Symbotic’s (SYM) “Buy” Rating Reaffirmed at DA Davidson

Symbotic (NASDAQ:SYM)‘s stock had its “buy” rating reaffirmed by investment analysts at DA Davidson in a report released on Tuesday,Benzinga reports. They currently have a $47.00 price target on the stock. DA Davidson’s price target suggests a potential upside of 29.44% from the stock’s previous close.

Several other research firms have also issued reports on SYM. Citigroup dropped their price objective on Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. KeyCorp increased their target price on Symbotic from $40.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft increased their price target on shares of Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. The Goldman Sachs Group lowered their price target on Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a report on Wednesday, July 31st. Finally, Craig Hallum lowered their price target on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $44.31.

Symbotic Price Performance

Shares of SYM opened at $36.31 on Tuesday. Symbotic has a 1 year low of $17.11 and a 1 year high of $59.82. The business has a 50-day moving average of $27.42 and a 200-day moving average of $31.08. The company has a market capitalization of $21.26 billion, a price-to-earnings ratio of -605.17 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last issued its earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.05. Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The company had revenue of $576.77 million for the quarter, compared to analysts’ expectations of $470.24 million. During the same period last year, the business earned ($0.08) EPS. Symbotic’s quarterly revenue was up 47.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Symbotic will post -0.08 EPS for the current year.

Insiders Place Their Bets

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total value of $37,500.00. Following the completion of the sale, the director now directly owns 214,036 shares in the company, valued at $4,013,175. This trade represents a 0.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael David Dunn sold 5,266 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $23.81, for a total value of $125,383.46. Following the sale, the insider now owns 85,224 shares in the company, valued at $2,029,183.44. The trade was a 5.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 49,878 shares of company stock worth $1,378,056 in the last ninety days. 38.30% of the stock is owned by company insiders.

Institutional Trading of Symbotic

Several large investors have recently added to or reduced their stakes in SYM. Vanguard Group Inc. lifted its position in Symbotic by 16.6% during 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 period. Canada Pension Plan Investment Board lifted its holdings 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 buying an additional 509,700 shares during the period. Comerica Bank boosted its stake in shares of Symbotic by 1,347.0% in the first quarter. Comerica Bank now owns 16,641 shares of the company’s stock worth $749,000 after buying an additional 15,491 shares during the last quarter. Baillie Gifford & Co. grew its holdings in Symbotic by 32.0% during the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after acquiring an additional 3,410,050 shares during the period. Finally, Millennium Management LLC raised 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 valued at $11,801,000 after acquiring an additional 330,709 shares in the last quarter.

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.