Symbotic (NASDAQ:SYM) PT Lowered to $40.00 at The Goldman Sachs Group

Symbotic (NASDAQ:SYM) had its target price cut by stock analysts at The Goldman Sachs Group from $46.00 to $40.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective points to a potential upside of 5.62% from the stock’s current price.

A number of other brokerages also recently weighed in on SYM. Needham & Company LLC restated a “buy” rating and set a $54.00 target price on shares of Symbotic in a report on Tuesday, May 7th. Northland Securities lifted their price objective on shares of Symbotic from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. Craig Hallum raised their target price on shares of Symbotic from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Robert W. Baird boosted their price target on Symbotic from $52.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 7th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Symbotic from $57.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $56.67.

Symbotic Price Performance

Symbotic stock opened at $37.87 on Wednesday. The company has a market cap of $22.14 billion, a price-to-earnings ratio of -157.79 and a beta of 1.87. The firm has a 50-day moving average of $38.99 and a 200-day moving average of $42.22. Symbotic has a one year low of $29.62 and a one year high of $64.14.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, May 6th. The company reported $0.22 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.25. The firm had revenue of $424.30 million during the quarter, compared to analysts’ expectations of $415.98 million. Symbotic had a positive return on equity of 5.27% and a negative net margin of 1.27%. As a group, sell-side analysts expect that Symbotic will post -0.07 earnings per share for the current year.

Insider Buying and Selling at Symbotic

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $40.92, for a total transaction of $81,840.00. Following the sale, the director now directly owns 214,036 shares in the company, valued at $8,758,353.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $40.92, for a total value of $81,840.00. Following the transaction, the director now owns 214,036 shares in the company, valued at approximately $8,758,353.12. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Rollin L. Ford sold 49,998 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $37.29, for a total value of $1,864,425.42. Following the sale, the director now owns 10,447 shares of the company’s stock, valued at $389,568.63. The disclosure for this sale can be found here. Insiders sold 149,958 shares of company stock valued at $5,965,792 in the last three months. Corporate insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

A number of hedge funds have recently made changes to their positions in SYM. Baillie Gifford & Co. acquired a new stake in shares of Symbotic during the first quarter valued at about $426,752,000. 1832 Asset Management L.P. raised its holdings in Symbotic by 189.5% in the 4th quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock valued at $54,174,000 after buying an additional 690,900 shares during the last quarter. Vanguard Group Inc. boosted its position in Symbotic by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after buying an additional 345,386 shares during the period. Zevenbergen Capital Investments LLC raised its stake in shares of Symbotic by 1,826.2% during the first quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock valued at $16,253,000 after acquiring an additional 342,417 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp acquired a new position in shares of Symbotic during the first quarter worth $12,219,000.

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.