Symantec Corp. (SYMC - Free Report) recently announced that it has enhanced its cloud-based network security solution for better protection of devices across traditional, cloud or mobile end points.
The company’s Integrated Cyber Defense Platform has been enriched with the first ever Web Isolation technology that is incorporated in Symantec’s Web Security Service (WSS). The service provides protection against cyber threats while browsing. The enhancement has also managed to eliminate the need for an agent to manage traffic flow, with web traffic being redirected to WSS for enforcement of network security policies.
Additionally, SD-Cloud Connector will enable users to connect with branch office locations via its cloud security service, given the combination of Software Defined WAN (SD-WAN) technology and Symantec’s WSS.
Notably, as the corporate world is increasingly adopting cloud technology, the need for ensuring security across the network is rising as well. In such a scenario, Symantec’s comprehensive solutions suite is expected to witness steady adoption and benefit its financials.
How is Symantec Performing?
The company reported strong fourth-quarter fiscal 2018 results with the top and the bottom lines surpassing the Zacks Consensus Estimate. Revenues of $1.222 billion on a GAAP basis jumped 10% year over year and exceeded the guidance of $1.164-$1.194 billion (mid-point $1.179 billion).
However, a weaker-than-expected outlook for the first quarter as well as fiscal 2019 made investors skeptical about the company’s near-term prospects. Additionally, the ongoing investigation by the board’s audit committee related to concerns voiced by an ex-employee does not bode well for investors’ confidence.
The stock has declined 26.2% since the release of the fourth-quarter fiscal 2018 results whereas the industry rallied 2.7% during the same time frame.
Furthermore, margins are anticipated to remain under pressure due to continued shift of the company’s business model to ratable revenues, and increased investment in sales and marketing capacity, which makes us cautious about its near-term performance.
Currently, Symantec has a Zacks Rank #5 (Strong Sell).
Stocks to Consider
Some better-ranked technology stocks include NVIDIA Corporation (NVDA - Free Report) , Western Digital Corporation (WDC - Free Report) and Micron Technology, Inc. (MU - Free Report) , all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rate for NVIDIA, Western Digital and Micron is currently projected to be 10.25%, 19% and 10%, respectively.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>