Symbotic (NASDAQ:SYM) Price Target Raised to $60.00 at Northland Securities

Symbotic (NASDAQ:SYM) had its price objective lifted by Northland Securities from $55.00 to $60.00 in a report published on Wednesday, Benzinga reports. Northland Securities currently has an outperform rating on the stock.

Several other research firms have also recently commented on SYM. Needham & Company LLC dropped their target price on shares of Symbotic from $58.00 to $54.00 and set a buy rating on the stock in a research report on Tuesday, February 6th. Cantor Fitzgerald restated an overweight rating and set a $60.00 price target on shares of Symbotic in a research note on Tuesday, February 6th. DA Davidson upgraded shares of Symbotic from a neutral rating to a buy rating and set a $50.00 price target for the company in a research note on Wednesday, February 7th. KeyCorp decreased their price target 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, Robert W. Baird decreased their price target on shares of Symbotic from $54.00 to $52.00 and set an outperform rating for the company in a research note on Tuesday, February 6th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Symbotic has a consensus rating of Moderate Buy and an average target price of $54.00.

Symbotic Stock Down 3.3 %

Symbotic stock opened at $44.50 on Wednesday. Symbotic has a 52 week low of $22.40 and a 52 week high of $64.14. The company’s 50 day moving average price is $44.09 and its two-hundred day moving average price is $43.64. The stock has a market cap of $25.68 billion, a P/E ratio of -164.81 and a beta of 1.91.

Symbotic (NASDAQ:SYM) last posted its earnings results on Monday, February 5th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $370.28 million. On average, equities analysts anticipate that Symbotic will post -0.02 EPS for the current year.

Insider Activity at Symbotic

In related news, major shareholder David A. Ladensohn sold 2,085,296 shares of Symbotic stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $39.69, for a total value of $82,765,398.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Michael David Dunn sold 7,504 shares of the business’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $41.56, for a total transaction of $311,866.24. Following the completion of the transaction, the insider now directly owns 72,768 shares in the company, valued at approximately $3,024,238.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder David A. Ladensohn sold 2,085,296 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $39.69, for a total transaction of $82,765,398.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,188,628 shares of company stock worth $279,026,777. Corporate insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp purchased a new position in shares of Symbotic during the 4th quarter valued at $26,000. National Bank of Canada FI grew its position in shares of Symbotic by 66.7% during the 3rd quarter. National Bank of Canada FI now owns 1,000 shares of the company’s stock valued at $35,000 after purchasing an additional 400 shares in the last quarter. Providence Capital Advisors LLC purchased a new position in shares of Symbotic during the 3rd quarter valued at $33,000. Pingora Partners LLC purchased a new position in shares of Symbotic during the 4th quarter valued at $51,000. Finally, Centerpoint Advisors LLC purchased a new position in shares of Symbotic during the 4th quarter valued at $62,000.

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.