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

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

A number of equities research analysts have issued reports on SYM shares. UBS Group reduced their target price on shares of Symbotic from $40.00 to $32.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. KeyCorp reiterated a “sector weight” rating on shares of Symbotic in a research note on Wednesday, November 27th. TD Cowen raised their target price on shares of Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. The Goldman Sachs Group decreased their price objective on shares of Symbotic from $34.00 to $28.00 and set a “neutral” rating for the company in a research report on Wednesday, December 4th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $35.00 target price on shares of Symbotic in a report on Friday.

Symbotic Trading Down 6.5 %

Shares of NASDAQ:SYM opened at $29.76 on Wednesday. The business has a 50-day moving average price of $27.96 and a 200 day moving average price of $27.43. Symbotic has a 12-month low of $17.11 and a 12-month high of $52.20. The company has a market capitalization of $17.48 billion, a price-to-earnings ratio of -496.00 and a beta of 1.76.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The firm had revenue of $576.77 million during the quarter, compared to analysts’ expectations of $470.24 million. During the same quarter last year, the company posted ($0.08) EPS. The firm’s quarterly revenue was up 47.2% on a year-over-year basis. As a group, equities research analysts predict that Symbotic will post 0.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Symbotic news, insider Michael David Dunn sold 63,867 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $30.08, for a total value of $1,921,119.36. Following the sale, the insider now owns 24,055 shares of the company’s stock, valued at approximately $723,574.40. This represents a 72.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Carol J. Hibbard sold 22,821 shares of Symbotic stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total value of $660,896.16. Following the transaction, the chief financial officer now directly owns 34,188 shares of the company’s stock, valued at $990,084.48. This trade represents a 40.03 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 111,844 shares of company stock worth $3,268,431. 38.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Symbotic

A number of institutional investors have recently made changes to their positions in SYM. Baillie Gifford & Co. grew its stake in shares of Symbotic by 32.0% during the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after buying an additional 3,410,050 shares during the period. Thematics Asset Management boosted 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 valued at $25,565,000 after buying an additional 242,661 shares during the period. Exchange Traded Concepts LLC lifted its holdings in shares of Symbotic by 76.8% in 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 during the last quarter. Canada Pension Plan Investment Board boosted its holdings in shares of Symbotic by 191.5% during the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after acquiring an additional 509,700 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Symbotic by 10.2% during the third quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock valued at $12,290,000 after acquiring an additional 46,721 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.