Symbotic (NASDAQ:SYM) Raised to Buy at DA Davidson

Symbotic (NASDAQ:SYM) was upgraded by stock analysts at DA Davidson from a “neutral” rating to a “buy” rating in a research report issued on Wednesday, Marketbeat Ratings reports. The firm currently has a $70.00 target price on the stock, up from their prior target price of $57.00. DA Davidson’s price target points to a potential upside of 15.59% from the company’s current price.

SYM has been the topic of a number of other research reports. Zacks Research raised Symbotic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 18th. Citigroup reissued an “outperform” rating on shares of Symbotic in a research report on Thursday, February 5th. Needham & Company LLC boosted their price target on Symbotic from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. Northland Securities set a $73.00 price target on Symbotic in a research report on Thursday, February 5th. Finally, The Goldman Sachs Group reissued a “sell” rating and set a $50.00 price target on shares of Symbotic in a research report on Thursday, January 15th. Seven investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $65.62.

Symbotic Stock Up 3.1%

Shares of NASDAQ SYM opened at $60.56 on Wednesday. The business’s 50 day moving average price is $53.87 and its two-hundred day moving average price is $61.20. The company has a market cap of $36.47 billion, a PE ratio of -605.54, a price-to-earnings-growth ratio of 5.89 and a beta of 2.10. Symbotic has a twelve month low of $19.14 and a twelve month high of $87.88.

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

Insider Activity

In other Symbotic news, Director Charles Kane sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $53.74, for a total transaction of $107,480.00. Following the completion of the sale, the director directly owned 89,852 shares in the company, valued at $4,828,646.48. This trade represents a 2.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO James Kuffner sold 3,669 shares of the firm’s 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 $8,586,307.24. This trade represents a 2.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 178,492 shares of company stock valued at $10,313,214. Company insiders own 8.16% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Several hedge funds have recently bought and sold shares of the stock. Centerpoint Advisors LLC lifted its position in Symbotic by 16.7% during the third quarter. Centerpoint Advisors LLC now owns 1,400 shares of the company’s stock worth $75,000 after acquiring an additional 200 shares during the last quarter. Federation des caisses Desjardins du Quebec lifted its position in Symbotic by 5.2% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 4,493 shares of the company’s stock worth $267,000 after acquiring an additional 224 shares during the last quarter. Barton Investment Management lifted its position in Symbotic by 0.8% during the fourth quarter. Barton Investment Management now owns 30,658 shares of the company’s stock worth $1,824,000 after acquiring an additional 233 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Symbotic by 2.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 11,375 shares of the company’s stock worth $677,000 after acquiring an additional 236 shares during the last quarter. Finally, Parallel Advisors LLC lifted its position in Symbotic by 67.3% during the fourth quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock worth $37,000 after acquiring an additional 249 shares during the last quarter.

Symbotic Company Profile

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.