Symbotic (NASDAQ:SYM) Rating Lowered to Market Perform at Raymond James

Symbotic (NASDAQ:SYM) was downgraded by research analysts at Raymond James from an “outperform” rating to a “market perform” rating in a note issued to investors on Thursday, MarketBeat reports.

Other analysts have also issued research reports about the company. Oppenheimer began coverage on Symbotic in a report on Wednesday, January 15th. They set an “outperform” rating and a $35.00 price objective for the company. TD Cowen raised their price target on Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. DA Davidson upgraded Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price target on the stock in a research note on Wednesday, January 8th. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a research report on Thursday, December 5th. Finally, Northland Securities boosted their target price on shares of Symbotic from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Symbotic presently has an average rating of “Hold” and an average target price of $38.33.

Symbotic Stock Up 1.5 %

Shares of NASDAQ:SYM opened at $26.37 on Thursday. The firm has a 50 day moving average of $27.15 and a 200 day moving average of $26.82. The company has a market capitalization of $15.49 billion, a price-to-earnings ratio of -439.50, a price-to-earnings-growth ratio of 7.29 and a beta of 1.79. Symbotic has a 52 week low of $17.11 and a 52 week high of $50.40.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Wednesday, February 5th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. On average, sell-side analysts expect that Symbotic will post 0.13 EPS for the current year.

Insiders Place Their Bets

In other Symbotic news, CFO Carol J. Hibbard sold 4,055 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $30.70, for a total value of $124,488.50. Following the sale, the chief financial officer now owns 44,386 shares in the company, valued at approximately $1,362,650.20. This represents a 8.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $24.04, for a total transaction of $48,080.00. Following the transaction, the director now directly owns 214,036 shares of the company’s stock, valued at approximately $5,145,425.44. This trade represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 94,007 shares of company stock valued at $2,827,909. Company insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Hedge funds have recently modified their holdings of the company. HighTower Advisors LLC lifted its position in shares of Symbotic by 13.0% during the 4th quarter. HighTower Advisors LLC now owns 26,371 shares of the company’s stock valued at $625,000 after buying an additional 3,033 shares in the last quarter. Amundi lifted its holdings in Symbotic by 30.0% during the fourth quarter. Amundi now owns 47,199 shares of the company’s stock valued at $1,119,000 after purchasing an additional 10,895 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Symbotic by 146.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,832 shares of the company’s stock valued at $91,000 after purchasing an additional 2,275 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Symbotic during the fourth quarter worth about $20,754,000. Finally, M&T Bank Corp raised its position in shares of Symbotic by 23.5% during the 4th quarter. M&T Bank Corp now owns 18,095 shares of the company’s stock worth $429,000 after purchasing an additional 3,445 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.