TD Cowen Issues Positive Forecast for Symbotic (NASDAQ:SYM) Stock Price

Symbotic (NASDAQ:SYM) had its target price hoisted by TD Cowen from $43.00 to $50.00 in a report published on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research firms have also commented on SYM. KeyCorp upped their price objective on Symbotic from $40.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Robert W. Baird lowered their price objective on Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. The Goldman Sachs Group reduced their target price on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Wednesday, July 31st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 price target on shares of Symbotic in a report on Tuesday, November 19th. Finally, Northland Securities increased their price objective on shares of Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $44.85.

Symbotic Stock Performance

Symbotic stock opened at $37.41 on Tuesday. The stock has a market cap of $21.91 billion, a PE ratio of -623.50 and a beta of 1.81. The stock has a fifty day moving average of $28.98 and a 200 day moving average of $30.82. Symbotic has a one year low of $17.11 and a one year high of $59.82.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting the consensus estimate of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. The firm had revenue of $576.77 million for the quarter, compared to analysts’ expectations of $470.24 million. During the same quarter in the prior year, the business earned ($0.08) EPS. The business’s quarterly revenue was up 47.2% on a year-over-year basis. As a group, sell-side analysts predict that Symbotic will post 0.36 EPS for the current fiscal year.

Insider Buying and Selling at Symbotic

In other news, CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total transaction of $660,896.16. Following the completion of the transaction, the chief financial officer now directly owns 34,188 shares in the company, valued at approximately $990,084.48. This represents a 40.03 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $28.15, for a total transaction 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. This represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. In 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 Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SYM. Sanctuary Advisors LLC purchased a new stake in Symbotic in the 3rd quarter worth about $1,029,000. Barclays PLC grew its stake in shares of Symbotic by 1,105.9% during the third quarter. Barclays PLC now owns 9,346 shares of the company’s stock valued at $228,000 after buying an additional 8,571 shares during the last quarter. TCW Group Inc. raised its holdings in shares of Symbotic by 0.8% in the third quarter. TCW Group Inc. now owns 384,274 shares of the company’s stock worth $9,372,000 after buying an additional 3,075 shares during the period. Sunbelt Securities Inc. lifted its stake in shares of Symbotic by 161.6% during the 3rd 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 last quarter. Finally, First Dallas Securities Inc. boosted its holdings in Symbotic by 61.2% during the 3rd quarter. First Dallas Securities Inc. now owns 32,400 shares of the company’s stock valued at $790,000 after acquiring an additional 12,300 shares during the period.

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.