Symbotic (NASDAQ:SYM) Price Target Raised to $46.00

Symbotic (NASDAQ:SYM) had its price target boosted by Needham & Company LLC from $40.00 to $46.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also issued reports on SYM. TD Cowen reduced their price target on Symbotic from $55.00 to $43.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upped their target price on Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 price target on shares of Symbotic in a research report on Friday, October 11th. Craig Hallum cut their price objective on Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Finally, Robert W. Baird reduced their price target on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $44.31.

Symbotic Stock Performance

Shares of Symbotic stock opened at $36.36 on Tuesday. Symbotic has a one year low of $17.11 and a one year high of $59.82. The stock has a market cap of $21.29 billion, a price-to-earnings ratio of -605.17 and a beta of 1.81. The stock has a 50 day moving average price of $27.76 and a 200-day moving average price of $31.11.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, meeting the consensus estimate of $0.05. The firm had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. Symbotic had a positive return on equity of 6.54% and a negative net margin of 0.32%. The firm’s quarterly revenue was up 47.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.08) earnings per share. Sell-side analysts predict that Symbotic will post 0.33 earnings per share for the current fiscal year.

Insider Activity

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total transaction of $37,500.00. Following the completion of the sale, the director now directly owns 214,036 shares in the company, valued at $4,013,175. This trade represents a 0.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael David Dunn sold 1,715 shares of the company’s stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $28.77, for a total transaction of $49,340.55. Following the completion of the transaction, the insider now owns 87,922 shares in the company, valued at approximately $2,529,515.94. This represents a 1.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 49,878 shares of company stock valued at $1,378,056. 38.30% of the stock is currently owned by insiders.

Institutional Trading of Symbotic

Several hedge funds have recently made changes to their positions in the business. Castleview Partners LLC raised its holdings in Symbotic by 50.0% in the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after acquiring an additional 500 shares in the last quarter. RFP Financial Group LLC increased its position in shares of Symbotic by 22.4% in the 2nd quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after purchasing an additional 310 shares during the last quarter. Quarry LP acquired a new stake in shares of Symbotic in the 2nd quarter valued at $65,000. Arcadia Investment Management Corp MI purchased a new stake in shares of Symbotic during the 3rd quarter worth $49,000. Finally, Natixis Investment Managers International acquired a new position in shares of Symbotic during the first quarter worth $90,000.

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.