Symbotic Inc. (NASDAQ:SYM) Receives $44.31 Consensus Target Price from Brokerages

Shares of Symbotic Inc. (NASDAQ:SYM) have earned a consensus rating of “Moderate Buy” from the fourteen brokerages that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $42.69.

Several research firms recently weighed in on SYM. TD Cowen lifted their price target on Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Cantor Fitzgerald reissued an “overweight” rating and set a $60.00 target price on shares of Symbotic in a report on Tuesday, November 19th. DA Davidson cut shares of Symbotic from a “buy” rating to a “neutral” rating and reduced their target price for the company from $50.00 to $35.00 in a research report on Wednesday, November 27th. Craig Hallum lowered shares of Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price target on the stock. in a research report on Wednesday, November 27th. Finally, Needham & Company LLC cut their price objective on shares of Symbotic from $46.00 to $35.00 and set a “buy” rating for the company in a report on Wednesday, November 27th.

Insider Buying and Selling at Symbotic

In related news, CFO Carol J. Hibbard sold 22,821 shares of Symbotic stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total transaction of $660,896.16. Following the sale, the chief financial officer now directly owns 34,188 shares of the company’s stock, valued at approximately $990,084.48. The trade was a 40.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael David Dunn sold 5,266 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $23.81, for a total transaction of $125,383.46. Following the completion of the transaction, the insider now directly owns 85,224 shares of the company’s stock, valued at approximately $2,029,183.44. The trade was a 5.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 47,878 shares of company stock worth $1,340,556 over the last three months. Corporate insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

A number of hedge funds have recently made changes to their positions in SYM. Baillie Gifford & Co. raised its stake in shares of Symbotic by 32.0% during the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after acquiring an additional 3,410,050 shares during the last quarter. Vanguard Group Inc. raised its position in 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 purchasing an additional 345,386 shares during the last quarter. Thematics Asset Management lifted its holdings in Symbotic by 30.1% during the 3rd quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock worth $25,565,000 after buying an additional 242,661 shares during the period. Exchange Traded Concepts LLC grew its position in shares of Symbotic by 76.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after buying an additional 379,726 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in shares of 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 buying an additional 509,700 shares during the period.

Symbotic Price Performance

Shares of SYM opened at $25.65 on Tuesday. The company’s 50-day moving average is $29.02 and its 200-day moving average is $30.25. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $58.58.

Symbotic (NASDAQ:SYM) last released its quarterly 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 for the quarter, compared to analysts’ expectations of $470.24 million. During the same period in the prior year, the firm earned ($0.08) EPS. The business’s revenue was up 47.2% on a year-over-year basis. As a group, equities research analysts anticipate that Symbotic will post 0.2 EPS for the current fiscal year.

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.