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

William Blair reaffirmed their outperform rating on shares of Symbotic (NASDAQ:SYM – Get Rating) in a report released on Monday, The Fly reports. William Blair also issued estimates for Symbotic’s Q3 2023 earnings at ($0.01) EPS, Q4 2023 earnings at $0.00 EPS, FY2023 earnings at ($0.23) EPS, Q1 2024 earnings at $0.05 EPS, Q2 2024 earnings at $0.06 EPS, Q3 2024 earnings at $0.09 EPS, Q4 2024 earnings at $0.12 EPS, FY2024 earnings at $0.33 EPS, FY2025 earnings at $0.77 EPS and FY2026 earnings at $1.28 EPS.

A number of other brokerages have also recently issued reports on SYM. Needham & Company LLC boosted their target price on shares of Symbotic from $25.00 to $31.00 in a research report on Tuesday, May 2nd. Cantor Fitzgerald upped their price objective on shares of Symbotic from $24.00 to $35.00 and gave the stock an overweight rating in a research report on Thursday, April 20th. DA Davidson upped their price objective on shares of Symbotic from $22.00 to $30.00 in a research report on Wednesday, May 3rd. The Goldman Sachs Group upped their price objective on shares of Symbotic from $10.00 to $14.00 and gave the stock a neutral rating in a research report on Tuesday, January 31st. Finally, Craig Hallum assumed coverage on shares of Symbotic in a research report on Monday, April 17th. They set a buy rating and a $35.00 price objective for the company. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Symbotic presently has an average rating of Moderate Buy and an average target price of $28.77.

Symbotic Stock Up 9.8 %

Shares of SYM stock opened at $35.34 on Monday. The company’s fifty day simple moving average is $26.28 and its 200-day simple moving average is $18.05. The firm has a market cap of $19.63 billion, a PE ratio of -100.97 and a beta of 1.31. Symbotic has a 12 month low of $8.75 and a 12 month high of $35.68.

Symbotic (NASDAQ:SYM – Get Rating) last issued its earnings results on Monday, May 1st. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.04). Symbotic had a negative return on equity of 78.17% and a negative net margin of 2.26%. The firm had revenue of $266.85 million for the quarter, compared to analyst estimates of $224.82 million. During the same quarter in the previous year, the firm posted ($5.61) earnings per share. Symbotic’s quarterly revenue was up 177.2% on a year-over-year basis. On average, equities analysts predict that Symbotic will post -0.28 earnings per share for the current fiscal year.

Insider Activity at Symbotic

In other Symbotic news, Director Rollin L. Ford purchased 8,000 shares of Symbotic stock in a transaction that occurred on Monday, May 15th. The stock was acquired at an average price of $24.70 per share, with a total value of $197,600.00. Following the transaction, the director now owns 8,000 shares in the company, valued at approximately $197,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Rollin L. Ford acquired 8,000 shares of the business’s stock in a transaction on Monday, May 15th. The shares were purchased at an average cost of $24.70 per share, with a total value of $197,600.00. Following the acquisition, the director now directly owns 8,000 shares of the company’s stock, valued at $197,600. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Michael David Dunn sold 12,593 shares of Symbotic stock in a transaction on Monday, February 27th. The stock was sold at an average price of $16.71, for a total transaction of $210,429.03. Following the transaction, the insider now directly owns 151,176 shares in the company, valued at $2,526,150.96. The disclosure for this sale can be found here. In the last 90 days, insiders sold 62,188 shares of company stock valued at $1,817,565. 41.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Symbotic

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rockefeller Capital Management L.P. bought a new stake in shares of Symbotic during the fourth quarter valued at about $29,000. JPMorgan Chase & Co. increased its position in shares of Symbotic by 1,412.0% during the first quarter. JPMorgan Chase & Co. now owns 1,512 shares of the company’s stock valued at $35,000 after buying an additional 1,412 shares during the period. Toronto Dominion Bank bought a new position in shares of Symbotic in the fourth quarter worth approximately $36,000. Altshuler Shaham Ltd bought a new position in shares of Symbotic in the third quarter worth approximately $50,000. Finally, Advisor Group Holdings Inc. increased its position in shares of Symbotic by 30.4% in the fourth quarter. Advisor Group Holdings Inc. now owns 4,299 shares of the company’s stock worth $52,000 after purchasing an additional 1,002 shares during the last quarter. 57.76% of the stock is owned by hedge funds and other institutional investors.

Symbotic Company Profile

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Symbotic Inc, an automation technology company, provides robotics and technology to improve efficiency for retailers and wholesalers in the United States. The company offers Symbotic system, an end-to-end warehouse automation system for product distribution. It also designs, assemblies, and installs modular inventory management systems and performs configuration of embedded software.