DA Davidson Reiterates “Buy” Rating for Symbotic (NASDAQ:SYM)

DA Davidson reaffirmed their buy rating on shares of Symbotic (NASDAQ:SYM) in a research report released on Tuesday,Benzinga reports. The firm currently has a $47.00 price objective on the stock.

A number of other analysts have also commented on the company. The Goldman Sachs Group cut their price target on Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. Craig Hallum dropped their price target on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a research report on Tuesday. TD Cowen dropped their target price on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Finally, KeyCorp upped their price target on shares of Symbotic from $40.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Symbotic has a consensus rating of “Moderate Buy” and an average price target of $44.31.

Symbotic Trading Up 6.9 %

Shares of NASDAQ SYM opened at $38.79 on Tuesday. The company has a market cap of $22.71 billion, a price-to-earnings ratio of -636.17 and a beta of 1.81. Symbotic has a 12 month low of $17.11 and a 12 month high of $59.82. The stock has a 50-day moving average price of $28.08 and a two-hundred day moving average price of $31.15.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting 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 business had revenue of $576.77 million during the quarter, compared to analysts’ expectations of $470.24 million. During the same period in the prior year, the company earned ($0.08) EPS. The firm’s quarterly revenue was up 47.2% compared to the same quarter last year. On average, sell-side analysts predict that Symbotic will post 0.33 earnings per share for the current year.

Insider Activity at Symbotic

In other news, CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction 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 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $18.75, for a total value of $37,500.00. Following the completion of the sale, the director now directly owns 214,036 shares of the company’s stock, 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 have sold a total of 49,878 shares of company stock valued at $1,378,056 over the last 90 days. Insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently bought and sold shares of SYM. Castleview Partners LLC increased its holdings in Symbotic by 50.0% during the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after acquiring an additional 500 shares during the period. RFP Financial Group LLC increased its holdings in shares of 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 purchasing an additional 310 shares during the period. Quarry LP purchased a new stake in shares of Symbotic in the second quarter worth $65,000. Arcadia Investment Management Corp MI bought a new stake in Symbotic during the third quarter valued at $49,000. Finally, Natixis Investment Managers International bought a new stake in Symbotic during the first quarter valued at approximately $90,000.

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.