Symbotic (NASDAQ:SYM) Trading 4.4% Higher on Analyst Upgrade

Symbotic Inc. (NASDAQ:SYM) shares traded up 4.4% during mid-day trading on Tuesday after Deutsche Bank Aktiengesellschaft raised their price target on the stock from $57.00 to $58.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Symbotic traded as high as $48.08 and last traded at $43.80. 1,717,947 shares were traded during mid-day trading, an increase of 23% from the average session volume of 1,396,977 shares. The stock had previously closed at $41.94.

Several other brokerages have also commented on SYM. Robert W. Baird lifted their price target on shares of Symbotic from $52.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 target price on shares of Symbotic in a research report on Tuesday, February 6th. Needham & Company LLC reiterated a “buy” rating and issued a $54.00 price target on shares of Symbotic in a research report on Tuesday. William Blair reissued a “market perform” rating on shares of Symbotic in a research report on Tuesday, February 6th. Finally, The Goldman Sachs Group decreased their target price on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating for the company in a research note on Tuesday, February 6th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.77.

Insider Transactions at Symbotic

In other Symbotic news, insider Michael David Dunn sold 2,000 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $40.00, for a total value of $80,000.00. Following the completion of the transaction, the insider now directly owns 72,032 shares of the company’s stock, valued at $2,881,280. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider Michael David Dunn sold 2,000 shares of the firm’s 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 completion of the transaction, 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 SEC, which is available at this link. Also, insider Richard B. Cohen sold 5,000,000 shares of Symbotic stock in a transaction on Monday, February 26th. The stock was sold at an average price of $38.32, for a total value of $191,600,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 7,110,447 shares of company stock valued at $275,410,529 in the last ninety days. 38.30% of the stock is currently owned by company insiders.

Institutional Trading of Symbotic

Several institutional investors and hedge funds have recently made changes to their positions in SYM. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Symbotic by 8.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,875 shares of the company’s stock worth $250,000 after buying an additional 400 shares during the last quarter. Natixis Advisors L.P. increased its stake 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 worth $563,000 after buying an additional 456 shares during the last quarter. Van ECK Associates Corp acquired a new stake in Symbotic in the fourth quarter valued at $26,000. Bourne Lent Asset Management Inc. boosted its stake 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 acquiring an additional 600 shares during the last quarter. Finally, TFC Financial Management Inc. raised its stake in shares of Symbotic by 97.1% in the 4th quarter. TFC Financial Management Inc. now owns 1,226 shares of the company’s stock valued at $63,000 after purchasing an additional 604 shares in the last quarter.

Symbotic Price Performance

The firm has a market cap of $26.83 billion, a P/E ratio of -172.22 and a beta of 1.97. The firm’s 50-day moving average price is $43.12 and its 200 day moving average price is $44.22.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, February 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.03. The company had revenue of $368.45 million during the quarter, compared to the consensus estimate of $370.28 million. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. Analysts forecast that Symbotic Inc. will post -0.03 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.