Symbotic Inc. (NASDAQ:SYM) Receives $44.61 Consensus PT from Analysts

Symbotic Inc. (NASDAQ:SYM) has been assigned an average recommendation of “Hold” from the twenty-three analysts that are presently covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a sell recommendation, thirteen have issued a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $44.6111.

A number of equities analysts have weighed in on SYM shares. Needham & Company LLC lifted their price objective on Symbotic from $32.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Deutsche Bank Aktiengesellschaft lowered Symbotic from a “buy” rating to a “hold” rating and set a $51.00 price objective for the company. in a research note on Friday, July 18th. Citigroup reiterated a “buy” rating on shares of Symbotic in a research note on Monday, July 14th. Barclays assumed coverage on Symbotic in a research note on Tuesday, October 7th. They issued an “underweight” rating and a $38.00 price target for the company. Finally, Baird R W cut Symbotic from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 7th.

Insider Buying and Selling at Symbotic

In other news, Director Todd Krasnow sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $51.54, for a total transaction of $1,546,200.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider William M. Boyd III sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $59.00, for a total value of $1,475,000.00. Following the transaction, the insider owned 31,884 shares in the company, valued at approximately $1,881,156. This represents a 43.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 490,348 shares of company stock worth $25,157,458. 0.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SYM. Private Trust Co. NA lifted its holdings in Symbotic by 10.0% in the second quarter. Private Trust Co. NA now owns 2,200 shares of the company’s stock valued at $85,000 after acquiring an additional 200 shares during the last quarter. Bouvel Investment Partners LLC lifted its holdings in Symbotic by 0.8% in the third quarter. Bouvel Investment Partners LLC now owns 44,479 shares of the company’s stock valued at $2,397,000 after acquiring an additional 336 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in Symbotic by 24.0% in the second quarter. Farther Finance Advisors LLC now owns 1,765 shares of the company’s stock valued at $69,000 after acquiring an additional 342 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in Symbotic by 7.1% in the second quarter. PNC Financial Services Group Inc. now owns 6,354 shares of the company’s stock valued at $247,000 after acquiring an additional 422 shares during the last quarter. Finally, Main Management ETF Advisors LLC lifted its holdings in Symbotic by 1.7% in the second quarter. Main Management ETF Advisors LLC now owns 29,320 shares of the company’s stock valued at $1,139,000 after acquiring an additional 480 shares during the last quarter.

Symbotic Stock Performance

NASDAQ SYM opened at $67.86 on Friday. The stock has a 50-day simple moving average of $55.81 and a two-hundred day simple moving average of $42.30. The firm has a market capitalization of $40.07 billion, a P/E ratio of -969.29, a PEG ratio of 10.85 and a beta of 2.06. Symbotic has a fifty-two week low of $16.32 and a fifty-two week high of $79.58.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.08). The company had revenue of $592.12 million for the quarter, compared to analysts’ expectations of $533.55 million. Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. The business’s quarterly revenue was up 25.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.02) EPS. As a group, analysts forecast that Symbotic will post 0.13 earnings per share for the current year.

Symbotic Company Profile

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.