The Goldman Sachs Group Issues Pessimistic Forecast for Symbotic (NASDAQ:SYM) Stock Price

Symbotic (NASDAQ:SYM) had its price target reduced by research analysts at The Goldman Sachs Group from $28.00 to $25.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective indicates a potential downside of 5.20% from the stock’s previous close.

Several other brokerages also recently issued reports on SYM. Oppenheimer started coverage on shares of Symbotic in a report on Wednesday, January 15th. They set an “outperform” rating and a $35.00 price target for the company. William Blair reissued a “market perform” rating on shares of Symbotic in a research note on Thursday, December 5th. Raymond James lowered shares of Symbotic from an “outperform” rating to a “market perform” rating in a research note on Thursday. UBS Group reduced their price objective on Symbotic from $40.00 to $32.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Finally, KeyCorp restated a “sector weight” rating on shares of Symbotic in a research report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $38.33.

Symbotic Stock Up 1.5 %

Shares of NASDAQ:SYM opened at $26.37 on Thursday. The company has a market cap of $15.49 billion, a PE ratio of -439.50, a P/E/G ratio of 7.29 and a beta of 1.79. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $50.40. The firm has a 50-day simple moving average of $27.15 and a 200 day simple moving average of $26.82.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Wednesday, February 5th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. As a group, research analysts forecast that Symbotic will post 0.13 EPS for the current fiscal year.

Insider Activity

In other news, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $24.04, for a total transaction of $48,080.00. Following the completion of the sale, the director now directly owns 214,036 shares of the company’s stock, valued at $5,145,425.44. This represents a 0.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael David Dunn sold 5,365 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $24.60, for a total value of $131,979.00. Following the completion of the transaction, the insider now owns 31,860 shares of the company’s stock, valued at $783,756. This trade represents a 14.41 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 94,007 shares of company stock worth $2,827,909. Corporate insiders own 0.60% of the company’s stock.

Institutional Trading of Symbotic

A number of hedge funds have recently bought and sold shares of SYM. Dimensional Fund Advisors LP increased its position in shares of Symbotic by 24.1% in the second quarter. Dimensional Fund Advisors LP now owns 43,367 shares of the company’s stock worth $1,525,000 after acquiring an additional 8,415 shares in the last quarter. AQR Capital Management LLC acquired a new position in Symbotic in the 2nd quarter worth approximately $514,000. The Manufacturers Life Insurance Company grew its position in Symbotic by 8.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock worth $304,000 after purchasing an additional 679 shares in the last quarter. Exchange Traded Concepts LLC raised its stake in Symbotic by 76.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after purchasing an additional 379,726 shares during the period. Finally, Essex Investment Management Co. LLC lifted its holdings in shares of Symbotic by 54.6% in the third quarter. Essex Investment Management Co. LLC now owns 28,608 shares of the company’s stock valued at $698,000 after purchasing an additional 10,104 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.