TD Cowen Forecasts Strong Price Appreciation for Symbotic (NASDAQ:SYM) Stock

Symbotic (NASDAQ:SYM) had its price target lifted by equities researchers at TD Cowen from $43.00 to $50.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price objective would indicate a potential upside of 108.33% from the stock’s previous close.

Other equities research analysts have also issued reports about the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a research note on Tuesday, November 19th. Citigroup lowered their target price on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. KeyCorp increased their price target on Symbotic from $40.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. DA Davidson reaffirmed a “buy” rating and set a $47.00 price target on shares of Symbotic in a research report on Tuesday, November 19th. Finally, BWS Financial reiterated a “sell” rating and set a $10.00 price objective on shares of Symbotic in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Symbotic presently has an average rating of “Moderate Buy” and a consensus target price of $42.69.

Symbotic Price Performance

SYM stock opened at $24.00 on Tuesday. The business has a 50-day moving average of $28.96 and a 200-day moving average of $30.77. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $59.82. The stock has a market capitalization of $14.05 billion, a P/E ratio of -400.00 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.05. Symbotic had a positive return on equity of 6.54% and a negative net margin of 0.32%. The firm had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. During the same quarter in the prior year, the firm posted ($0.08) EPS. The business’s revenue was up 47.2% on a year-over-year basis. Equities analysts expect that Symbotic will post 0.2 EPS for the current year.

Insider Transactions at Symbotic

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total value of $37,500.00. Following the completion of the sale, the director now owns 214,036 shares of the company’s stock, valued at $4,013,175. The trade was a 0.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Carol J. Hibbard sold 22,821 shares of the firm’s 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 transaction, the chief financial officer now directly owns 34,188 shares in the company, valued at $990,084.48. This represents a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 49,878 shares of company stock worth $1,378,056. 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 bought and sold shares of SYM. Vanguard Group Inc. boosted 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 in the last quarter. Advisors Asset Management Inc. grew its position in Symbotic by 11.6% in the first quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock valued at $123,000 after acquiring an additional 284 shares during the last quarter. California State Teachers Retirement System grew its position 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 acquiring an additional 654 shares during the last quarter. Comerica Bank raised its stake in Symbotic by 1,347.0% during the first quarter. Comerica Bank now owns 16,641 shares of the company’s stock worth $749,000 after acquiring an additional 15,491 shares in the last quarter. Finally, Washington Harbour Partners LP lifted its holdings in shares of Symbotic by 45.6% in the first quarter. Washington Harbour Partners LP now owns 85,300 shares of the company’s stock worth $3,838,000 after acquiring an additional 26,700 shares during the last quarter.

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.