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Why Symantec (SYMC) Stock Is Down On Tuesday Morning

NEW YORK (TheStreet) -- Shares of Symantec Corp. (SYMC - Get Report) are lower by -0.70% to $22.74 in early trading today after Finjan Holdings Inc. (FNJN) announced its subsidiary Finjan Inc. filed a patent infringement lawsuit against the company.

Symantec, a security software services company, is accused by the holding company's web and network security segment of infringing on five of Finjan's patents.

The complaint was filed on Monday in the U.S. District Court for the Northern District of California, and says Finjan is seeking an undisclosed amount in damages from Symantec.

Separately, shares of Symantec were falling in pre-market trading today as a result of a downgrade to "market perform" from "outperform" at BMO Capital Markets this morning.

Separately, TheStreet Ratings team rates SYMANTEC CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate SYMANTEC CORP (SYMC) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, notable return on equity, attractive valuation levels, expanding profit margins and increase in net income. We feel these strengths outweigh the fact that the company shows weak operating cash flow."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • SYMANTEC CORP has improved earnings per share by 14.8% in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past year. We feel that this trend should continue. During the past fiscal year, SYMANTEC CORP increased its bottom line by earning $1.27 versus $1.06 in the prior year. This year, the market expects an improvement in earnings ($1.88 versus $1.27).
  • The return on equity has improved slightly when compared to the same quarter one year prior. This can be construed as a modest strength in the organization. Compared to other companies in the Software industry and the overall market, SYMANTEC CORP's return on equity exceeds that of both the industry average and the S&P 500.
  • The gross profit margin for SYMANTEC CORP is currently very high, coming in at 88.18%. It has increased from the same quarter the previous year. Despite the strong results of the gross profit margin, SYMC's net profit margin of 13.15% significantly trails the industry average.
  • The net income growth from the same quarter one year ago has exceeded that of the Software industry average, but is less than that of the S&P 500. The net income increased by 14.2% when compared to the same quarter one year prior, going from $190.00 million to $217.00 million.
  • You can view the full analysis from the report here: SYMC Ratings Report
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