Symbotic (NASDAQ:SYM) Price Target Raised to $53.00 at Northland Securities

Symbotic (NASDAQ:SYM) had its target price hoisted by Northland Securities from $50.00 to $53.00 in a report published on Tuesday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other analysts have also recently commented on SYM. BWS Financial restated a “sell” rating and issued a $10.00 price target on shares of Symbotic in a research report on Friday, October 11th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Vertical Research initiated coverage on Symbotic in a report on Tuesday, July 23rd. They issued a “hold” rating and a $45.00 target price for the company. The Goldman Sachs Group cut their price objective on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 31st. Finally, Robert W. Baird reduced their price objective on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $44.31.

Symbotic Stock Performance

Symbotic stock opened at $39.02 on Tuesday. Symbotic has a one year low of $17.11 and a one year high of $59.82. The stock has a fifty day moving average of $27.00 and a 200 day moving average of $31.09. The stock has a market cap of $22.85 billion, a PE ratio of -205.37 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.05. Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The company had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. During the same quarter last year, the firm posted ($0.08) earnings per share. The firm’s revenue was up 47.2% compared to the same quarter last year. As a group, sell-side analysts predict that Symbotic will post -0.08 EPS for the current fiscal year.

Insider Activity at Symbotic

In other news, CFO Carol J. Hibbard sold 22,821 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total value of $660,896.16. Following the transaction, the chief financial officer now owns 34,188 shares in the company, valued at $990,084.48. This trade represents a 40.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $28.15, for a total value of $56,300.00. Following the transaction, the director now directly owns 214,036 shares in the company, valued at $6,025,113.40. This trade represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,878 shares of company stock worth $1,378,056 over the last three months. Company insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Symbotic by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after purchasing an additional 345,386 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in Symbotic by 191.5% in the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after buying an additional 509,700 shares in the last quarter. Comerica Bank lifted its holdings in Symbotic by 1,347.0% during the 1st quarter. Comerica Bank now owns 16,641 shares of the company’s stock worth $749,000 after buying an additional 15,491 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in Symbotic by 32.0% in the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after purchasing an additional 3,410,050 shares in the last quarter. Finally, Millennium Management LLC increased its stake in Symbotic by 6,694.5% in the second quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock valued at $11,801,000 after purchasing an additional 330,709 shares during the last quarter.

Symbotic Company Profile

Symbotic Inc, an automation technology company, engages in developing technologies to improve operating efficiencies in modern warehouses. The company automates the processing of pallets and cases in large warehouses or distribution centers for retail companies. Its systems enhance operations at the front end of the supply chain.