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

Symbotic (NASDAQ:SYM) had its target price lifted by DA Davidson from $47.00 to $50.00 in a research report released on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also weighed in on SYM. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a research note on Tuesday, November 19th. Needham & Company LLC lifted their price target on shares of Symbotic from $40.00 to $46.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. KeyCorp increased their price objective on shares of Symbotic from $40.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Robert W. Baird decreased 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, The Goldman Sachs Group cut their target price on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $42.69.

Symbotic Stock Down 35.8 %

Shares of Symbotic stock opened at $24.00 on Monday. The business’s fifty day moving average is $28.94 and its two-hundred day moving average is $30.72. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $59.82. The firm has a market cap of $14.05 billion, a PE ratio of -400.00 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last issued its earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.05. Symbotic had a positive return on equity of 6.54% and a negative net margin of 0.32%. The business had revenue of $576.77 million during the quarter, compared to analysts’ expectations of $470.24 million. During the same quarter in the previous year, the business earned ($0.08) EPS. The company’s revenue for the quarter was up 47.2% on a year-over-year basis. Equities research analysts anticipate that Symbotic will post 0.2 EPS for the current year.

Insider Buying and Selling at Symbotic

In other Symbotic news, CFO Carol J. Hibbard sold 22,821 shares of Symbotic stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total value of $660,896.16. Following the sale, the chief financial officer now owns 34,188 shares of the company’s stock, valued at $990,084.48. This trade represents a 40.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $28.15, for a total value of $56,300.00. Following the completion of the sale, the director now owns 214,036 shares in the company, valued at $6,025,113.40. The trade was a 0.93 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,878 shares of company stock valued at $1,378,056. Company insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Several hedge funds have recently bought and sold shares of SYM. Sanctuary Advisors LLC acquired a new position in Symbotic in the 3rd quarter valued at $1,029,000. Barclays PLC boosted its position in shares of Symbotic by 1,105.9% in the third quarter. Barclays PLC now owns 9,346 shares of the company’s stock valued at $228,000 after acquiring an additional 8,571 shares during the period. TCW Group Inc. grew its stake in shares of Symbotic by 0.8% in the third quarter. TCW Group Inc. now owns 384,274 shares of the company’s stock valued at $9,372,000 after acquiring an additional 3,075 shares in the last quarter. Sunbelt Securities Inc. increased its position in Symbotic by 161.6% during the third quarter. Sunbelt Securities Inc. now owns 13,330 shares of the company’s stock worth $325,000 after acquiring an additional 8,235 shares during the period. Finally, First Dallas Securities Inc. raised its stake in Symbotic by 61.2% in the 3rd quarter. First Dallas Securities Inc. now owns 32,400 shares of the company’s stock worth $790,000 after purchasing an additional 12,300 shares in the last quarter.

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.