Symbotic (NASDAQ:SYM) Cut to Neutral at Robert W. Baird

Robert W. Baird lowered shares of Symbotic (NASDAQ:SYM) from an outperform rating to a neutral rating in a report issued on Thursday, Marketbeat.com reports. The firm currently has $55.00 price target on the stock.

SYM has been the topic of a number of other research reports. Northland Securities increased their price target on Symbotic from $35.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 8th. Citigroup reiterated a “buy” rating on shares of Symbotic in a research report on Monday, July 14th. The Goldman Sachs Group decreased their target price on Symbotic from $25.00 to $18.00 and set a “neutral” rating on the stock in a research report on Thursday, April 10th. Arete downgraded Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 target price on the stock. in a research report on Friday, July 25th. Finally, Arete Research downgraded Symbotic from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 25th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $42.69.

Symbotic Trading Up 2.6%

Shares of SYM stock opened at $55.61 on Thursday. The company has a market capitalization of $32.79 billion, a P/E ratio of -794.32, a P/E/G ratio of 57.93 and a beta of 2.06. The business’s 50 day moving average is $43.13 and its two-hundred day moving average is $30.78. Symbotic has a 12-month low of $16.32 and a 12-month high of $64.16.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.08). The business had revenue of $592.12 million for the quarter, compared to analysts’ expectations of $533.55 million. Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%. The business’s revenue for the quarter was up 25.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.02) EPS. On average, research analysts predict that Symbotic will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider William M. Boyd III sold 25,000 shares of Symbotic stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $49.00, for a total transaction of $1,225,000.00. Following the transaction, the insider owned 34,544 shares in the company, valued at approximately $1,692,656. This trade represents a 41.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Todd Krasnow sold 5,940 shares of the firm’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $26.38, for a total value of $156,697.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 118,241 shares of company stock worth $5,756,164. 0.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its position in shares of Symbotic by 1,812.2% during the first quarter. GAMMA Investing LLC now owns 1,415 shares of the company’s stock valued at $29,000 after acquiring an additional 1,341 shares during the last quarter. Ulland Investment Advisors LLC acquired a new stake in shares of Symbotic in the first quarter valued at $31,000. AdvisorNet Financial Inc acquired a new stake in shares of Symbotic in the second quarter valued at $32,000. Gables Capital Management Inc. acquired a new stake in shares of Symbotic in the second quarter valued at $39,000. Finally, CWM LLC grew its stake in shares of Symbotic by 408.2% in the first quarter. CWM LLC now owns 2,602 shares of the company’s stock valued at $53,000 after buying an additional 2,090 shares in the last quarter.

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.