Symbotic (NASDAQ:SYM) Price Target Raised to $50.00

Symbotic (NASDAQ:SYM) had its target price raised by DA Davidson from $47.00 to $50.00 in a report published on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also weighed in on the stock. The Goldman Sachs Group lowered their price objective on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Wednesday, July 31st. Cantor Fitzgerald restated an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a report on Tuesday, November 19th. Northland Securities boosted their price objective on shares of Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Robert W. Baird lowered their price objective on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. Finally, KeyCorp boosted their price objective on shares of Symbotic from $40.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Symbotic Trading Down 35.8 %

Shares of Symbotic stock opened at $24.00 on Monday. The company’s 50-day moving average price is $28.96 and its 200-day moving average price is $30.77. The company has a market cap of $14.05 billion, a price-to-earnings ratio of -400.00 and a beta of 1.81. 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 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. The business had revenue of $576.77 million during the quarter, compared to analyst estimates of $470.24 million. During the same period in the previous year, the business posted ($0.08) earnings per share. Symbotic’s revenue for the quarter was up 47.2% on a year-over-year basis. On average, sell-side analysts predict that Symbotic will post 0.2 earnings per share for the current year.

Insider Transactions at Symbotic

In related news, CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction dated 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 approximately $990,084.48. This represents a 40.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $28.15, for a total transaction of $56,300.00. Following the sale, 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 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 three months. 38.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Symbotic

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake 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 worth $109,189,000 after purchasing an additional 345,386 shares during the period. Canada Pension Plan Investment Board increased its holdings in shares of 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 purchasing an additional 509,700 shares during the last quarter. Comerica Bank raised its holdings in shares of 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 acquiring an additional 15,491 shares in the last quarter. Baillie Gifford & Co. raised 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 purchasing an additional 3,410,050 shares in the last quarter. Finally, Millennium Management LLC raised its position in shares of Symbotic by 6,694.5% during the 2nd quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock valued at $11,801,000 after buying an additional 330,709 shares in 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.