Brokerages Set Symbotic Inc. (NASDAQ:SYM) Target Price at $38.20

Shares of Symbotic Inc. (NASDAQ:SYM) have been assigned a consensus rating of “Hold” from the seventeen analysts that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $38.20.

A number of analysts have issued reports on the company. Needham & Company LLC lowered their target price on Symbotic from $35.00 to $32.00 and set a “buy” rating on the stock in a report on Thursday, February 6th. Raymond James lowered Symbotic from an “outperform” rating to a “market perform” rating in a report on Thursday, February 6th. DA Davidson raised Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 target price on the stock in a report on Wednesday, January 8th. William Blair reissued a “market perform” rating on shares of Symbotic in a report on Thursday, December 5th. Finally, Northland Securities lifted their price objective on Symbotic from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Friday, January 17th.

Symbotic Stock Performance

Shares of NASDAQ SYM opened at $21.35 on Thursday. The firm has a market cap of $12.56 billion, a price-to-earnings ratio of -304.96, a P/E/G ratio of 6.48 and a beta of 1.85. The business’s 50-day simple moving average is $26.68 and its 200-day simple moving average is $26.46. Symbotic has a 52 week low of $17.11 and a 52 week high of $50.40.

Symbotic (NASDAQ:SYM) last released its earnings results on Wednesday, February 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Symbotic had a positive return on equity of 5.11% and a negative net margin of 0.38%. As a group, equities research analysts forecast that Symbotic will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $24.04, for a total value of $48,080.00. Following the completion of the transaction, the director now owns 214,036 shares in the company, valued at approximately $5,145,425.44. The trade was a 0.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael David Dunn sold 3,635 shares of Symbotic stock in a transaction on Friday, January 24th. The shares were sold at an average price of $33.28, for a total value of $120,972.80. Following the completion of the transaction, the insider now owns 24,272 shares of the company’s stock, valued at approximately $807,772.16. The trade was a 13.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 73,987 shares of company stock worth $2,065,252 in the last 90 days. 0.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Symbotic

Several institutional investors have recently bought and sold shares of SYM. Van ECK Associates Corp raised its position in Symbotic by 28.4% in the 3rd quarter. Van ECK Associates Corp now owns 3,497 shares of the company’s stock valued at $85,000 after purchasing an additional 774 shares during the last quarter. Atria Investments Inc raised its position in Symbotic by 64.1% in the 3rd quarter. Atria Investments Inc now owns 10,950 shares of the company’s stock valued at $267,000 after purchasing an additional 4,277 shares during the last quarter. GSA Capital Partners LLP bought a new position in Symbotic in the 3rd quarter valued at $602,000. Baillie Gifford & Co. raised its position in Symbotic by 32.0% in the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after purchasing an additional 3,410,050 shares during the last quarter. Finally, Oppenheimer & Co. Inc. raised its position in Symbotic by 76.6% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 13,131 shares of the company’s stock valued at $320,000 after purchasing an additional 5,694 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.