Symbotic Inc. (NASDAQ:SYM) Receives $44.31 Consensus Target Price from Brokerages

Symbotic Inc. (NASDAQ:SYM) has been assigned an average recommendation of “Moderate Buy” from the fourteen analysts that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $42.69.

Several brokerages have issued reports on SYM. Needham & Company LLC lowered their price target on shares of Symbotic from $46.00 to $35.00 and set a “buy” rating on the stock in a research note on Wednesday. DA Davidson downgraded Symbotic from a “buy” rating to a “neutral” rating and lowered their target price for the company from $50.00 to $35.00 in a research report on Wednesday. TD Cowen increased their price target on Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a research note on Tuesday, November 19th. Finally, Craig Hallum lowered shares of Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price objective on the stock. in a research note on Wednesday.

Symbotic Trading Down 35.8 %

SYM opened at $24.00 on Tuesday. The stock has a market capitalization of $14.05 billion, a P/E ratio of -400.00 and a beta of 1.81. Symbotic has a 12 month low of $17.11 and a 12 month high of $59.82. The firm’s fifty day simple moving average is $28.94 and its 200 day simple moving average is $30.72.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, meeting analysts’ consensus estimates of $0.05. The company 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 company’s quarterly revenue was up 47.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.08) earnings per share. On average, equities research analysts predict that Symbotic will post 0.2 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider William M. Boyd III sold 8,826 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $28.33, for a total transaction of $250,040.58. Following the transaction, the insider now directly owns 23,012 shares of the company’s stock, valued at approximately $651,929.96. This trade represents a 27.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Carol J. Hibbard sold 22,821 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total value of $660,896.16. Following the completion of the sale, the chief financial officer now owns 34,188 shares of the company’s stock, valued at approximately $990,084.48. This trade represents a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,878 shares of company stock valued at $1,378,056. Insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Several institutional investors and hedge funds have recently bought and sold shares of the company. Baillie Gifford & Co. increased its stake in shares of Symbotic by 32.0% in the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after purchasing an additional 3,410,050 shares during the last quarter. Vanguard Group Inc. grew its position in 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 acquiring an additional 345,386 shares during the last quarter. Thematics Asset Management raised its stake in Symbotic by 30.1% during the third quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock worth $25,565,000 after acquiring an additional 242,661 shares in the last quarter. Exchange Traded Concepts LLC lifted its holdings in shares of Symbotic by 76.8% in the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after acquiring an additional 379,726 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake 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 valued at $27,281,000 after purchasing an additional 509,700 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.