Symbotic (NASDAQ:SYM) Stock Rating Lowered by Deutsche Bank Aktiengesellschaft

Symbotic (NASDAQ:SYM) was downgraded by equities researchers at Deutsche Bank Aktiengesellschaft from a “buy” rating to a “hold” rating in a note issued to investors on Friday, Marketbeat reports. They currently have a $51.00 price target on the stock. Deutsche Bank Aktiengesellschaft’s price objective would indicate a potential downside of 6.49% from the stock’s current price.

SYM has been the subject of several other research reports. Arete Research upgraded shares of Symbotic to a “strong-buy” rating and set a $50.00 target price for the company in a report on Wednesday, June 25th. Arete assumed coverage on shares of Symbotic in a report on Wednesday, June 25th. They issued a “buy” rating and a $50.00 target price for the company. Citigroup reiterated a “buy” rating on shares of Symbotic in a report on Monday, July 14th. The Goldman Sachs Group lowered their target price on shares of Symbotic from $25.00 to $18.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $54.00 target price (up previously from $35.00) on shares of Symbotic in a report on Wednesday. One analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Symbotic presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.24.

Symbotic Stock Up 0.7%

Shares of NASDAQ SYM opened at $54.54 on Friday. The firm has a market cap of $32.16 billion, a PE ratio of -1,363.50, a P/E/G ratio of 56.81 and a beta of 2.03. Symbotic has a 12-month low of $16.32 and a 12-month high of $54.98. The company’s fifty day simple moving average is $35.33 and its 200 day simple moving average is $28.01.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). Symbotic had a negative net margin of 0.23% and a negative return on equity of 1.26%. The business had revenue of $549.65 million during the quarter, compared to the consensus estimate of $522.36 million. During the same period last year, the business posted ($0.07) earnings per share. The firm’s quarterly revenue was up 39.7% on a year-over-year basis. On average, equities analysts predict that Symbotic will post 0.13 earnings per share for the current year.

Insider Buying and Selling at Symbotic

In related news, insider William M. Boyd III sold 25,000 shares of Symbotic stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $49.00, for a total value of $1,225,000.00. Following the transaction, the insider directly owned 34,544 shares of the company’s stock, valued at $1,692,656. The trade was a 41.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Carol J. Hibbard sold 4,628 shares of Symbotic stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $22.62, for a total transaction of $104,685.36. Following the completion of the transaction, the chief financial officer directly owned 54,011 shares in the company, valued at approximately $1,221,728.82. The trade was a 7.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 77,322 shares of company stock valued at $2,807,479. 0.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SYM. Walmart Inc. purchased a new position in Symbotic during the 4th quarter valued at $355,650,000. JPMorgan Chase & Co. boosted its holdings in shares of Symbotic by 100.6% during the 4th quarter. JPMorgan Chase & Co. now owns 17,349 shares of the company’s stock valued at $411,000 after buying an additional 3,110,075 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Symbotic by 41.3% during the 4th quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company’s stock valued at $117,846,000 after buying an additional 1,452,627 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Symbotic during the 4th quarter valued at $20,754,000. Finally, Amanah Holdings Trust bought a new stake in shares of Symbotic during the 2nd quarter valued at $19,824,000.

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.