Symbotic (NASDAQ:SYM) PT Raised to $18.00

Posted by Casey Walker on Feb 4th, 2023

Symbotic (NASDAQ:SYM – Get Rating) had its price target increased by Needham & Company LLC from $17.00 to $18.00 in a research report sent to investors on Tuesday morning, The Fly reports. Needham & Company LLC currently has a buy rating on the stock.

Other analysts also recently issued reports about the company. Robert W. Baird set a $18.00 price target on Symbotic in a research note on Tuesday, November 22nd. DA Davidson set a $20.00 price target on Symbotic in a research note on Thursday, November 24th. Citigroup reduced their price objective on Symbotic from $21.00 to $16.00 and set a buy rating for the company in a report on Tuesday, November 22nd. The Goldman Sachs Group reduced their price objective on Symbotic from $13.00 to $10.00 and set a neutral rating for the company in a report on Wednesday, November 23rd. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Symbotic from $19.00 to $20.00 in a report on Wednesday, November 23rd. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $19.00.

Symbotic Trading Down 1.6 %

Shares of SYM stock opened at $15.20 on Tuesday. The business’s 50 day moving average is $12.72 and its two-hundred day moving average is $13.03. Symbotic has a twelve month low of $8.75 and a twelve month high of $28.48. The company has a market capitalization of $8.42 billion, a P/E ratio of -2.59 and a beta of 1.16.

Symbotic (NASDAQ:SYM – Get Rating) last posted its quarterly earnings results on Monday, January 30th. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.07). Symbotic had a negative net margin of 6.08% and a negative return on equity of 155.84%. The business had revenue of $206.30 million during the quarter, compared to analysts’ expectations of $193.70 million. During the same quarter last year, the firm earned ($4.88) earnings per share. The firm’s quarterly revenue was up 167.6% compared to the same quarter last year. As a group, equities analysts predict that Symbotic will post -0.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Symbotic

In other Symbotic news, insider Michael David Dunn sold 5,000 shares of the company’s stock in a transaction dated Wednesday, December 7th. The shares were sold at an average price of $11.33, for a total value of $56,650.00. Following the transaction, the insider now directly owns 144,939 shares in the company, valued at approximately $1,642,158.87. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 41.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Altshuler Shaham Ltd purchased a new position in shares of Symbotic during the 3rd quarter worth about $50,000. Armstrong Advisory Group Inc. purchased a new position in shares of Symbotic during the 4th quarter worth about $68,000. Essex Investment Management Co. LLC purchased a new position in shares of Symbotic during the 4th quarter worth about $124,000. Raymond James Trust N.A. purchased a new position in shares of Symbotic during the 4th quarter worth about $137,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Symbotic during the 3rd quarter worth about $181,000. 57.76% of the stock is currently 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.