Arete Research Upgrades Symbotic (NASDAQ:SYM) to Strong-Buy

Symbotic (NASDAQ:SYM) was upgraded by analysts at Arete Research to a “strong-buy” rating in a research report issued on Wednesday, MarketBeat Ratings reports. The firm currently has a $50.00 price objective on the stock. Arete Research’s price objective would indicate a potential upside of 43.23% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the company. Arete assumed coverage on Symbotic in a research report on Wednesday. They set a “buy” rating and a $50.00 price target on the stock. BWS Financial restated a “sell” rating and issued a $10.00 target price on shares of Symbotic in a research report on Wednesday, April 2nd. The Goldman Sachs Group reduced their price target on shares of Symbotic from $25.00 to $18.00 and set a “neutral” rating on the stock in a research report on Thursday, April 10th. UBS Group lowered their price objective on shares of Symbotic from $32.00 to $30.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. Finally, Citigroup reduced their target price on shares of Symbotic from $37.00 to $29.00 and set a “buy” rating on the stock in a report on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Symbotic has a consensus rating of “Moderate Buy” and an average target price of $38.71.

Symbotic Trading Up 8.4%

SYM stock opened at $34.91 on Wednesday. The company’s 50 day moving average is $27.14 and its 200 day moving average is $25.55. The stock has a market cap of $20.58 billion, a price-to-earnings ratio of -872.75, a price-to-earnings-growth ratio of 53.67 and a beta of 1.95. Symbotic has a 1-year low of $16.32 and a 1-year high of $41.76.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). The company had revenue of $549.65 million during the quarter, compared to the consensus estimate of $522.36 million. Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. Symbotic’s quarterly revenue was up 39.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.07) EPS. As a group, sell-side analysts forecast that Symbotic will post 0.13 EPS for the current fiscal year.

Insider Transactions at Symbotic

In other Symbotic news, insider William M. Boyd III sold 11,735 shares of the business’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $21.95, for a total transaction of $257,583.25. Following the transaction, the insider now directly owns 36,999 shares of the company’s stock, valued at approximately $812,128.05. The trade was a 24.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniela L. Rus sold 1,000 shares of the firm’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $30.00, for a total transaction of $30,000.00. Following the completion of the sale, the director now directly owns 26,435 shares of the company’s stock, valued at approximately $793,050. This represents a 3.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,656 shares of company stock worth $1,220,907. Company insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Several hedge funds and other institutional investors have recently modified their holdings of SYM. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Symbotic by 15.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 84,899 shares of the company’s stock valued at $1,716,000 after acquiring an additional 11,098 shares in the last quarter. S Squared Technology LLC boosted its position in shares of Symbotic by 6.7% during the first quarter. S Squared Technology LLC now owns 480,000 shares of the company’s stock valued at $9,701,000 after purchasing an additional 30,000 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Symbotic by 16.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company’s stock valued at $27,155,000 after purchasing an additional 187,538 shares in the last quarter. Advisors Asset Management Inc. grew its stake in Symbotic by 36.7% in the first quarter. Advisors Asset Management Inc. now owns 35,261 shares of the company’s stock worth $713,000 after purchasing an additional 9,459 shares during the period. Finally, Amundi raised its holdings in Symbotic by 53.0% in the first quarter. Amundi now owns 72,192 shares of the company’s stock worth $1,459,000 after purchasing an additional 24,993 shares in the last quarter.

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.