SYMC shifts to the cloud

Article Excerpt

SYMANTEC CORP. $27.02 (Nasdaq symbol SYMC; TSINetwork Rating: Average) (650- 527-8000; www.symantec.com; Shares o/s: 617.0 million; Market cap: $16.8 billion; Dividend yield: 1.1%) sells computer-security technology, including antivirus and email-filtering software, to businesses and consumers. The company’s revenue for its fiscal 2018 second quarter, ended December 31, 2017, rose 16.3%, to $1.21 billion from $1.04 billion a year earlier. Symantec’s per-share earnings jumped 53.1%, to $0.49 from $0.32. Acquisitions—including the purchase of Life- Lock Inc. for $2.3 billion—drove the gains. That business sells identity-theft protection services to over 4.4 million subscribers. Symantec also continues to shift clients over to its cloud-based platform. That lets them access its services over the Internet as subscribers. While the move slows near-term revenue, it should increase long-term client retention. Symantec is a top pick for 2018. 2018…