Symbotic (NASDAQ:SYM) Price Target Raised to $50.00 at DA Davidson

Symbotic (NASDAQ:SYM) had its target price increased by DA Davidson from $47.00 to $50.00 in a report released on Monday morning,Benzinga reports. DA Davidson currently has a buy rating on the stock.

Other equities research analysts have also recently issued reports about the company. Needham & Company LLC lifted their price objective on Symbotic from $40.00 to $46.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Cantor Fitzgerald reiterated an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a research report on Tuesday, November 19th. Citigroup cut their price objective on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Robert W. Baird dropped their price target on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Finally, KeyCorp lifted their target price on Symbotic from $40.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $45.08.

Symbotic Price Performance

SYM stock opened at $24.80 on Monday. The firm’s fifty day simple moving average is $28.98 and its 200-day simple moving average is $30.82. Symbotic has a 12 month low of $17.11 and a 12 month high of $59.82. The company has a market capitalization of $14.52 billion, a P/E ratio of -623.50 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last posted its earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, meeting the consensus estimate 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 during the quarter, compared to analyst estimates of $470.24 million. The business’s quarterly revenue was up 47.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.08) EPS. As a group, sell-side analysts forecast that Symbotic will post 0.2 earnings per share for the current year.

Insider Activity at Symbotic

In other news, insider William M. Boyd III sold 8,826 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $28.33, for a total transaction of $250,040.58. Following the completion of the transaction, the insider now directly owns 23,012 shares of the company’s stock, valued at approximately $651,929.96. The trade was a 27.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $660,896.16. Following the sale, the chief financial officer now owns 34,188 shares in the company, valued at $990,084.48. The trade was a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 49,878 shares of company stock worth $1,378,056. Corporate insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Large investors have recently modified their holdings of the company. Baillie Gifford & Co. raised its position in shares of Symbotic by 32.0% during the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after acquiring an additional 3,410,050 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in Symbotic by 191.5% in the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after purchasing an additional 509,700 shares during the last quarter. Exchange Traded Concepts LLC raised its holdings in Symbotic by 76.8% during the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after purchasing an additional 379,726 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of 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 last quarter. Finally, Millennium Management LLC boosted its holdings in shares of Symbotic by 6,694.5% in the 2nd quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock valued at $11,801,000 after buying an additional 330,709 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.