Symbotic (NASDAQ:SYM) Given New $48.00 Price Target at KeyCorp

Symbotic (NASDAQ:SYM) had its price objective raised by KeyCorp from $40.00 to $48.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s price objective would indicate a potential upside of 32.19% from the company’s previous close.

Several other research analysts also recently issued reports on the stock. Needham & Company LLC boosted their price objective on shares of Symbotic from $40.00 to $46.00 and gave the stock a “buy” rating in a report on Tuesday. Cantor Fitzgerald restated an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a research report on Friday, October 11th. Craig Hallum reduced their target price on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. BWS Financial reiterated a “sell” rating and set a $10.00 target price on shares of Symbotic in a research report on Friday, October 11th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Symbotic currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.31.

Symbotic Stock Down 6.9 %

Shares of NASDAQ SYM opened at $36.31 on Tuesday. Symbotic has a 52-week low of $17.11 and a 52-week high of $59.82. The stock has a market capitalization of $21.26 billion, a PE ratio of -605.17 and a beta of 1.81. The firm has a fifty day moving average of $27.42 and a 200-day 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 analysts’ consensus estimates of $0.05. Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The business had revenue of $576.77 million for the quarter, compared to analyst estimates of $470.24 million. During the same quarter last year, the business earned ($0.08) earnings per share. The business’s revenue for the quarter was up 47.2% on a year-over-year basis. Equities research analysts expect that Symbotic will post -0.08 EPS for the current fiscal year.

Insider Transactions at Symbotic

In other Symbotic news, insider William M. Boyd III sold 8,826 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $28.33, for a total transaction of $250,040.58. Following the sale, the insider now owns 23,012 shares in the company, valued at approximately $651,929.96. This represents a 27.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total value of $660,896.16. Following the completion of the transaction, the chief financial officer now directly owns 34,188 shares in the company, valued at $990,084.48. This trade represents a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 49,878 shares of company stock valued at $1,378,056 over the last ninety days. Insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Baillie Gifford & Co. boosted its stake in Symbotic by 32.0% in the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after acquiring an additional 3,410,050 shares during the period. Canada Pension Plan Investment Board grew its holdings in Symbotic by 191.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after acquiring an additional 509,700 shares during the last quarter. Exchange Traded Concepts LLC raised its position in shares of Symbotic by 76.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after acquiring an additional 379,726 shares during the period. Vanguard Group Inc. raised its holdings in shares of Symbotic by 16.6% in the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after purchasing an additional 345,386 shares during the last quarter. Finally, Millennium Management LLC boosted its position in Symbotic by 6,694.5% during the second quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock worth $11,801,000 after purchasing an additional 330,709 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.