Capital Research & Management Co.. recently announced the acquisition of new stake in NortonLifeLock Inc. (NASDAQ:NLOK). The institutional investor has increased its shareholding in the Technology company by 0.76% to 73.54 million shares with purchase of 0.56 million shares. This fresh investment now brings its stake to 12.45% valued currently at $1.58 billion. In addition, BlackRock Fund Advisors raised its holdings by 2.45 million to 33.93 million shares. And SSgA Funds Management, Inc. has lifted its position by 9.74% or 2.53 million shares – to 28.45 million shares.
With over 7.46 million NortonLifeLock Inc. (NLOK) shares trading Monday and a closing price of $23.52 on the day, the dollar volume was approximately $175.5 million. The shares have shown a positive weekly performance of 0.26% and its price on 08/31/20 lost nearly -2.20%. Currently, there are 590.00M common shares owned by the public and among those 585.35M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 16 analysts who have offered their price forecasts for NLOK have a consensus price objective of $24.45. The analysts have set the share’s price value over the next 12 months at a high of $28.00 and a low of $18.00 should the stock experience a downside. Incidentally, analysts’ outlook for the NortonLifeLock Inc. stock is 2.60 for the next 12 months. The average price target is 3.33% above its last price level and an upside to the estimated low will see the stock lose -30.67% over that period. But an upside of 16.0% will see the stock hit the forecast high price target while mean target price for the stock is $25.00.
Insiders at the company have transacted a total of 54 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 28 of these insider trades were purchases, accounting for 9,177,798 shares. Insider sales of the common stock occurred on 26 occasions, with total insider shares sold totaling 11,142,058 shares.
The top 3 mutual fund holders in NortonLifeLock Inc. are American Funds Fundamental Invest, American Funds Income Fund of Ame, and American Balanced Fund. American Funds Fundamental Invest owns 23.16 million shares of the company’s stock, all valued at over $496.87 million. The company bought an additional 2.79 million shares recently to bring their total holdings to about 3.92% of the shares outstanding. American Funds Income Fund of Ame sold -5.99 million shares to see its total holdings shrink to 18.48 million shares valued at over $396.47 million and representing 3.13% of the shares outstanding. American Balanced Fund now owns shares totaling to 3.11% of the shares outstanding.
Shares of NortonLifeLock Inc. (NASDAQ: NLOK) opened at $23.63, down -$0.42 from a prior closing price of $24.05. However, the script later closed the day at $23.52, down -2.20%. The company’s stock has a 5-day price change of 0.26% and 11.68% over the past three months. NLOK shares are trading 59.52% year to date (YTD), with the 12-month market performance up to 75.09% higher. It has a 12-month low price of $13.06 and touched a high of $24.40 over the same period. Currently, 7.46 million shares have been traded, compared to an average intraday trading volume of 6.26 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.66%, 10.25%, and 24.73% respectively.
Institutional ownership of NortonLifeLock Inc. (NASDAQ: NLOK) shares accounts for 99.10% of the company’s 590.00M shares outstanding. Mutual fund holders own 4.07%, while other institutional holders and individual stakeholders account for 53.22% and 39.50% respectively.
It has a market capitalization of $13.97B and a beta (3y monthly) value of 0.86. The stock’s trailing 12-month PE ratio is 21.70, while the earnings-per-share (ttm) stands at $1.08. The company has a PEG of 4.34 and a Quick Ratio of 0.80. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.54% over the week and 2.95% over the month.
Analysts forecast that NortonLifeLock Inc. (NLOK) will achieve an EPS of $0.33 for the current quarter, $0.35 for the next quarter and $1.53 for 2022. The lowest estimate earnings-per-share for the quarter is $0.29 while analysts give the company a high EPS estimate of $0.35. Comparatively, EPS for the current quarter was $0.18 a year ago. Earnings per share for the fiscal year are expected to increase by 607.20%, and 14.91% over the next financial year. EPS should shrink at an annualized rate of 5.00% over the next five years, compared to 41.80% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 16 brokerage firm advisors rate NortonLifeLock Inc. (NLOK) as a “Moderate Buy” at a consensus score of 2.60. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 9 of the 16 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the NLOK, a number of firms have released research notes about the stock. Argus stated their Buy rating for the stock in a research note on August 21, 2020, with the firm’s price target at. Robert W. Baird coverage for the NortonLifeLock Inc. (NLOK) stock in a research note released on June 08, 2020 offered a Outperform rating with a price target of $25. Morgan Stanley was of a view on March 25, 2020 that the stock is Overweight, while Barclays gave the stock Overweight rating on January 06, 2020, issuing a price target of $32. Credit Suisse on their part issued Neutral rating on November 27, 2019.