Analysts at Wunderlich upgraded shares of Symantec Corp. (NASDAQ: SYMC) from Hold to Buy on Tuesday, September 13. A number of other analysts have commented on the stock recently, and the company has earned a consensus one-year price target of $23.98 , lower than the opening price of $25.10. Stock prices often move to the upside on recommendations and new price targets of professional analysts.
U.S. stocks finished higher on Monday as investor fears for an interest rate hike subsided after Federal Reserve Board Governor Lael Brainard urged caution about removing monetary stimulus too quickly.
The Dow Jones Industrial Average DJIA, +1.32% surged 239.62 points, or 1.3%, to close at 18,325.07, after jumping as high as 273 points.
The S&P 500 SPX, +1.47% rose 31.23 points, or 1.5%, to finish at 2,159.04, with all sectors closing in positive territory.
Meanwhile, the Nasdaq Composite Index COMP, +1.68% finished up 85.98 points, or 1.7%, at 5,211.89, propelled by a rally in biotechnology shares
Shares of Symantec Corp. (NASDAQ: SYMC) opened at $25.10 and traded in a range between, $24.77 and $25.10 on Friday, and last traded at $24.87, which represents a change of $ 0.02 over the previous closing price. Symantec Corp.has a 52-week high of $25.19
Symantec Corp. (NASDAQ: SYMC) now has a market cap of 15.31B
The stocks average daily volume is 11,046,600 shares out of a total float 610,282,000 of and some 2,518,571 shares crossed the trading desk yesterday, 23 percent lower than normal. Look for trading volume to pick up in the coming days as swing traders often use swings in trading volume to identify heavy volume accumulation or distribution by institutional investors.
While increased trading for one day will not mean much, conversely, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain substantial teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.
A moving average can also act as support or resistance. In an uptrend a 50-day or 200-day moving average may act as a support level.
With that in mind Symantec Corp. (NASDAQ: SYMC) now has a 50-day MA is $22.74 and 200-day MA is $19.59, and it has traded in a 52-week range between $16.14 – 25.19 and the last closing price is -0.01 percent off the 52 week high.
Indeed, earnings growth is among the most important things to look in regards to stock investing and, accordingly, investors seek companies who have been successful at growing their earnings by at least 25 percent over a 3 year period.
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