Symbotic (NASDAQ:SYM) Given New $50.00 Price Target at DA Davidson

Symbotic (NASDAQ:SYM) had its price objective boosted by DA Davidson from $47.00 to $50.00 in a research note released on Monday,Benzinga reports. DA Davidson currently has a buy rating on the stock.

Other analysts have also recently issued research reports about the stock. Craig Hallum reduced their price objective on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a research report on Tuesday, November 19th. KeyCorp raised their price objective on Symbotic from $40.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Northland Securities upped their target price on Symbotic from $50.00 to $53.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Finally, The Goldman Sachs Group lowered their price target on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Symbotic presently has an average rating of “Moderate Buy” and an average price target of $42.69.

Symbotic Price Performance

NASDAQ SYM opened at $24.00 on Monday. 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 PE ratio of -400.00 and a beta of 1.81. The business has a fifty day moving average price of $28.94 and a two-hundred day moving average price of $30.72.

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

Insiders Place Their Bets

In other news, insider William M. Boyd III sold 8,826 shares of Symbotic stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $28.33, for a total value of $250,040.58. Following the sale, the insider now directly owns 23,012 shares in the company, valued at approximately $651,929.96. This trade represents a 27.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Carol J. Hibbard sold 22,821 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were 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 approximately $990,084.48. The trade was a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 49,878 shares of company stock valued at $1,378,056 over the last three months. Insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. boosted its holdings in shares of Symbotic by 32.0% during the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after acquiring an additional 3,410,050 shares during the last quarter. Canada Pension Plan Investment Board grew its position in Symbotic by 191.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after purchasing an additional 509,700 shares during the period. Exchange Traded Concepts LLC raised its stake in Symbotic by 76.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after buying an additional 379,726 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Symbotic by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after buying an additional 345,386 shares during the period. Finally, Millennium Management LLC grew its holdings in shares of Symbotic by 6,694.5% in the second quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock worth $11,801,000 after acquiring an additional 330,709 shares during the period.

About Symbotic

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.