What Affected Symantec Stock in May?



Shares fell over 25% last month

Shares of cybersecurity (HACK) company Symantec (SYMC) fell 25% in May and closed at $20.78. The stock is currently trading at $21.02, which is 11.5% higher than its 52-week low of $18.85 and 39% lower than its 52-week high of $34.20.

Symantec has generated a return of -31% in the last 12 months after rising almost 19% in 2017.

Shares were volatile in May

In the chart above, we can see that Symantec shares were volatile in May. They fell over 30% on May 11 after the company launched an internal investigation when a former employee raised issues related to Symantec’s disclosure of historical results, stock plans, and executive compensation.

The company has claimed that the investigation is in a nascent stage and there will not be any significant negative changes to its historical financial disclosures. Symantec further announced that its internal audit of its fiscal Q4 2018 results would delay its annual report and negatively affect its financials in future quarters.

Symantec then rose over 9% on May 14, which was its largest gain in six years. Shares of peer cybersecurity companies FireEye (FEYE), Fortinet (FTNT), and Palo Alto Networks (PANW) generated returns of -7.5%, 10.5%, and 8.1%, respectively, in May.

More From Market Realist