Symbotic (NASDAQ:SYM) Lowered to Neutral Rating by DA Davidson

DA Davidson lowered shares of Symbotic (NASDAQ:SYM) from a buy rating to a neutral rating in a research note issued to investors on Wednesday morning, MarketBeat reports. They currently have $35.00 price objective on the stock, down from their prior price objective of $50.00.

Several other research firms also recently weighed in on SYM. Needham & Company LLC boosted their target price on shares of Symbotic from $40.00 to $46.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft upped their price objective on Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. The Goldman Sachs Group decreased their target price on Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a research report on Wednesday, July 31st. Robert W. Baird lowered their price target on Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. Finally, Northland Securities lifted their price objective on shares of Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Symbotic Stock Performance

Shares of SYM opened at $26.90 on Wednesday. Symbotic has a one year low of $17.11 and a one year high of $58.58. The stock has a 50-day moving average price of $28.97 and a 200 day moving average price of $30.61. The company has a market capitalization of $15.75 billion, a P/E ratio of -448.33 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last released its earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, meeting the consensus estimate of $0.05. The company had revenue of $576.77 million during the quarter, compared to analysts’ expectations of $470.24 million. Symbotic had a positive return on equity of 6.54% and a negative net margin of 0.32%. The business’s revenue was up 47.2% on a year-over-year basis. During the same period in the prior year, the business posted ($0.08) EPS. As a group, equities research analysts forecast that Symbotic will post 0.2 earnings per share for the current fiscal year.

Insider Activity at Symbotic

In other Symbotic news, insider Michael David Dunn sold 1,715 shares of Symbotic stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $28.77, for a total transaction of $49,340.55. Following the sale, the insider now owns 87,922 shares of the company’s stock, valued at $2,529,515.94. The trade was a 1.91 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Carol J. Hibbard sold 22,821 shares of the business’s 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 transaction, the chief financial officer now owns 34,188 shares of the company’s stock, valued at $990,084.48. This trade represents a 40.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 49,878 shares of company stock worth $1,378,056 in the last ninety days. 38.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Symbotic

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted 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 acquiring an additional 345,386 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in Symbotic by 191.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after purchasing an additional 509,700 shares in the last quarter. Comerica Bank increased its position in shares of Symbotic by 1,347.0% during the 1st quarter. Comerica Bank now owns 16,641 shares of the company’s stock valued at $749,000 after purchasing an additional 15,491 shares during the period. Baillie Gifford & Co. raised its stake in shares of Symbotic by 32.0% in the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after buying an additional 3,410,050 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Symbotic by 6,694.5% in the second quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock valued at $11,801,000 after buying an additional 330,709 shares during the period.

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.