Symbotic (NASDAQ:SYM) Stock Price Expected to Rise, KeyCorp Analyst Says

Symbotic (NASDAQ:SYM) had its price target lifted by stock analysts at KeyCorp from $40.00 to $48.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s price target would suggest a potential upside of 32.19% from the company’s previous close.

SYM has been the subject of a number of other reports. Citigroup decreased their price target on Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Needham & Company LLC lifted their target price on Symbotic from $40.00 to $46.00 and gave the company a “buy” rating in a research report on Tuesday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 target price on shares of Symbotic in a research report on Friday, October 11th. The Goldman Sachs Group decreased their target price on Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a research report on Wednesday, July 31st. Finally, Vertical Research assumed coverage on Symbotic in a research report on Tuesday, July 23rd. They set a “hold” rating and a $45.00 target price for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $44.31.

Symbotic Price Performance

NASDAQ:SYM opened at $36.31 on Tuesday. The firm has a market capitalization of $21.26 billion, a price-to-earnings ratio of -605.17 and a beta of 1.81. Symbotic has a 1 year low of $17.11 and a 1 year high of $59.82. The business has a 50 day simple moving average of $27.42 and a 200-day simple moving average of $31.08.

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, meeting the consensus estimate of $0.05. Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The business had revenue of $576.77 million during the quarter, compared to analyst estimates of $470.24 million. During the same period last year, the company earned ($0.08) EPS. The company’s revenue for the quarter was up 47.2% on a year-over-year basis. As a group, analysts expect that Symbotic will post -0.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $18.75, for a total transaction of $37,500.00. Following the transaction, the director now directly owns 214,036 shares in the company, valued at $4,013,175. The trade was a 0.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Carol J. Hibbard sold 22,821 shares of the business’s stock in a transaction 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 approximately $990,084.48. This trade represents a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 49,878 shares of company stock worth $1,378,056 in the last ninety days. 38.30% of the stock is owned by insiders.

Institutional Trading of Symbotic

Several large investors have recently added to or reduced their stakes in SYM. Baillie Gifford & Co. lifted its holdings in shares of Symbotic by 32.0% in the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after buying an additional 3,410,050 shares during the period. Vanguard Group Inc. grew its position in shares of Symbotic by 16.6% in the first 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 in the last quarter. Thematics Asset Management grew its position in shares of Symbotic by 30.1% in the third quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock valued at $25,565,000 after purchasing an additional 242,661 shares in the last quarter. Exchange Traded Concepts LLC grew its position in Symbotic by 76.8% in the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after acquiring an additional 379,726 shares during the period. Finally, Canada Pension Plan Investment Board grew its position in Symbotic by 191.5% in the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after acquiring an additional 509,700 shares during the period.

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.