KeyCorp Reiterates Sector Weight Rating for Symbotic (NASDAQ:SYM)

KeyCorp reiterated their sector weight rating on shares of Symbotic (NASDAQ:SYM) in a research note issued to investors on Wednesday morning, MarketBeat reports.

Other equities research analysts have also issued reports about the stock. Craig Hallum cut their target price on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. DA Davidson downgraded Symbotic from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $50.00 to $35.00 in a research note on Wednesday. Needham & Company LLC boosted their target price on Symbotic from $40.00 to $46.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. TD Cowen lifted their price objective on Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $60.00 target price on shares of Symbotic in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Symbotic currently has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Symbotic Stock Up 12.1 %

NASDAQ:SYM opened at $26.90 on Wednesday. The stock’s fifty day simple moving average is $28.97 and its 200-day simple moving average is $30.61. The firm has a market capitalization of $15.75 billion, a P/E ratio of -448.33 and a beta of 1.81. Symbotic has a 12-month low of $17.11 and a 12-month high of $58.58.

Symbotic (NASDAQ:SYM) last posted its earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.05. The company had revenue of $576.77 million during 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 revenue for the quarter was up 47.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.08) EPS. As a group, equities research analysts expect that Symbotic will post 0.2 earnings per share for the current year.

Insider Activity at Symbotic

In related 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 of the company’s stock, valued at approximately $990,084.48. This represents a 40.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Michael David Dunn sold 5,266 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $23.81, for a total value of $125,383.46. Following the transaction, the insider now directly owns 85,224 shares in the company, valued at $2,029,183.44. This trade represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 49,878 shares of company stock valued at $1,378,056. Corporate insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

A number of large investors have recently added to or reduced their stakes in SYM. Vanguard Group Inc. raised its holdings in shares of Symbotic by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after purchasing an additional 345,386 shares during the period. Advisors Asset Management Inc. increased its position in Symbotic by 11.6% during the first quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock worth $123,000 after buying an additional 284 shares during the last quarter. California State Teachers Retirement System raised its stake in Symbotic by 4.5% in the first quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock valued at $678,000 after buying an additional 654 shares during the period. Comerica Bank lifted its position in shares of Symbotic by 1,347.0% in the first quarter. Comerica Bank now owns 16,641 shares of the company’s stock valued at $749,000 after buying an additional 15,491 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Symbotic during the 1st quarter worth approximately $770,000.

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.