Deutsche Bank Aktiengesellschaft Increases Symbotic (NASDAQ:SYM) Price Target to $59.00

Symbotic (NASDAQ:SYM) had its target price lifted by Deutsche Bank Aktiengesellschaft from $58.00 to $59.00 in a research note issued to investors on Tuesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Other analysts have also issued research reports about the stock. Citigroup reduced their price target on shares of Symbotic from $62.00 to $49.00 and set a buy rating on the stock in a research report on Tuesday. Needham & Company LLC reduced their price target on shares of Symbotic from $54.00 to $40.00 and set a buy rating on the stock in a research report on Tuesday. TD Cowen dropped their price objective on shares of Symbotic from $55.00 to $43.00 and set a buy rating for the company in a research note on Tuesday. Cantor Fitzgerald reissued an overweight rating and issued a $60.00 price objective on shares of Symbotic in a research note on Tuesday. Finally, Craig Hallum dropped their price objective on shares of Symbotic from $54.00 to $45.00 and set a buy rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Symbotic currently has an average rating of Moderate Buy and an average target price of $43.23.

Symbotic Stock Down 3.7 %

Shares of NASDAQ:SYM opened at $23.70 on Tuesday. The company’s 50 day moving average price is $36.25 and its two-hundred day moving average price is $40.82. Symbotic has a 12-month low of $22.54 and a 12-month high of $62.37. The firm has a market cap of $13.86 billion, a PE ratio of -98.75 and a beta of 1.86.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Monday, July 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.04). The firm had revenue of $491.86 million for the quarter, compared to analyst estimates of $464.56 million. Symbotic had a positive return on equity of 5.05% and a negative net margin of 1.03%. The business’s revenue was up 57.7% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.07) EPS. On average, research analysts expect that Symbotic will post -0.04 EPS for the current year.

Insider Buying and Selling

In related news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total transaction of $70,980.00. Following the completion of the transaction, the director now owns 2,000 shares of the company’s stock, valued at $70,980. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total transaction of $70,980.00. Following the completion of the transaction, the director now owns 2,000 shares of the company’s stock, valued at $70,980. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder David A. Ladensohn sold 50,000 shares of Symbotic stock in a transaction on Friday, May 24th. The stock was sold at an average price of $40.89, for a total transaction of $2,044,500.00. The disclosure for this sale can be found here. Insiders sold 150,107 shares of company stock valued at $5,950,707 over 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. Blair William & Co. IL grew its holdings in Symbotic by 418.1% in the first quarter. Blair William & Co. IL now owns 33,365 shares of the company’s stock worth $1,501,000 after purchasing an additional 26,925 shares during the period. Quadrature Capital Ltd acquired a new stake in Symbotic in the fourth quarter worth $1,669,000. Seven Eight Capital LP acquired a new stake in Symbotic in the fourth quarter worth $2,568,000. Dynamic Technology Lab Private Ltd acquired a new stake in Symbotic in the fourth quarter worth $2,302,000. Finally, BOCHK Asset Management Ltd acquired a new stake in Symbotic in the fourth quarter worth $3,208,000.

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.