DA Davidson Reaffirms “Buy” Rating for Symbotic (NASDAQ:SYM)

Symbotic (NASDAQ:SYM)‘s stock had its “buy” rating restated by equities researchers at DA Davidson in a report issued on Tuesday,Benzinga reports. They presently have a $47.00 price target on the stock. DA Davidson’s target price indicates a potential upside of 29.44% from the company’s previous close.

A number of other research analysts have also commented on SYM. Robert W. Baird dropped their price objective on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. Needham & Company LLC increased their price objective on Symbotic from $40.00 to $46.00 and gave the stock a “buy” rating in a research report on Tuesday. KeyCorp boosted their target price on Symbotic from $40.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday. Citigroup lowered their target price on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $44.31.

Symbotic Trading Down 6.9 %

Shares of NASDAQ SYM opened at $36.31 on Tuesday. The stock has a market cap of $21.26 billion, a price-to-earnings ratio of -605.17 and a beta of 1.81. The company has a 50 day simple moving average of $27.42 and a two-hundred day simple moving average of $31.08. Symbotic has a 12 month low of $17.11 and a 12 month high of $59.82.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, meeting analysts’ consensus estimates of $0.05. The business had revenue of $576.77 million during the quarter, compared to analysts’ expectations of $470.24 million. Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The business’s revenue was up 47.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. Analysts forecast that Symbotic will post -0.08 EPS for the current year.

Insider Buying and Selling at Symbotic

In other Symbotic news, CFO Carol J. Hibbard sold 22,821 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total transaction of $660,896.16. Following the sale, the chief financial officer now directly owns 34,188 shares of the company’s stock, valued at $990,084.48. The trade was a 40.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 49,878 shares of company stock valued at $1,378,056 in the last quarter. Corporate insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Baillie Gifford & Co. increased its stake in Symbotic by 32.0% during the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after acquiring an additional 3,410,050 shares during the period. Vanguard Group Inc. boosted its stake in Symbotic by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after acquiring an additional 345,386 shares during the last quarter. Thematics Asset Management increased its holdings 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 worth $25,565,000 after acquiring an additional 242,661 shares in the last quarter. Exchange Traded Concepts LLC increased its position in shares of Symbotic by 76.8% during 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 in the last quarter. Finally, Canada Pension Plan Investment Board raised its stake in shares of Symbotic by 191.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after purchasing an additional 509,700 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.