Symbotic (NASDAQ:SYM) Receives “Neutral” Rating from DA Davidson

DA Davidson reaffirmed their neutral rating on shares of Symbotic (NASDAQ:SYM) in a research note released on Monday, MarketBeat reports. The brokerage currently has a $47.00 price objective on the stock, up from their prior price objective of $35.00.

A number of other research firms have also recently issued reports on SYM. Oppenheimer lifted their target price on shares of Symbotic from $54.00 to $59.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. Arete Research lowered shares of Symbotic from a “strong-buy” rating to a “hold” rating in a report on Friday, July 25th. Baird R W lowered shares of Symbotic from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 7th. Citigroup reissued a “buy” rating on shares of Symbotic in a research report on Monday, July 14th. Finally, Robert W. Baird cut shares of Symbotic from an “outperform” rating to a “neutral” rating and set a $55.00 price target on the stock. in a research report on Thursday, August 7th. Six analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $43.44.

Symbotic Price Performance

Symbotic stock opened at $45.74 on Monday. The company has a market capitalization of $27.01 billion, a price-to-earnings ratio of -653.34 and a beta of 2.06. Symbotic has a one year low of $16.32 and a one year high of $64.16. The company’s fifty day moving average price is $47.47 and its two-hundred day moving average price is $32.30.

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 the consensus estimate of $0.03 by ($0.08). Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. The business had revenue of $592.12 million during the quarter, compared to analyst estimates of $533.55 million. During the same period in the prior year, the business posted ($0.02) earnings per share. The company’s revenue for the quarter was up 25.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Symbotic will post 0.13 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder David A. Ladensohn sold 15,000 shares of the business’s stock in a transaction on Monday, August 11th. The shares were sold at an average price of $54.35, for a total value of $815,250.00. Following the sale, the insider directly owned 10,000 shares of the company’s stock, valued at approximately $543,500. The trade was a 60.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Charles Kane sold 25,000 shares of the business’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $47.62, for a total transaction of $1,190,500.00. Following the completion of the sale, the director directly owned 79,507 shares in the company, valued at $3,786,123.34. This represents a 23.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 264,632 shares of company stock worth $13,618,791 in the last ninety days. 0.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Symbotic

Several institutional investors and hedge funds have recently added to or reduced their stakes in SYM. Walmart Inc. bought a new stake in Symbotic during the 4th quarter worth about $355,650,000. JPMorgan Chase & Co. increased its stake in shares of Symbotic by 100.6% during the 4th quarter. JPMorgan Chase & Co. now owns 17,349 shares of the company’s stock worth $411,000 after purchasing an additional 3,110,075 shares during the last quarter. Amanah Holdings Trust acquired a new position in shares of Symbotic during the 2nd quarter worth about $19,824,000. Canada Pension Plan Investment Board acquired a new position in shares of Symbotic during the 1st quarter worth about $4,968,000. Finally, ARK Investment Management LLC increased its stake in shares of Symbotic by 106.9% during the 1st quarter. ARK Investment Management LLC now owns 393,293 shares of the company’s stock worth $7,948,000 after purchasing an additional 203,226 shares during 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.