UBS Group Cuts Symbotic (NASDAQ:SYM) Price Target to $32.00

Symbotic (NASDAQ:SYM) had its target price cut by UBS Group from $40.00 to $32.00 in a research note released on Friday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities research analysts have also issued reports on SYM. BWS Financial reaffirmed a “sell” rating and set a $10.00 target price on shares of Symbotic in a research report on Tuesday, November 19th. Needham & Company LLC cut their price objective on Symbotic from $46.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Craig Hallum cut shares of Symbotic from a “buy” rating to a “hold” rating and set a $25.00 target price for the company. in a report on Wednesday, November 27th. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price target on shares of Symbotic in a report on Tuesday, November 19th. Finally, TD Cowen upped their price target on shares of Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Symbotic presently has a consensus rating of “Hold” and an average target price of $41.79.

Symbotic Trading Up 3.8 %

NASDAQ:SYM opened at $25.64 on Friday. The company has a 50-day moving average of $28.58 and a 200-day moving average of $28.03. The firm has a market cap of $15.06 billion, a price-to-earnings ratio of -427.33 and a beta of 1.73. Symbotic has a twelve month low of $17.11 and a twelve month high of $52.20.

Symbotic (NASDAQ:SYM) last issued its earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.05. The firm had revenue of $576.77 million during the quarter, compared to analysts’ expectations of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The firm’s revenue for the quarter was up 47.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.08) earnings per share. On average, research analysts forecast that Symbotic will post 0.12 earnings per share for the current year.

Insider Activity at Symbotic

In related news, CFO Carol J. Hibbard sold 22,821 shares of Symbotic stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total value of $660,896.16. Following the completion of the sale, the chief financial officer now owns 34,188 shares of the company’s stock, valued at approximately $990,084.48. The trade was a 40.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael David Dunn sold 63,867 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $30.08, for a total transaction of $1,921,119.36. Following the transaction, the insider now directly owns 24,055 shares in the company, valued at $723,574.40. The trade was a 72.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 109,844 shares of company stock valued at $3,220,351. Insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its holdings in Symbotic by 9.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 80,707 shares of the company’s stock worth $2,838,000 after purchasing an additional 7,058 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Symbotic by 21.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,309 shares of the company’s stock worth $222,000 after buying an additional 1,130 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in shares of Symbotic by 51.1% during the 2nd quarter. Commonwealth Equity Services LLC now owns 30,996 shares of the company’s stock worth $1,090,000 after buying an additional 10,477 shares during the period. Van ECK Associates Corp raised its holdings in Symbotic by 109.5% in the 2nd quarter. Van ECK Associates Corp now owns 2,723 shares of the company’s stock worth $96,000 after acquiring an additional 1,423 shares during the period. Finally, Arizona State Retirement System lifted its position in Symbotic by 114.3% during the 2nd quarter. Arizona State Retirement System now owns 9,863 shares of the company’s stock worth $347,000 after acquiring an additional 5,261 shares during the last quarter.

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.