Symbotic Inc. (NASDAQ:SYM) Receives $44.31 Consensus Target Price from Analysts

Shares of Symbotic Inc. (NASDAQ:SYM) have received an average recommendation of “Moderate Buy” from the fourteen brokerages that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $42.69.

SYM has been the subject of several research reports. Needham & Company LLC dropped their price target on Symbotic from $46.00 to $35.00 and set a “buy” rating for the company in a research report on Wednesday. DA Davidson cut shares of Symbotic from a “buy” rating to a “neutral” rating and reduced their target price for the company from $50.00 to $35.00 in a research report on Wednesday. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price target on shares of Symbotic in a research report on Tuesday, November 19th. TD Cowen increased their price objective on shares of Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, BWS Financial restated a “sell” rating and set a $10.00 target price on shares of Symbotic in a report on Tuesday, November 19th.

Symbotic Stock Up 12.1 %

SYM opened at $26.90 on Tuesday. The firm’s fifty day simple moving average is $28.97 and its two-hundred day simple moving average is $30.51. Symbotic has a 52-week low of $17.11 and a 52-week high of $58.58. The company has a market cap of $15.75 billion, a price-to-earnings ratio of -448.33 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. The firm had revenue of $576.77 million for the quarter, compared to analyst estimates of $470.24 million. During the same period last year, the company posted ($0.08) EPS. Symbotic’s quarterly revenue was up 47.2% compared to the same quarter last year. On average, research analysts forecast that Symbotic will post 0.2 EPS for the current year.

Insider Transactions at Symbotic

In other news, insider William M. Boyd III sold 8,826 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $28.33, for a total value of $250,040.58. Following the transaction, the insider now directly 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Carol J. Hibbard sold 22,821 shares of Symbotic stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total transaction of $660,896.16. Following the completion of the sale, 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. In the last ninety days, insiders sold 49,878 shares of company stock worth $1,378,056. 38.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Castleview Partners LLC raised its holdings in shares of Symbotic by 50.0% in the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after buying an additional 500 shares during the period. RFP Financial Group LLC increased its stake in Symbotic by 22.4% during the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after purchasing an additional 310 shares during the period. Quarry LP acquired a new stake in shares of Symbotic during the second quarter worth about $65,000. Arcadia Investment Management Corp MI purchased a new position in shares of Symbotic in the third quarter valued at approximately $49,000. Finally, RiverPark Advisors LLC grew its stake in Symbotic by 147.1% during the 3rd quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock worth $50,000 after purchasing an additional 1,211 shares in the last quarter.

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.