Symbotic (NASDAQ:SYM) Receives “Market Perform” Rating from William Blair

William Blair restated their market perform rating on shares of Symbotic (NASDAQ:SYM) in a research report report published on Thursday morning,RTT News reports.

A number of other brokerages also recently issued reports on SYM. TD Cowen boosted their price target on Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Craig Hallum cut Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price objective for the company. in a research report on Wednesday, November 27th. Cantor Fitzgerald restated an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a research report on Tuesday, November 19th. The Goldman Sachs Group cut their price objective on Symbotic from $34.00 to $28.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, BWS Financial restated a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given 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 $42.54.

Symbotic Trading Up 6.8 %

Shares of NASDAQ:SYM opened at $27.91 on Thursday. Symbotic has a 12-month low of $17.11 and a 12-month high of $58.58. The company has a market capitalization of $16.34 billion, a PE ratio of -465.17 and a beta of 1.73. The business has a 50 day moving average of $29.17 and a two-hundred day moving average of $30.08.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.05. Symbotic had a positive return on equity of 6.54% and a negative net margin of 0.32%. The company had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. During the same period in the previous year, the company posted ($0.08) earnings per share. Symbotic’s revenue for the quarter was up 47.2% on a year-over-year basis. Equities research analysts predict that Symbotic will post 0.14 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Michael David Dunn sold 5,266 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $23.81, for a total transaction of $125,383.46. Following the transaction, the insider now owns 85,224 shares of the company’s stock, valued at approximately $2,029,183.44. This represents a 5.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $23.96, for a total value of $47,920.00. Following the sale, the director now owns 2,000 shares in the company, valued at approximately $47,920. This trade represents a 50.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 47,878 shares of company stock valued at $1,340,556 in the last quarter. Insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Large investors have recently bought and sold shares of the stock. Canada Pension Plan Investment Board increased its holdings in Symbotic by 191.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after purchasing an additional 509,700 shares during the period. Comerica Bank increased its holdings in Symbotic by 1,347.0% during the 1st quarter. Comerica Bank now owns 16,641 shares of the company’s stock worth $749,000 after purchasing an additional 15,491 shares during the period. Baillie Gifford & Co. increased its holdings in 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 purchasing an additional 3,410,050 shares during the period. Millennium Management LLC increased its holdings in Symbotic by 6,694.5% during the 2nd quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock worth $11,801,000 after purchasing an additional 330,709 shares during the period. Finally, Ensign Peak Advisors Inc increased its holdings in Symbotic by 3,622.4% during the 2nd quarter. Ensign Peak Advisors Inc now owns 193,678 shares of the company’s stock worth $6,810,000 after purchasing an additional 188,475 shares during the period.

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.