Symantec’s (SYMC) revenue fell at a four-year CAGR (compound annual growth rate) of 7% to $5 billion in fiscal 2018, which ended on March 31, 2018. Its net income fell at a four-year CAGR of 4% to $1.1 billion. Its revenue fell 2% to $1.2 billion in the first quarter of fiscal 2019, which ended on June 30, 2018. The fall was the result of lower enterprise implied billings.
Projections for SYMC
Symantec’s revenues are expected to be $4.7 billion, $5 billion, and $5.1 billion, respectively, in fiscal 2019, fiscal 2020, and fiscal 2021. Its expected net incomes for the same years are $1 billion, $1.2 billion, and $1.3 billion, respectively. The stock has “buy” and “hold” recommendations from three and 22 analysts, respectively. It has “sell” recommendations from two analysts. Its PE projections for fiscal 2019, fiscal 2020, and fiscal 2021 are 13.1x, 11.4x, and 10.7x, respectively.
SYMC against the indexes
At the end of last week, SYMC had underperformed the NASDAQ Composite Index and the S&P 500 Systems Software Index in the last three months, in the last year, and year-to-date. The stock had outperformed the above indexes in the last five days and in the last month. The stock closed at a 41% discount to its 52-week high and a 9% premium to its 52-week low at the end of the week.
In August, Symantec identified 809 targets used in cyberattacks in an investigation. The company disclosed the arrest of 74 alleged cybercriminals for business email compromise schemes. It also disclosed the appropriation of $2.4 million and the salvaging of $14 million in deceitful wire transfers.
In September, Symantec announced a free service geared toward secure political campaigns. It also announced the conclusion of an audit committee investigation that had led to a delay in its filing of a form 10-K for fiscal 2018 and a form 10-Q for the first quarter of fiscal 2019. The company also announced new augmentations to its data loss prevention technology for the protection of information in Office 365.
This month, Symantec announced new modernizations and developments in its cloud security portfolio.