Symbotic (NASDAQ:SYM) Stock Gets Price Target Cut from TD Cowen

Symbotic (NASDAQ:SYM) had its price target reduced by TD Cowen from $75.00 to $70.00 in a research note published on Thursday, MarketBeat.com reports. They currently have a buy rating on the stock.

Several other brokerages have also weighed in on SYM. Zacks Research raised shares of Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 5th. Robert W. Baird set a $51.00 target price on shares of Symbotic in a research report on Thursday, August 6th. Barclays cut their target price on shares of Symbotic from $44.00 to $38.00 and set an “underweight” rating on the stock in a research note on Tuesday, September 8th. Needham & Company LLC reduced their price target on shares of Symbotic from C$75.00 to C$60.00 and set a “buy” rating on the stock in a research report on Tuesday, September 15th. Finally, Weiss Ratings upgraded Symbotic from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, September 21st. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $65.83.

Symbotic Trading Down 2.7%

Symbotic stock opened at $39.28 on Thursday. The stock has a market cap of $23.76 billion, a P/E ratio of 436.44, a price-to-earnings-growth ratio of 3.71 and a beta of 1.97. The stock has a 50 day moving average of $41.68 and a 200-day moving average of $45.57. Symbotic has a 52 week low of $36.47 and a 52 week 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 for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). The company 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 firm’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.05) EPS. As a group, equities analysts predict that Symbotic will post 0.21 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, October 5th. The stock was sold at an average price of $42.72, for a total transaction of $85,440.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Izilda Martins sold 27,463 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $40.80, for a total value of $1,120,490.40. Following the sale, the chief financial officer directly owned 35,171 shares in the company, valued at approximately $1,434,976.80. This represents a 43.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 52,609 shares of company stock worth $2,172,104. Corporate insiders own 8.16% of the company’s stock.

Institutional Trading of Symbotic

A number of institutional investors and hedge funds have recently modified their holdings of the business. Ascent Wealth Partners LLC lifted its position in shares of Symbotic by 12.0% in the 3rd quarter. Ascent Wealth Partners LLC now owns 5,175 shares of the company’s stock worth $218,000 after buying an additional 554 shares during the last quarter. Lighthouse Financial LLC bought a new stake in shares of Symbotic during the 3rd quarter valued at about $814,000. Brookstone Capital Management bought a new stake in shares of Symbotic during the 3rd quarter valued at about $366,000. Prime Capital Investment Advisors LLC bought a new stake in shares of Symbotic during the 3rd quarter valued at about $304,000. Finally, Arkfeld Wealth Strategies L.L.C. raised its stake in Symbotic by 1.4% during the third quarter. Arkfeld Wealth Strategies L.L.C. now owns 29,000 shares of the company’s stock worth $1,256,000 after acquiring an additional 404 shares during the period.

Symbotic Company Profile

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.