Symbotic (NASDAQ:SYM) Price Target Raised to $50.00 at DA Davidson

Symbotic (NASDAQ:SYM) had its target price upped by DA Davidson from $47.00 to $50.00 in a research note released on Monday,Benzinga reports. DA Davidson currently has a buy rating on the stock.

A number of other research analysts have also issued reports on SYM. Robert W. Baird dropped their target price on Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. KeyCorp raised their target price on shares of Symbotic from $40.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Needham & Company LLC boosted their price target on shares of Symbotic from $40.00 to $46.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Finally, Craig Hallum cut their price target on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.08.

Symbotic Trading Down 33.7 %

SYM stock opened at $24.80 on Monday. The company has a market capitalization of $14.52 billion, a P/E ratio of -623.50 and a beta of 1.81. The business has a 50 day simple moving average of $28.98 and a 200-day simple moving average of $30.82. Symbotic has a twelve month low of $17.11 and a twelve month high of $59.82.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $470.24 million. During the same quarter in the prior year, the business earned ($0.08) EPS. Symbotic’s quarterly revenue was up 47.2% compared to the same quarter last year. Research analysts predict that Symbotic will post 0.2 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 34,188 shares in the company, valued at $990,084.48. This represents a 40.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William M. Boyd III sold 8,826 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $28.33, for a total transaction of $250,040.58. Following the transaction, the insider now directly owns 23,012 shares of the company’s stock, valued at approximately $651,929.96. This trade represents a 27.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 49,878 shares of company stock worth $1,378,056 in the last quarter. Company insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

A number of large investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC purchased a new position in Symbotic in the 3rd quarter valued at about $1,029,000. Barclays PLC raised its position in shares of Symbotic by 1,105.9% in the third quarter. Barclays PLC now owns 9,346 shares of the company’s stock valued at $228,000 after buying an additional 8,571 shares during the last quarter. TCW Group Inc. lifted its stake in shares of Symbotic by 0.8% during the third quarter. TCW Group Inc. now owns 384,274 shares of the company’s stock valued at $9,372,000 after buying an additional 3,075 shares during the period. Sunbelt Securities Inc. boosted its position in Symbotic by 161.6% during the third quarter. Sunbelt Securities Inc. now owns 13,330 shares of the company’s stock worth $325,000 after acquiring an additional 8,235 shares during the last quarter. Finally, First Dallas Securities Inc. boosted its position in Symbotic by 61.2% during the third quarter. First Dallas Securities Inc. now owns 32,400 shares of the company’s stock worth $790,000 after acquiring an additional 12,300 shares during the last quarter.

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.