Symbotic (NASDAQ:SYM) Cut to Neutral at DA Davidson

Symbotic (NASDAQ:SYM) was downgraded by research analysts at DA Davidson from a “buy” rating to a “neutral” rating in a report issued on Wednesday,Briefing.com Automated Import reports. They currently have a $35.00 price objective on the stock, down from their prior price objective of $50.00. DA Davidson’s price target suggests a potential downside of 6.44% from the company’s current price.

A number of other analysts have also issued reports on SYM. BWS Financial reaffirmed a “sell” rating and set a $10.00 target price on shares of Symbotic in a research report on Tuesday, November 19th. The Goldman Sachs Group cut their target price on Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 31st. Craig Hallum decreased their price target on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Northland Securities upped their price target on shares of Symbotic from $50.00 to $53.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Finally, Citigroup decreased their price objective on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $43.92.

Symbotic Price Performance

NASDAQ:SYM opened at $37.41 on Wednesday. The business’s 50-day moving average is $28.98 and its two-hundred day moving average is $30.82. The firm has a market capitalization of $21.91 billion, a PE ratio of -623.50 and a beta of 1.81. Symbotic has a 12 month low of $17.11 and a 12 month high of $59.82.

Symbotic (NASDAQ:SYM) last released its quarterly 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 positive return on equity of 6.54% and a negative net margin of 0.32%. The firm had revenue of $576.77 million for the quarter, compared to analyst estimates of $470.24 million. During the same period in the previous year, the company posted ($0.08) EPS. Symbotic’s revenue for the quarter was up 47.2% on a year-over-year basis. Equities analysts anticipate that Symbotic will post 0.2 EPS for the current year.

Insider Buying and Selling at Symbotic

In other Symbotic news, CFO Carol J. Hibbard sold 22,821 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were 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 in the company, valued at approximately $990,084.48. This represents a 40.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total value of $37,500.00. Following the sale, the director now directly owns 214,036 shares in the company, valued at approximately $4,013,175. This trade represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 49,878 shares of company stock worth $1,378,056 over the last ninety days. Company insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Several large investors have recently added to or reduced their stakes in SYM. Castleview Partners LLC boosted its stake in Symbotic by 50.0% during the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after purchasing an additional 500 shares in the last quarter. Arcadia Investment Management Corp MI bought a new position in Symbotic during the third quarter valued at about $49,000. RiverPark Advisors LLC grew its holdings in Symbotic by 147.1% during the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock worth $50,000 after acquiring an additional 1,211 shares during the period. RFP Financial Group LLC raised its position in Symbotic by 22.4% in the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after acquiring an additional 310 shares in the last quarter. Finally, 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 valued at $62,000 after acquiring an additional 2,510 shares during 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.