Symbotic Inc. (NASDAQ:SYM) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Symbotic Inc. (NASDAQ:SYM) have earned an average recommendation of “Hold” from the fifteen analysts that are presently covering the company, MarketBeat Ratings reports. Four research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $65.4167.

A number of research firms recently commented on SYM. Weiss Ratings cut Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, September 4th. Zacks Research raised Symbotic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 5th. The Goldman Sachs Group reduced their target price on Symbotic from $54.00 to $45.00 and set a “sell” rating for the company in a research note on Tuesday, May 26th. Barclays decreased their target price on Symbotic from $44.00 to $38.00 and set an “underweight” rating on the stock in a report on Tuesday. Finally, Needham & Company LLC restated a “buy” rating and issued a $75.00 price target on shares of Symbotic in a research note on Thursday, August 6th.

Insider Activity

In related news, SVP Brian Alexander sold 9,130 shares of the company’s stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $40.30, for a total value of $367,939.00. Following the transaction, the senior vice president owned 55,611 shares in the company, valued at approximately $2,241,123.30. This represents a 14.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO James Kuffner sold 18,987 shares of the stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $40.38, for a total transaction of $766,695.06. Following the completion of the transaction, the chief technology officer directly owned 214,062 shares in the company, valued at approximately $8,643,823.56. This represents a 8.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 88,085 shares of company stock valued at $3,633,928. 8.16% of the stock is owned by company insiders.

Institutional Investors Weigh In On Symbotic

A number of institutional investors have recently made changes to their positions in the company. Parkside Financial Bank & Trust boosted its stake in Symbotic by 100.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock valued at $32,000 after purchasing an additional 268 shares during the period. Quarry LP acquired a new stake in shares of Symbotic during the fourth quarter worth $36,000. Parallel Advisors LLC boosted its position in shares of Symbotic by 67.3% in the fourth quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock valued at $37,000 after acquiring an additional 249 shares during the period. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Symbotic in the fourth quarter valued at about $48,000. Finally, NewEdge Advisors LLC boosted its position in shares of Symbotic by 81.5% in the second quarter. NewEdge Advisors LLC now owns 1,276 shares of the company’s stock valued at $50,000 after acquiring an additional 573 shares during the period.

Symbotic Trading Up 2.5%

Shares of SYM opened at $42.13 on Monday. The company has a market cap of $25.48 billion, a price-to-earnings ratio of 468.11, a PEG ratio of 6.52 and a beta of 1.94. Symbotic has a 1-year low of $37.68 and a 1-year high of $87.88. The company’s fifty day simple moving average is $41.90 and its 200 day simple moving average is $47.74.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). The firm had revenue of $720.84 million during the quarter, compared to analyst estimates of $715.03 million. Symbotic had a net margin of 0.48% and a return on equity of 1.40%. The business’s revenue was up 21.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.05) EPS. As a group, research analysts forecast that Symbotic will post 0.21 earnings per share for the current year.

About Symbotic

Symbotic Inc is an automation technology company that develops artificial intelligence-enabled robotics and software for large-scale warehouses and distribution centers. Its systems are designed to automate the movement, storage and retrieval of pallets and cases, helping customers manage inventory and improve the efficiency of supply-chain operations.

The company’s platform combines robotics, machine learning, warehouse-control software and automated storage systems. Symbotic’s technology can receive goods, organize inventory, retrieve products and assemble orders for shipment, supporting distribution operations for retail and grocery companies.

Symbotic was founded in 2006 and is headquartered in Wilmington, Massachusetts.