Northland Securities Forecasts Strong Price Appreciation for Symbotic (NASDAQ:SYM) Stock

Symbotic (NASDAQ:SYM) had its price objective boosted by analysts at Northland Securities from $35.00 to $41.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Northland Securities’ price objective suggests a potential upside of 37.77% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the stock. TD Cowen lifted their target price on shares of Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. KeyCorp restated a “sector weight” rating on shares of Symbotic in a research report on Wednesday, November 27th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a report on Tuesday, November 19th. BWS Financial restated a “sell” rating and set a $10.00 target price on shares of Symbotic in a report on Tuesday, November 19th. Finally, Craig Hallum cut Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price target for the company. in a report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.73.

Symbotic Stock Performance

Shares of NASDAQ SYM opened at $29.76 on Friday. The firm has a fifty day moving average of $27.96 and a 200 day moving average of $27.49. The firm has a market cap of $17.48 billion, a PE ratio of -496.00 and a beta of 1.76. Symbotic has a one year low of $17.11 and a one year high of $52.20.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The firm had revenue of $576.77 million for the quarter, compared to analyst estimates of $470.24 million. During the same period last year, the company posted ($0.08) EPS. Symbotic’s quarterly revenue was up 47.2% compared to the same quarter last year. On average, equities analysts predict that Symbotic will post 0.12 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider William M. Boyd III sold 8,826 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $28.33, for a total transaction of $250,040.58. Following the completion of the transaction, the insider now directly owns 23,012 shares in the company, valued at $651,929.96. This trade represents a 27.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Michael David Dunn sold 1,715 shares of Symbotic stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $28.77, for a total value of $49,340.55. Following the completion of the sale, the insider now directly owns 87,922 shares of the company’s stock, valued at $2,529,515.94. The trade was a 1.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 111,844 shares of company stock valued at $3,268,431. 38.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently bought and sold shares of SYM. Castleview Partners LLC boosted its position in Symbotic by 50.0% in the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after buying an additional 500 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Symbotic by 8.5% in the second quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock valued at $304,000 after acquiring an additional 679 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Symbotic by 28.4% in the third quarter. Van ECK Associates Corp now owns 3,497 shares of the company’s stock valued at $85,000 after purchasing an additional 774 shares during the period. National Bank of Canada FI grew its stake in Symbotic by 36.8% during the 3rd quarter. National Bank of Canada FI now owns 3,557 shares of the company’s stock worth $87,000 after purchasing an additional 957 shares in the last quarter. Finally, RiverPark Advisors LLC increased its holdings in Symbotic by 147.1% during the 3rd quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock worth $50,000 after purchasing an additional 1,211 shares during the period.

About Symbotic

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.