Symbotic (NASDAQ:SYM) Price Target Raised to $53.00 at Northland Securities

Symbotic (NASDAQ:SYM) had its price objective lifted by Northland Securities from $50.00 to $53.00 in a research report report published on Tuesday morning,Benzinga reports. Northland Securities currently has an outperform rating on the stock.

Other analysts also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft upped 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. Vertical Research assumed coverage on Symbotic in a report on Tuesday, July 23rd. They issued a “hold” rating and a $45.00 price target for the company. TD Cowen decreased their price objective on Symbotic from $55.00 to $43.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. BWS Financial reissued a “sell” rating and issued a $10.00 target price on shares of Symbotic in a research note on Friday, October 11th. Finally, KeyCorp lowered their price target on shares of Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company 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 assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $44.31.

Symbotic Stock Performance

Shares of SYM opened at $39.02 on Tuesday. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $59.82. The firm has a 50-day simple moving average of $27.00 and a 200-day simple moving average of $31.09. The company has a market capitalization of $22.85 billion, a price-to-earnings ratio of -205.37 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, hitting the consensus estimate of $0.05. Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The company had revenue of $576.77 million during the quarter, compared to analysts’ expectations of $470.24 million. During the same quarter last year, the business earned ($0.08) EPS. The business’s revenue was up 47.2% on a year-over-year basis. Equities research analysts forecast that Symbotic will post -0.08 EPS for the current year.

Insider Activity at Symbotic

In other Symbotic news, CFO Carol J. Hibbard sold 22,821 shares of the company’s stock in a transaction that occurred 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 owns 34,188 shares of the company’s stock, valued at $990,084.48. This represents a 40.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Merline Saintil sold 5,250 shares of the firm’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $28.70, for a total transaction of $150,675.00. Following the transaction, the director now owns 74,562 shares of the company’s stock, valued at approximately $2,139,929.40. This represents a 6.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 49,878 shares of company stock valued at $1,378,056. Insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Swiss National Bank boosted its position in Symbotic by 3.4% during the first quarter. Swiss National Bank now owns 33,000 shares of the company’s stock valued at $1,485,000 after purchasing an additional 1,100 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp bought a new stake in shares of Symbotic during the first quarter worth $12,219,000. Vanguard Group Inc. boosted its position in Symbotic by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after buying an additional 345,386 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Symbotic during the first quarter worth about $352,000. Finally, Natixis Investment Managers International acquired a new stake in Symbotic during the 1st quarter worth about $90,000.

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.