Symbotic (NASDAQ:SYM) Upgraded to “Buy” at DA Davidson

DA Davidson upgraded shares of Symbotic (NASDAQ:SYM) from a neutral rating to a buy rating in a research report released on Wednesday morning, MarketBeat reports. The brokerage currently has $35.00 price target on the stock.

Several other research firms have also recently issued reports on SYM. UBS Group cut their price target on shares of Symbotic from $40.00 to $32.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Needham & Company LLC cut their target price on shares of Symbotic from $46.00 to $35.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a research note on Tuesday, November 19th. William Blair restated a “market perform” rating on shares of Symbotic in a research note on Thursday, December 5th. Finally, The Goldman Sachs Group decreased their target price on Symbotic from $34.00 to $28.00 and set a “neutral” rating for the company in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Symbotic presently has a consensus rating of “Hold” and an average price target of $40.71.

Symbotic Price Performance

NASDAQ:SYM opened at $26.45 on Wednesday. The business’s 50-day moving average is $28.40 and its two-hundred day moving average is $27.83. The firm has a market capitalization of $15.54 billion, a PE ratio of -440.83 and a beta of 1.76. Symbotic has a 12 month low of $17.11 and a 12 month high of $52.20.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.05. The company had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. During the same quarter last year, the company earned ($0.08) earnings per share. Symbotic’s revenue for the quarter was up 47.2% on a year-over-year basis. Equities analysts anticipate that Symbotic will post 0.12 EPS for the current year.

Insider Activity at Symbotic

In other Symbotic news, Director Merline Saintil sold 5,250 shares of the company’s stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $28.70, for a total value of $150,675.00. Following the transaction, the director now owns 74,562 shares in the company, valued at approximately $2,139,929.40. This represents a 6.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was 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 approximately $990,084.48. The trade was a 40.03 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 111,844 shares of company stock worth $3,268,431. 38.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

Large investors have recently made changes to their positions in the company. Castleview Partners LLC raised its holdings in Symbotic by 50.0% during the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after buying an additional 500 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new position in shares of Symbotic during the 3rd quarter valued at about $49,000. RiverPark Advisors LLC raised its stake in shares of Symbotic by 147.1% in the 3rd quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock valued at $50,000 after acquiring an additional 1,211 shares in the last quarter. Quest Partners LLC lifted its holdings in Symbotic by 19,307.7% in the 3rd quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock worth $62,000 after purchasing an additional 2,510 shares during the last quarter. Finally, Quarry LP bought a new stake in Symbotic during the second quarter worth approximately $65,000.

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.