Brokerages Set Symbotic Inc. (NASDAQ:SYM) Price Target at $57.00

Shares of Symbotic Inc. (NASDAQ:SYM) have been given an average recommendation of “Moderate Buy” by the thirteen analysts that are presently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $57.00.

SYM has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Symbotic from $57.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Northland Securities lifted their target price on Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. Craig Hallum lifted their price objective on shares of Symbotic from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a research report on Friday, May 10th. Finally, Robert W. Baird lifted their price objective on shares of Symbotic from $52.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday, May 7th.

Symbotic Price Performance

Shares of NASDAQ:SYM opened at $35.48 on Friday. Symbotic has a 12 month low of $29.62 and a 12 month high of $64.14. The business has a 50-day moving average of $39.46 and a two-hundred day moving average of $43.01. The firm has a market capitalization of $20.74 billion, a PE ratio of -147.83 and a beta of 1.87.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Monday, May 6th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.25. The firm had revenue of $424.30 million for the quarter, compared to analyst estimates 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, research analysts anticipate that Symbotic will post -0.07 earnings per share for the current year.

Insider Activity at Symbotic

In related news, major shareholder David A. Ladensohn sold 50,000 shares of the company’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $40.89, for a total value of $2,044,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, major shareholder David A. Ladensohn sold 50,000 shares of the stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $40.89, for a total transaction of $2,044,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rollin L. Ford sold 49,998 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $37.29, for a total transaction of $1,864,425.42. Following the completion of the transaction, the director now directly owns 10,447 shares of the company’s stock, valued at $389,568.63. The disclosure for this sale can be found here. Insiders have sold 144,770 shares of company stock worth $5,795,090 in the last ninety days. Company insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Hedge funds and other institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp acquired a new position in shares of Symbotic during the 4th quarter worth approximately $26,000. RiverPark Advisors LLC bought a new stake in shares of Symbotic during the 1st quarter worth $37,000. Pingora Partners LLC bought a new position in shares of Symbotic in the fourth quarter worth about $51,000. Global Retirement Partners LLC boosted its position in Symbotic by 166.7% in the first quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock valued at $48,000 after buying an additional 660 shares in the last quarter. Finally, Centerpoint Advisors LLC acquired a new stake in shares of Symbotic during the 4th quarter valued at $62,000.

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.