Brokerages Set Symbotic Inc. (NASDAQ:SYM) Target Price at $42.54

Symbotic Inc. (NASDAQ:SYM) has received an average rating of “Moderate Buy” from the fourteen research firms that are covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $42.54.

SYM has been the subject of a number of research reports. Northland Securities increased their target price on Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a research report on Thursday, December 5th. TD Cowen increased their target price on Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. KeyCorp restated a “sector weight” rating on shares of Symbotic in a report on Wednesday, November 27th. Finally, Needham & Company LLC decreased their price objective on Symbotic from $46.00 to $35.00 and set a “buy” rating for the company in a report on Wednesday, November 27th.

Insider Transactions at Symbotic

In other news, Director Todd Krasnow sold 2,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $23.96, for a total transaction of $47,920.00. Following the transaction, the director now owns 2,000 shares in the company, valued at approximately $47,920. This trade represents a 50.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael David Dunn sold 5,266 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $23.81, for a total value of $125,383.46. Following the completion of the sale, the insider now owns 85,224 shares of the company’s stock, valued at $2,029,183.44. This trade represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 111,745 shares of company stock worth $3,261,675. 38.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently modified their holdings of the company. 1ST Source Bank bought a new position in Symbotic during the third quarter worth about $488,000. Sanctuary Advisors LLC bought a new position in shares of Symbotic during the third quarter worth approximately $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 in the last quarter. TCW Group Inc. boosted its stake in shares of Symbotic by 0.8% in 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. Finally, Sunbelt Securities Inc. grew 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 buying an additional 8,235 shares in the last quarter.

Symbotic Stock Performance

Shares of NASDAQ:SYM opened at $24.08 on Friday. The company has a 50 day moving average price of $29.02 and a two-hundred day moving average price of $28.43. The company has a market capitalization of $14.15 billion, a PE ratio of -401.33 and a beta of 1.73. Symbotic has a 52 week low of $17.11 and a 52 week high of $54.67.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, November 18th. The company reported $0.05 EPS for the quarter, hitting the consensus estimate of $0.05. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. The business had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. During the same quarter last year, the business posted ($0.08) EPS. The firm’s revenue was up 47.2% compared to the same quarter last year. On average, sell-side analysts forecast that Symbotic will post 0.12 earnings per share for the current year.

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.