Symbotic Inc. (NASDAQ:SYM) Receives Consensus Rating of “Moderate Buy” from Analysts

Symbotic Inc. (NASDAQ:SYM) has been given a consensus recommendation of “Moderate Buy” by the fourteen research firms that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and ten have assigned a buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $43.23.

SYM has been the topic of a number of recent analyst reports. Needham & Company LLC reduced their target price on Symbotic from $54.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Citigroup lowered their target price on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $60.00 price target on shares of Symbotic in a research report on Friday, October 11th. BWS Financial restated a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a research report on Friday, October 11th. Finally, Robert W. Baird decreased their target price on Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st.

Insiders Place Their Bets

In other Symbotic news, insider William M. Boyd III sold 8,826 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $28.33, for a total transaction of $250,040.58. Following the sale, the insider now directly owns 23,012 shares of the company’s stock, valued at approximately $651,929.96. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Symbotic news, insider William M. Boyd III sold 8,826 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $28.33, for a total value of $250,040.58. Following the transaction, the insider now directly owns 23,012 shares in the company, valued at $651,929.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael David Dunn sold 1,715 shares of the firm’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $28.77, for a total transaction of $49,340.55. Following the sale, the insider now owns 87,922 shares of the company’s stock, valued at approximately $2,529,515.94. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,057 shares of company stock valued at $660,860 in the last 90 days. 38.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Symbotic

Several institutional investors and hedge funds have recently made changes to their positions in the company. Baillie Gifford & Co. increased its position in Symbotic by 32.0% during the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after buying an additional 3,410,050 shares during the period. Canada Pension Plan Investment Board raised its stake in Symbotic by 191.5% in the 2nd 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 in the last quarter. Exchange Traded Concepts LLC raised its stake in Symbotic by 76.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after purchasing an additional 379,726 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Symbotic by 16.6% in the 1st 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 during the period. Finally, Zevenbergen Capital Investments LLC grew its position in shares of Symbotic by 1,826.2% during the 1st quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock worth $16,253,000 after purchasing an additional 342,417 shares in the last quarter.

Symbotic Stock Up 2.7 %

SYM stock opened at $29.30 on Friday. Symbotic has a twelve month low of $17.11 and a twelve month high of $59.82. The company has a market cap of $17.16 billion, a P/E ratio of -154.21 and a beta of 1.81. The business’s fifty day moving average is $24.59 and its 200-day moving average is $31.57.

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.