Brokerages Set Symbotic Inc. (NASDAQ:SYM) PT at $43.23

Shares of Symbotic Inc. (NASDAQ:SYM) have received a consensus recommendation of “Moderate Buy” from the fourteen research firms that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and ten have given a buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $43.23.

Several analysts recently commented on the stock. Needham & Company LLC dropped their price target on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. KeyCorp dropped their price target on shares of Symbotic from $55.00 to $40.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 30th. Northland Securities dropped their price target on shares of Symbotic from $60.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, Vertical Research assumed coverage on shares of Symbotic in a research report on Tuesday, July 23rd. They issued a “hold” rating and a $45.00 target price on the stock.

Symbotic Stock Performance

SYM stock opened at $23.87 on Friday. The firm has a market cap of $13.96 billion, a PE ratio of -99.46 and a beta of 1.86. The firm’s fifty day moving average is $32.18 and its 200 day moving average is $39.00. Symbotic has a one year low of $20.90 and a one year high of $59.82.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Monday, July 29th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.04). The firm had revenue of $491.86 million for the quarter, compared to analyst estimates of $464.56 million. Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The firm’s quarterly revenue was up 57.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.07) EPS. Research analysts predict that Symbotic will post -0.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Todd Krasnow sold 17,000 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $21.46, for a total transaction of $364,820.00. Following the transaction, the director now directly owns 214,036 shares in the company, valued at $4,593,212.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, major shareholder David A. Ladensohn sold 50,000 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $40.89, for a total transaction of $2,044,500.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Todd Krasnow sold 17,000 shares of Symbotic stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $21.46, for a total transaction of $364,820.00. Following the transaction, the director now directly owns 214,036 shares in the company, valued at $4,593,212.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 140,907 shares of company stock worth $5,181,203. 38.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Symbotic

A number of institutional investors have recently bought and sold shares of the company. Baillie Gifford & Co. raised its stake in Symbotic by 12.4% during the second quarter. Baillie Gifford & Co. now owns 10,660,949 shares of the company’s stock worth $374,839,000 after purchasing an additional 1,177,578 shares during the period. Vanguard Group Inc. raised its stake 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 acquiring an additional 345,386 shares during the period. 1832 Asset Management L.P. raised its stake in shares of 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 acquiring an additional 690,900 shares during the period. Canada Pension Plan Investment Board raised its stake in shares of Symbotic by 191.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after acquiring an additional 509,700 shares during the period. Finally, Raymond James & Associates raised its stake in shares of Symbotic by 8.4% in the 2nd quarter. Raymond James & Associates now owns 668,103 shares of the company’s stock valued at $23,491,000 after acquiring an additional 51,712 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.