Northland Securities Forecasts Strong Price Appreciation for Symbotic (NASDAQ:SYM) Stock

Symbotic (NASDAQ:SYM) had its target price hoisted by stock analysts at Northland Securities from $50.00 to $53.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Northland Securities’ price objective points to a potential upside of 45.97% from the company’s previous close.

Several other analysts have also issued reports on the stock. TD Cowen cut their price target on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Robert W. Baird dropped their price target on Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. The Goldman Sachs Group lowered their price objective on Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 31st. Finally, KeyCorp lowered their price objective on Symbotic from $55.00 to $40.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Symbotic presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.31.

Symbotic Price Performance

Shares of Symbotic stock opened at $36.31 on Tuesday. Symbotic has a one year low of $17.11 and a one year high of $59.82. The firm has a market capitalization of $21.26 billion, a price-to-earnings ratio of -605.17 and a beta of 1.81. The business has a 50-day simple moving average of $27.42 and a 200 day simple moving average of $31.08.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Monday, November 18th. The company reported $0.05 EPS for the quarter, meeting the consensus estimate of $0.05. Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The business had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. During the same quarter in the prior year, the business earned ($0.08) earnings per share. Symbotic’s revenue for the quarter was up 47.2% on a year-over-year basis. On average, sell-side analysts expect that Symbotic will post -0.08 EPS for the current year.

Insider Buying and Selling

In other Symbotic news, insider Michael David Dunn sold 5,266 shares of Symbotic stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $23.81, for a total transaction of $125,383.46. Following the transaction, the insider now directly owns 85,224 shares of the company’s stock, valued at $2,029,183.44. The trade was a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Carol J. Hibbard sold 22,821 shares of Symbotic stock in a transaction that occurred 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 sale, the chief financial officer now owns 34,188 shares in the company, valued at $990,084.48. This represents a 40.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 49,878 shares of company stock worth $1,378,056 in the last 90 days. Company insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Castleview Partners LLC raised its position in Symbotic by 50.0% during 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 grew its stake in shares of Symbotic by 22.4% in the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after acquiring an additional 310 shares during the last quarter. Quarry LP acquired a new stake in shares of Symbotic in the second quarter worth $65,000. Arcadia Investment Management Corp MI bought a new position in Symbotic in the third quarter worth $49,000. Finally, Natixis Investment Managers International bought a new position in Symbotic in 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.