Barclays Issues Positive Forecast for Symbotic (NASDAQ:SYM) Stock Price

Symbotic (NASDAQ:SYM) had its price objective upped by Barclays from $42.00 to $44.00 in a report issued on Monday morning,Benzinga reports. They currently have an underweight rating on the stock.

SYM has been the subject of a number of other research reports. Citigroup reissued an “outperform” rating on shares of Symbotic in a research report on Thursday, February 5th. Cantor Fitzgerald raised their target price on Symbotic from $60.00 to $82.00 and gave the stock an “overweight” rating in a report on Tuesday, November 25th. DA Davidson lifted their target price on Symbotic from $53.00 to $57.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. Northcoast Research lowered Symbotic from a “buy” rating to a “neutral” rating in a report on Tuesday, November 25th. Finally, UBS Group set a $70.00 price target on Symbotic in a research report on Wednesday, February 18th. Six equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $60.71.

Symbotic Stock Up 3.1%

Shares of NASDAQ:SYM opened at $50.97 on Monday. The stock has a market capitalization of $30.69 billion, a PE ratio of -509.65, a price-to-earnings-growth ratio of 4.96 and a beta of 2.13. The firm’s 50 day moving average price is $58.33 and its 200-day moving average price is $60.86. Symbotic has a twelve month low of $16.32 and a twelve month high of $87.88.

Symbotic (NASDAQ:SYM) last announced its earnings results on Wednesday, February 4th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.06). Symbotic had a negative net margin of 0.45% and a negative return on equity of 1.88%. The business had revenue of $629.99 million for the quarter, compared to the consensus estimate of $622.58 million. During the same quarter last year, the firm posted ($0.03) earnings per share. The business’s quarterly revenue was up 29.4% compared to the same quarter last year. Analysts expect that Symbotic will post 0.13 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO James Kuffner sold 3,669 shares of Symbotic stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $56.84, for a total transaction of $208,545.96. Following the sale, the chief technology officer owned 151,061 shares of the company’s stock, valued at approximately $8,586,307.24. This trade represents a 2.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $47.70, for a total value of $95,400.00. The SEC filing for this sale provides additional information. Insiders have sold a total of 193,492 shares of company stock valued at $11,449,123 in the last three months. 8.16% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Symbotic

Several hedge funds have recently modified their holdings of the stock. MAI Capital Management boosted its position in shares of Symbotic by 833.3% during the third quarter. MAI Capital Management now owns 560 shares of the company’s stock worth $30,000 after acquiring an additional 500 shares during the last quarter. IAG Wealth Partners LLC bought a new stake in Symbotic in the 2nd quarter valued at $32,000. Parkside Financial Bank & Trust lifted its stake in Symbotic by 100.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock worth $32,000 after purchasing an additional 268 shares in the last quarter. Quarry LP purchased a new stake in Symbotic in the 4th quarter worth $36,000. Finally, Parallel Advisors LLC boosted its holdings in shares of Symbotic by 67.3% during the 4th quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock valued at $37,000 after purchasing an additional 249 shares during the last quarter.

About Symbotic

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.