Brokerages Set Symbotic Inc. (NASDAQ:SYM) PT at $39.86

Symbotic Inc. (NASDAQ:SYM) has been given a consensus rating of “Moderate Buy” by the sixteen ratings firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and nine have issued a buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $38.73.

Several equities analysts have commented on the stock. Citigroup reissued a “buy” rating and set a $37.00 target price on shares of Symbotic in a research report on Monday, January 13th. DA Davidson raised Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price objective on the stock in a report on Wednesday, January 8th. The Goldman Sachs Group reduced their target price on Symbotic from $34.00 to $28.00 and set a “neutral” rating for the company in a report on Wednesday, December 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 target price on shares of Symbotic in a research report on Tuesday, November 19th. Finally, TD Cowen boosted their price objective on shares of Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th.

Symbotic Stock Performance

Shares of NASDAQ SYM opened at $29.76 on Wednesday. The business has a 50 day simple moving average of $27.96 and a 200 day simple moving average of $27.55. Symbotic has a 52 week low of $17.11 and a 52 week high of $52.20. The stock has a market cap of $17.48 billion, a price-to-earnings ratio of -496.00 and a beta of 1.76.

Symbotic (NASDAQ:SYM) last posted its earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, hitting the consensus estimate of $0.05. The company had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The company’s revenue for the quarter was up 47.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.08) earnings per share. On average, analysts predict that Symbotic will post 0.12 EPS for the current year.

Insider Buying and Selling at Symbotic

In other news, insider Michael David Dunn sold 5,365 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $24.60, for a total transaction of $131,979.00. Following the completion of the transaction, the insider now directly owns 31,860 shares of the company’s stock, valued at approximately $783,756. This trade represents a 14.41 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.04, for a total transaction of $48,080.00. Following the completion of the sale, the director now directly owns 214,036 shares in the company, valued at approximately $5,145,425.44. The trade was a 0.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,844 shares of company stock valued at $3,268,431 in the last quarter. Corporate insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Several hedge funds and other institutional investors have recently modified their holdings of SYM. 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 worth $343,192,000 after acquiring an additional 3,410,050 shares in the last quarter. Thematics Asset Management grew its holdings in shares of Symbotic by 30.1% in the 3rd quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock worth $25,565,000 after purchasing an additional 242,661 shares during the last quarter. Exchange Traded Concepts LLC increased its position in shares of Symbotic by 76.8% during 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. Canada Pension Plan Investment Board lifted its holdings in Symbotic by 191.5% during 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 last quarter. Finally, Geode Capital Management LLC boosted its position in Symbotic by 10.2% in the third quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock valued at $12,290,000 after buying an additional 46,721 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.