Symbotic (NASDAQ:SYM) Price Target Raised to $53.00

Symbotic (NASDAQ:SYM) had its price objective boosted by Robert W. Baird from $52.00 to $53.00 in a report released on Tuesday morning, Benzinga reports. They currently have an outperform rating on the stock.

SYM has been the topic of several other research reports. Needham & Company LLC reiterated a buy rating and issued a $54.00 price target on shares of Symbotic in a report on Tuesday. The Goldman Sachs Group dropped their target price on Symbotic from $51.00 to $44.00 and set a neutral rating for the company in a report on Tuesday, February 6th. Northland Securities increased their price objective on Symbotic from $55.00 to $60.00 and gave the stock an outperform rating in a research report on Wednesday, April 10th. DA Davidson raised shares of Symbotic from a neutral rating to a buy rating and set a $50.00 price target on the stock in a research note on Wednesday, February 7th. Finally, Cantor Fitzgerald reaffirmed an overweight rating and set a $60.00 price objective on shares of Symbotic in a research report on Tuesday, February 6th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $55.69.

Symbotic Stock Performance

Shares of SYM opened at $44.75 on Tuesday. The firm has a market capitalization of $25.82 billion, a P/E ratio of -165.74 and a beta of 1.97. Symbotic has a 12-month low of $23.58 and a 12-month high of $64.14. The firm has a fifty day moving average price of $43.40 and a 200-day moving average price of $44.25.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, February 5th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. Symbotic had a negative return on equity of 35.06% and a negative net margin of 1.39%. The company had revenue of $368.45 million for the quarter, compared to the consensus estimate of $370.28 million. Analysts predict that Symbotic will post -0.03 earnings per share for the current year.

Insider Transactions at Symbotic

In related news, insider Richard B. Cohen sold 5,000,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $38.32, for a total transaction of $191,600,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder David A. Ladensohn sold 2,085,296 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $39.69, for a total value of $82,765,398.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Richard B. Cohen sold 5,000,000 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $38.32, for a total transaction of $191,600,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,110,447 shares of company stock valued at $275,410,529. 38.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in shares of Symbotic during the first quarter worth $12,219,000. RFP Financial Group LLC increased its stake in Symbotic by 21.2% in the 1st quarter. RFP Financial Group LLC now owns 1,382 shares of the company’s stock valued at $62,000 after buying an additional 242 shares during the period. Blair William & Co. IL raised its position in Symbotic by 418.1% during the 1st quarter. Blair William & Co. IL now owns 33,365 shares of the company’s stock worth $1,501,000 after buying an additional 26,925 shares during the last quarter. Avantax Advisory Services Inc. lifted its stake in shares of Symbotic by 48.0% in the 1st quarter. Avantax Advisory Services Inc. now owns 9,737 shares of the company’s stock worth $438,000 after acquiring an additional 3,160 shares during the period. Finally, Swiss National Bank boosted its holdings in shares of Symbotic by 3.4% in the first quarter. Swiss National Bank now owns 33,000 shares of the company’s stock valued at $1,485,000 after acquiring an additional 1,100 shares in 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.