NEW YORK (TheStreet) -- Last month Symantec Corp. (SYMC) fired Steve Bennett, its CEO. Now, the security, backup and availability solutions company is "attracting activist investors and private equity firms...in a development that could potentially lead to its breakup or sale," sources tell Reuters.
According to the report, "activist investors, including ValueAct Capital, are examining the company's prospects and may decide to build up stakes to agitate for change."
Further, "a number of private equity firms, including Bain Capital, Blackstone Group LP (BX) and Caryle Group LP (CG), have started assessing the possibility of a leveraged buyout of all or parts of Symantec," sources said.
Symantec is worth about $14 billion at its current stock price. Shares of Symntec are up 0.78% to $20.76.
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 some important positives, 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 increase in net income, reasonable valuation levels, growth in earnings per share, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows weak operating cash flow."