Symbotic (NASDAQ:SYM) Price Target Raised to $44.00
by Danessa Lincoln · The Markets DailySymbotic (NASDAQ:SYM – Free Report) had its price target upped by Barclays from $42.00 to $44.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has an underweight rating on the stock.
SYM has been the subject of several other reports. UBS Group set a $70.00 price objective on shares of Symbotic in a report on Wednesday, February 18th. Northcoast Research cut Symbotic from a “buy” rating to a “neutral” rating in a report on Tuesday, November 25th. Zacks Research upgraded Symbotic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 18th. Cantor Fitzgerald increased their price target on Symbotic from $60.00 to $82.00 and gave the company an “overweight” rating in a research note on Tuesday, November 25th. Finally, Robert W. Baird lifted their price target on Symbotic from $55.00 to $58.00 and gave the company a “neutral” rating in a research report on Wednesday, November 26th. Six investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $60.71.
Check Out Our Latest Analysis on SYM
Symbotic Stock Down 4.7%
Shares of NASDAQ SYM opened at $50.06 on Monday. Symbotic has a fifty-two week low of $16.32 and a fifty-two week high of $87.88. The firm’s 50-day simple moving average is $57.58 and its 200 day simple moving average is $60.82. The stock has a market cap of $30.14 billion, a P/E ratio of -500.55, a P/E/G ratio of 5.26 and a beta of 2.13.
Symbotic (NASDAQ:SYM – Get Free Report) last posted its quarterly earnings data on Wednesday, February 4th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.06). The company had revenue of $629.99 million during the quarter, compared to analyst estimates of $622.58 million. Symbotic had a negative return on equity of 1.88% and a negative net margin of 0.45%.The business’s revenue for the quarter was up 29.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.03) EPS. On average, sell-side analysts anticipate that Symbotic will post 0.13 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, CTO James Kuffner sold 3,669 shares of the stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $56.84, for a total transaction of $208,545.96. Following the completion of the sale, the chief technology officer directly owned 151,061 shares of the company’s stock, valued at $8,586,307.24. This represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $47.70, for a total transaction of $95,400.00. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 193,492 shares of company stock worth $11,449,123. Company insiders own 8.16% of the company’s stock.
Institutional Investors Weigh In On Symbotic
Several hedge funds have recently made changes to their positions in the company. MAI Capital Management raised its stake in Symbotic by 833.3% during the 3rd quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after purchasing an additional 500 shares during the period. IAG Wealth Partners LLC acquired a new stake in shares of Symbotic in the second quarter worth $32,000. Parkside Financial Bank & Trust grew its holdings in shares of Symbotic by 100.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock valued at $32,000 after buying an additional 268 shares in the last quarter. Quarry LP purchased a new position in shares of Symbotic during the fourth quarter valued at $36,000. Finally, Parallel Advisors LLC raised its position in Symbotic by 67.3% during the fourth quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock valued at $37,000 after buying an additional 249 shares during the period.
Symbotic Company Profile
Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.
Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.