics," writes Morgan Stanley's Keith Weiss, upgrading Symantec (NASDAQ:SYMC) to Overweight and hiking his target from $24 to $26 ahead of the expected January closing of the Veritas (storage software) sale. The remarks follow multiple surveys pointing to strong corporate endpoint security spending.
    • Weiss adds a survey of 1K+ consumers indicated strong renewal rates for Symantec's offerings, and minimal headwinds from the adoption of free solutions. That leads him to predict consumer security headwinds will moderate. Meanwhile, new integrated offerings and go-to-market changes are expected to yield "some stabilization" for enterprise sales.
    • Symantec's consumer and enterprise security revenue respectively fell 13% and 5% Y/Y in calendar Q3 (FQ2) thanks to share losses and forex. Shares are rallying after having closed yesterday $0.47 above a 52-week low of $19.07.
    | Dec. 15, 2015, 11:38 AM
  • Aug. 11, 2015, 11:10 AM
    • In addition to missing FQ1 estimates, Symantec (NASDAQ:SYMC) is guiding for FQ2 revenue of $1.485B-$1.525B and EPS of $0.40-$0.43, below a consensus of $1.54B and $0.45. FY16 (ends March '16) guidance is revenue of $6.21B-$6.35B and EPS of $1.80-$1.90, in-line with a consensus of $6.27B and $1.86.
    • Segment/regional performance: Consumer security revenue (hurt by both rival paid products/services and Microsoft's free offerings) fell 19% Y/Y in FQ1 to $430M, and enterprise security revenue fell 13% to $482M (share loss). Ahead of its sale to Carlyle, the Information Management (Veritas, storage software) unit saw revenue drop 10% to $587M. U.S. revenue was down 8%, and international 19%. Forex had a 7% impact on total revenue growth.
    • Financials: With the help of job cuts, GAAP operating expenses fell 5% Y/Y to $1.04B. The deferred revenue balance fell 8% to $3.42B. $90M was spent on buybacks. Symantec ended FQ1 with $3.7B in cash, and $2.1B in debt.
    • FQ1 results, PR, Veritas sale
    • Update: Credit Suisse's Phillip Winslow has downgraded Symantec to Neutral. He argues the $1.5B tax liability produced by the Vertias sale - it wouldn't exist if a spinoff occurred - represents a destruction of shareholder value, and is also concerned about how Symantec might spend some of the proceeds.
    | Aug. 11, 2015, 11:10 AM
  • Jul. 23, 2015, 11:27 AM
    • As was the case 3 months ago, security tech plays are up strongly (HACK +3.6%) after Fortinet (FTNT +12%) beat estimates, reported strong billings, and delivered above-consensus top-line guidance. The Nasdaq is up 0.3%.
    • In addition to FireEye, Palo Alto Networks, and CyberArk (previously covered), gainers include Barracuda Networks (CUDA +6.4%), KEYW Holding (KEYW +4.5%), Symantec (SYMC +1.9%), Imperva (IMPV +7.6%), Proofpoint (PFPT +3.6%), Vasco (VDSI +4.5%), AVG (AVG +3.1%), and Qualys (QLYS +5.7%). AVG is benefiting a bullish JPMorgan coverage launch; Proofpoint reports after the close.
    • JPMorgan's Sterling Auty has upgraded Fortinet to Overweight, and a slew of firms have hiked their targets. Auty argues Fortinet's numbers suggest its efforts to grow its high-end presence (aided by major sales investments in recent years), and forecasts free cash flow will rise 43% this year.
    • On Fortinet's earnings call (transcript), CFO Drew Del Matto mentioned $100K+ deals rose 53% Y/Y and $1M+ deal 133% (compares with 40% total billings growth). He also mentioned the company's high-end FortiGate UTM/next-gen firewall appliances made up 45% of billings (a new high), and that U.S. enterprise sales (benefiting from strong cybersecurity spend) rose 90%. Major deals were struck with "two of the most recognizable technology brands in the world," as well as two large i-banks.
    | Jul. 23, 2015, 11:27 AM
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