Symbotic Inc. (NASDAQ:SYM) Stock Now Rated “Hold” by Sell-Side Brokerages

Shares of Symbotic Inc. (NASDAQ:SYM) have received an average rating of “Hold” from the fourteen analysts that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $65.83.

Several analysts have recently commented on the stock. Robert W. Baird set a $51.00 price target on shares of Symbotic in a research report on Thursday, August 6th. Needham & Company LLC cut their price objective on Symbotic from C$75.00 to C$60.00 and set a “buy” rating for the company in a research report on Tuesday, September 15th. Barclays reduced their target price on Symbotic from $44.00 to $38.00 and set an “underweight” rating on the stock in a research note on Tuesday, September 8th. Zacks Research upgraded Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 5th. Finally, TD Cowen dropped their price target on Symbotic from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, October 22nd.

Insiders Place Their Bets

In related news, insider William M. Boyd III sold 9,194 shares of Symbotic stock in a transaction dated Tuesday, October 27th. The stock was sold at an average price of $38.83, for a total transaction of $357,003.02. Following the completion of the sale, the insider owned 57,112 shares in the company, valued at approximately $2,217,658.96. This trade represents a 13.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO James Kuffner sold 19,201 shares of the business’s stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $38.24, for a total transaction of $734,246.24. Following the completion of the transaction, the chief technology officer directly owned 248,580 shares of the company’s stock, valued at $9,505,699.20. The trade was a 7.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 59,371 shares of company stock valued at $2,321,276. Insiders own 8.16% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Several hedge funds have recently modified their holdings of the company. Financiere des Professionnels Fonds d investissement inc. acquired a new stake in shares of Symbotic during the 1st quarter worth $788,000. Amundi raised its position in shares of Symbotic by 68.5% in the 1st quarter. Amundi now owns 108,553 shares of the company’s stock worth $5,775,000 after buying an additional 44,132 shares during the period. Wealthfront Advisers LLC raised its position in shares of Symbotic by 168.1% in the 1st quarter. Wealthfront Advisers LLC now owns 71,248 shares of the company’s stock worth $3,790,000 after buying an additional 44,676 shares during the period. Royal Bank of Canada raised its position in shares of Symbotic by 41.1% in the 1st quarter. Royal Bank of Canada now owns 100,018 shares of the company’s stock worth $5,321,000 after buying an additional 29,152 shares during the period. Finally, Peregrine Asset Advisers Inc. acquired a new position in Symbotic in the first quarter valued at $2,379,000.

Symbotic Price Performance

Shares of NASDAQ:SYM opened at $37.23 on Tuesday. The firm has a market capitalization of $22.52 billion, a price-to-earnings ratio of 433.00, a price-to-earnings-growth ratio of 3.69 and a beta of 1.97. The business’s 50 day simple moving average is $41.23 and its 200-day simple moving average is $48.03. Symbotic has a 12 month low of $36.02 and a 12 month high of $87.88.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.04). The firm had revenue of $720.84 million for the quarter, compared to analyst estimates of $715.03 million. Symbotic had a return on equity of 1.40% and a net margin of 0.48%. The company’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same period last year, the firm earned ($0.05) EPS. On average, equities analysts anticipate that Symbotic will post 0.21 earnings per share for the current year.

About Symbotic

Symbotic Inc is an automation technology company that develops artificial intelligence-enabled robotics and software for supply chain and warehouse operations. Its systems are designed to automate the movement, storage, retrieval and replenishment of pallets and cases within large distribution centers, helping customers manage inventory and fulfill orders more efficiently.

The company’s platform combines mobile robots, automated storage and retrieval systems, robotic palletizing and depalletizing equipment, and warehouse-control software.