Symbotic (NASDAQ:SYM) Price Target Raised to $53.00

Symbotic (NASDAQ:SYM) had its price objective lifted by Northland Securities from $50.00 to $53.00 in a research report released on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other research analysts have also issued research reports about the company. Robert W. Baird reduced their target price on Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. TD Cowen reduced their target price on Symbotic from $55.00 to $43.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Needham & Company LLC decreased their price target on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Finally, Citigroup decreased their target price on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Symbotic currently has an average rating of “Moderate Buy” and a consensus target price of $44.31.

Symbotic Price Performance

NASDAQ SYM opened at $36.36 on Tuesday. The business’s fifty day moving average is $27.76 and its 200-day moving average is $31.11. The stock has a market capitalization of $21.29 billion, a price-to-earnings ratio of -605.17 and a beta of 1.81. Symbotic has a one year low of $17.11 and a one year high of $59.82.

Symbotic (NASDAQ:SYM) last issued 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. The firm had revenue of $576.77 million for the quarter, compared to analyst estimates of $470.24 million. Symbotic had a positive return on equity of 6.54% and a negative net margin of 0.32%. The business’s revenue was up 47.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.08) earnings per share. Research analysts expect that Symbotic will post 0.33 EPS for the current fiscal year.

Insider Transactions at Symbotic

In other Symbotic news, CFO Carol J. Hibbard sold 22,821 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 34,188 shares of the company’s stock, valued at approximately $990,084.48. The trade was a 40.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $28.15, for a total value of $56,300.00. Following the transaction, the director now directly owns 214,036 shares of the company’s stock, valued at approximately $6,025,113.40. The trade was a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 49,878 shares of company stock worth $1,378,056. Insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Institutional investors and hedge funds have recently bought and sold shares of the business. Baillie Gifford & Co. raised its stake in shares of 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 last quarter. Vanguard Group Inc. raised 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 buying an additional 345,386 shares during the last quarter. Thematics Asset Management increased its stake in 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 during the last quarter. Exchange Traded Concepts LLC increased its position in 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 purchasing an additional 379,726 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its position 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 worth $27,281,000 after buying 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.