Symbotic (NASDAQ:SYM) Trading 4.4% Higher After Analyst Upgrade

Symbotic Inc. (NASDAQ:SYM)’s stock price rose 4.4% on Tuesday after Craig Hallum raised their price target on the stock from $55.00 to $60.00. Craig Hallum currently has a buy rating on the stock. Symbotic traded as high as $48.08 and last traded at $43.80. Approximately 1,717,947 shares were traded during trading, an increase of 23% from the average daily volume of 1,396,977 shares. The stock had previously closed at $41.94.

A number of other analysts have also recently issued reports on SYM. Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 target price on shares of Symbotic in a research note on Tuesday, February 6th. Robert W. Baird lifted their price objective on shares of Symbotic from $52.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Symbotic from $57.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday. DA Davidson upgraded Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Wednesday, February 7th. Finally, Northland Securities upped their price target on Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $55.69.

Insiders Place Their Bets

In related news, insider Richard B. Cohen sold 5,000,000 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $38.32, for a total transaction of $191,600,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Symbotic news, insider Richard B. Cohen sold 5,000,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $38.32, for a total value of $191,600,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $39.39, for a total value of $78,780.00. Following the completion of the sale, the director now owns 10,447 shares of the company’s stock, valued at approximately $411,507.33. The disclosure for this sale can be found here. Insiders have sold a total of 7,110,447 shares of company stock valued at $275,410,529 in the last three months. Company insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SYM. Avantax Advisory Services Inc. boosted its stake in shares of Symbotic by 48.0% in the 1st quarter. Avantax Advisory Services Inc. now owns 9,737 shares of the company’s stock valued at $438,000 after purchasing an additional 3,160 shares in the last quarter. Swiss National Bank boosted its position in Symbotic by 3.4% in the first quarter. Swiss National Bank now owns 33,000 shares of the company’s stock valued at $1,485,000 after buying an additional 1,100 shares in the last quarter. Zevenbergen Capital Investments LLC grew its stake in Symbotic by 1,826.2% during the first quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock worth $16,253,000 after buying an additional 342,417 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new stake in shares of Symbotic during the first quarter worth approximately $366,000. Finally, Retirement Planning Co of New England Inc. bought a new position in shares of Symbotic in the first quarter valued at approximately $754,000.

Symbotic Trading Up 4.0 %

The firm has a fifty day moving average price of $43.30 and a 200 day moving average price of $44.25. The firm has a market capitalization of $27.91 billion, a price-to-earnings ratio of -179.11 and a beta of 1.97.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Monday, February 5th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. Symbotic had a negative return on equity of 35.06% and a negative net margin of 1.39%. The company had revenue of $368.45 million for the quarter, compared to analyst estimates of $370.28 million. As a group, equities analysts predict that Symbotic Inc. will post -0.03 EPS for the current fiscal year.

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.