Symbotic (NASDAQ:SYM) Lowered to “Neutral” Rating by DA Davidson

Symbotic (NASDAQ:SYM) was downgraded by stock analysts at DA Davidson from a “buy” rating to a “neutral” rating in a research note issued to investors on Wednesday, Marketbeat.com reports. They presently have a $35.00 target price on the stock, down from their prior target price of $50.00. DA Davidson’s target price would indicate a potential upside of 45.83% from the company’s previous close.

SYM has been the topic of several other reports. BWS Financial restated a “sell” rating and set a $10.00 price objective on shares of Symbotic in a research note on Tuesday, November 19th. TD Cowen raised their price objective on Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday. Craig Hallum decreased their target price on Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Citigroup reduced their price objective on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Finally, 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 report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $42.69.

Symbotic Price Performance

Shares of Symbotic stock opened at $24.00 on Wednesday. Symbotic has a 1 year low of $17.11 and a 1 year high of $59.82. The company has a market capitalization of $14.05 billion, a P/E ratio of -400.00 and a beta of 1.81. The business has a 50-day moving average of $28.94 and a two-hundred day moving average of $30.72.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.05. The company had revenue of $576.77 million for 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 6.54%. The firm’s revenue was up 47.2% compared to the same quarter last year. During the same period last year, the company earned ($0.08) earnings per share. On average, equities analysts anticipate that Symbotic will post 0.2 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $23.96, for a total value of $47,920.00. Following the sale, the director now directly owns 2,000 shares in the company, valued at approximately $47,920. This trade represents a 50.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Carol J. Hibbard sold 22,821 shares of the company’s 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 transaction, the chief financial officer now owns 34,188 shares of the company’s stock, valued at approximately $990,084.48. This represents a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 49,878 shares of company stock valued at $1,378,056 over the last quarter. 38.30% of the stock is owned by company insiders.

Institutional Trading of Symbotic

A number of hedge funds and other institutional investors have recently modified their holdings of SYM. Baillie Gifford & Co. grew its holdings in shares of 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 purchasing an additional 3,410,050 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Symbotic by 16.6% during 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 lifted its holdings in shares of 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 purchasing an additional 242,661 shares during the period. Exchange Traded Concepts LLC increased its holdings in Symbotic by 76.8% in the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after purchasing an additional 379,726 shares during the period. Finally, Canada Pension Plan Investment Board increased its holdings in Symbotic by 191.5% in the second 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 period.

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.