DA Davidson Downgrades Symbotic (NASDAQ:SYM) to Neutral

Symbotic (NASDAQ:SYM) was downgraded by stock analysts at DA Davidson from a “buy” rating to a “neutral” rating in a report released on Wednesday,Briefing.com Automated Import reports. They currently have a $35.00 price target on the stock, down from their previous price target of $50.00. DA Davidson’s target price would suggest a potential downside of 6.44% from the company’s current price.

A number of other analysts have also issued reports on SYM. Needham & Company LLC increased their target price on Symbotic from $40.00 to $46.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Citigroup reduced their price objective on Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. The Goldman Sachs Group lowered their target price on Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. KeyCorp increased their price target on shares of Symbotic from $40.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Finally, Robert W. Baird decreased their price target on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $43.92.

Symbotic Stock Down 0.2 %

Shares of Symbotic stock opened at $37.41 on Wednesday. Symbotic has a 12-month low of $17.11 and a 12-month high of $59.82. The firm has a market capitalization of $21.91 billion, a PE ratio of -623.50 and a beta of 1.81. The stock’s fifty day moving average is $28.98 and its 200-day moving average is $30.82.

Symbotic (NASDAQ:SYM) last released its earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting the consensus estimate of $0.05. The business had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. The firm’s quarterly revenue was up 47.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.08) earnings per share. Analysts expect that Symbotic will post 0.2 EPS for the current year.

Insider Activity

In other news, CFO Carol J. Hibbard sold 22,821 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total value of $660,896.16. Following the completion of the sale, the chief financial officer now directly owns 34,188 shares in the company, valued at approximately $990,084.48. The trade was a 40.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William M. Boyd III sold 8,826 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $28.33, for a total transaction of $250,040.58. Following the completion of the transaction, the insider now owns 23,012 shares in the company, valued at $651,929.96. The trade was a 27.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,878 shares of company stock worth $1,378,056. 38.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SYM. Baillie Gifford & Co. raised its position 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 buying an additional 3,410,050 shares during the last quarter. Canada Pension Plan Investment Board lifted its position in shares of Symbotic by 191.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after acquiring an additional 509,700 shares during the period. Exchange Traded Concepts LLC grew its holdings in shares of Symbotic by 76.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after purchasing an additional 379,726 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Symbotic by 16.6% during the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after purchasing an additional 345,386 shares during the period. Finally, Millennium Management LLC lifted its position in Symbotic by 6,694.5% in the second 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.

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.