Symantec Insiders Are Buying, Should You Be, Too?
Internet security company Symantec Corporation (NASDAQ:SYMC) recently announced it had patched a hole that had developed in its Norton Online Backup service, leading its stock, which until late had been rather quiescent, to rise.
This rise in share price, however, was likely no surprise to company executives at the internet security firm, considering they have purchased millions of dollars through insider buys in recent months.
According to NetworkWorld, before the hole was plugged, some users were allowed access to the data of other Norton users.
"On July 30, as part of our ongoing server maintenance, Symantec made a change in the way that they cached certain HTML files and other static assets that, through a temporary misconfiguration, may have resulted in certain users incorrectly receiving other users' session cookies," said Symantec in a statement today. "These cookies impact the data that is displayed when a user logs into their Norton Online Backup account."
The company’s stock rose a modest 1.81 percent on Thursday, which was preceded by major market purchases from Geraldine Laybourne, director, and CEO Steven Bennet. Together, these two purchased nearly $1.5 million in stock.
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