Symbotic (NASDAQ:SYM) Price Target Raised to $53.00 at Robert W. Baird

Symbotic (NASDAQ:SYM) had its price objective lifted by Robert W. Baird from $52.00 to $53.00 in a research note issued to investors on Tuesday, Benzinga reports. They currently have an outperform rating on the stock.

Several other brokerages also recently commented on SYM. Needham & Company LLC reissued a buy rating and issued a $54.00 price objective on shares of Symbotic in a research note on Tuesday. Northland Securities lifted their price objective on shares of Symbotic from $55.00 to $60.00 and gave the stock an outperform rating in a report on Wednesday, April 10th. William Blair reissued a market perform rating on shares of Symbotic in a research report on Tuesday, February 6th. KeyCorp decreased their price objective on shares of Symbotic from $63.00 to $55.00 and set an overweight rating for the company in a research note on Tuesday, February 6th. Finally, DA Davidson upgraded Symbotic from a neutral rating to a buy rating and set a $50.00 target price on the stock in a research note on Wednesday, February 7th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Symbotic currently has a consensus rating of Moderate Buy and an average price target of $55.77.

Symbotic Stock Up 10.9 %

Shares of SYM opened at $46.50 on Tuesday. The business’s fifty day moving average is $43.12 and its 200 day moving average is $44.22. Symbotic has a 12-month low of $23.58 and a 12-month high of $64.14. The stock has a market cap of $26.83 billion, a P/E ratio of -172.22 and a beta of 1.97.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Monday, February 5th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. The firm had revenue of $368.45 million for the quarter, compared to analyst estimates of $370.28 million. On average, analysts expect that Symbotic will post -0.03 EPS for the current year.

Insider Activity at Symbotic

In related news, major shareholder David A. Ladensohn sold 2,085,296 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $39.69, for a total transaction of $82,765,398.24. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Michael David Dunn sold 2,000 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $40.00, for a total value of $80,000.00. Following the sale, the insider now owns 72,032 shares in the company, valued at $2,881,280. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder David A. Ladensohn sold 2,085,296 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $39.69, for a total value of $82,765,398.24. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,110,447 shares of company stock worth $275,410,529. 38.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

Several hedge funds have recently added to or reduced their stakes in SYM. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Symbotic by 8.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,875 shares of the company’s stock worth $250,000 after purchasing an additional 400 shares during the last quarter. Natixis Advisors L.P. increased its position in shares of Symbotic by 4.3% in the fourth quarter. Natixis Advisors L.P. now owns 10,983 shares of the company’s stock valued at $563,000 after acquiring an additional 456 shares during the period. Van ECK Associates Corp purchased a new position in Symbotic during the 4th quarter valued at about $26,000. Bourne Lent Asset Management Inc. raised its position in Symbotic by 1.0% during the 4th quarter. Bourne Lent Asset Management Inc. now owns 58,260 shares of the company’s stock valued at $2,990,000 after purchasing an additional 600 shares during the last quarter. Finally, TFC Financial Management Inc. lifted its holdings in Symbotic by 97.1% in the 4th quarter. TFC Financial Management Inc. now owns 1,226 shares of the company’s stock worth $63,000 after buying an additional 604 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.