Symantec Corporation (NASDAQ: SYMC) has been stuck in a long-term trading range of roughly $15 to $20 for longer than most investors care to remember. Basically, it has been since its Veritas acquisition.
The storage, cloud and data security outfit turned in earnings of $0.42 EPS on $1.72 billion in sales versus a Thomson Reuters consensus target of $0.41 EPS and $1.71 billion in sales. For the coming and current quarter (its fourth quarter and year-end) it offered guidance of $0.41 to $0.42 EPS on revenues of $1.72 to $1.73 billion; Thomson Reuters has consensus targets of $0.43 EPS and $1.75 billion in sales.
The company noted that its expected deferred revenue (backlog and pending) is roughly $3.92 to $3.94 billion. Symantec also authorized a $1 billion share buyback plan to entice holders. The company claims that it is gaining traction in many segments and also noted that storage demand is still growing rapidly while security demand is expected to remain strong.
Symantec did not find salvation but it did also not force itself back down. Shares are up 0.3% at $17.13 in the pre-market and the 52-week trading range is $14.94 to $20.50. Analysts have a consensus price target of $21.71 according to Thomson Reuters.
JON C. OGG
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