NortonLifeLock Inc. (NASDAQ:NLOK) Sees Large Growth in Short Interest

NortonLifeLock Inc. (NASDAQ:NLOK) was the target of a significant growth in short interest in September. As of September 15th, there was short interest totalling 22,390,000 shares, a growth of 33.2% from the August 31st total of 16,810,000 shares. Currently, 3.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 6,080,000 shares, the days-to-cover ratio is currently 3.7 days.

NLOK stock traded down $0.14 during trading on Thursday, reaching $20.71. The company had a trading volume of 5,688,660 shares, compared to its average volume of 7,667,227. NortonLifeLock has a 52 week low of $15.12 and a 52 week high of $28.70. The company has a market cap of $12.24 billion, a P/E ratio of 3.35, a PEG ratio of 3.07 and a beta of 0.89. The business has a 50 day moving average of $22.32 and a 200 day moving average of $20.66. The company has a debt-to-equity ratio of 346.50, a current ratio of 0.77 and a quick ratio of 0.77.

NortonLifeLock (NASDAQ:NLOK) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.09. NortonLifeLock had a net margin of 162.14% and a return on equity of 14.92%. The company had revenue of $614.00 million during the quarter, compared to the consensus estimate of $600.05 million. During the same period in the prior year, the firm earned $0.21 earnings per share. NortonLifeLock’s revenue was down 5.5% on a year-over-year basis. Research analysts expect that NortonLifeLock will post 1.15 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 16th. Shareholders of record on Monday, August 24th were given a $0.125 dividend. The ex-dividend date was Friday, August 21st. This represents a $0.50 annualized dividend and a yield of 2.41%. NortonLifeLock’s payout ratio is presently 66.67%.

In other news, CAO Matthew Charles Brown sold 31,598 shares of the company’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $22.63, for a total transaction of $715,062.74. Following the completion of the sale, the chief accounting officer now directly owns 83,077 shares of the company’s stock, valued at $1,880,032.51. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.25% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vident Investment Advisory LLC raised its stake in shares of NortonLifeLock by 64.1% during the 2nd quarter. Vident Investment Advisory LLC now owns 79,303 shares of the company’s stock worth $1,573,000 after purchasing an additional 30,989 shares in the last quarter. Profund Advisors LLC raised its stake in NortonLifeLock by 12.2% in the second quarter. Profund Advisors LLC now owns 11,583 shares of the company’s stock valued at $230,000 after buying an additional 1,258 shares during the period. Man Group plc raised its stake in NortonLifeLock by 1,561.9% in the second quarter. Man Group plc now owns 630,662 shares of the company’s stock valued at $12,506,000 after buying an additional 592,713 shares during the period. Sentry Investment Management LLC raised its stake in NortonLifeLock by 365.7% in the second quarter. Sentry Investment Management LLC now owns 36,458 shares of the company’s stock valued at $723,000 after buying an additional 28,629 shares during the period. Finally, CIBC Asset Management Inc raised its stake in NortonLifeLock by 1.5% in the second quarter. CIBC Asset Management Inc now owns 51,146 shares of the company’s stock valued at $1,014,000 after buying an additional 737 shares during the period. Institutional investors and hedge funds own 90.39% of the company’s stock.

A number of equities research analysts have recently weighed in on the company. Citigroup raised their price target on NortonLifeLock from $21.00 to $25.00 and gave the stock a “neutral” rating in a research note on Monday, August 10th. Morgan Stanley increased their price objective on NortonLifeLock from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Tuesday, September 1st. Robert W. Baird reaffirmed a “buy” rating on shares of NortonLifeLock in a report on Friday, August 28th. Zacks Investment Research raised NortonLifeLock from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a report on Wednesday, August 12th. Finally, BidaskClub lowered NortonLifeLock from a “hold” rating to a “sell” rating in a report on Saturday, September 19th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $24.08.

NortonLifeLock Company Profile

NortonLifeLock Inc provides cyber security products, services, and solutions worldwide. The company offers Norton security solutions as a subscription service providing protection for devices against malware, viruses, adware, and ransomware on various platforms; and LifeLock identity theft protection solution that provides identity monitoring, alerts, and restoration to its customers.

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