Northland Securities Cuts Symbotic (NASDAQ:SYM) Price Target to $50.00

Symbotic (NASDAQ:SYM) had its target price reduced by Northland Securities from $60.00 to $50.00 in a report published on Tuesday morning, Benzinga reports. Northland Securities currently has an outperform rating on the stock.

A number of other research firms have also commented on SYM. BWS Financial reaffirmed a sell rating and issued a $10.00 price objective on shares of Symbotic in a research note on Tuesday. Deutsche Bank Aktiengesellschaft lifted their price objective on Symbotic from $57.00 to $58.00 and gave the stock a buy rating in a research note on Tuesday, May 7th. The Goldman Sachs Group cut their price objective on Symbotic from $46.00 to $40.00 and set a neutral rating on the stock in a research note on Wednesday, July 10th. Citigroup cut their price objective on Symbotic from $62.00 to $49.00 and set a buy rating on the stock in a research note on Tuesday. Finally, Vertical Research assumed coverage on Symbotic in a report on Tuesday, July 23rd. They issued a hold rating and a $45.00 target price for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $43.23.

Symbotic Trading Down 3.7 %

Shares of SYM stock opened at $23.70 on Tuesday. The business’s 50-day moving average price is $36.25 and its 200-day moving average price is $40.82. Symbotic has a 12 month low of $22.54 and a 12 month high of $62.37. The firm has a market capitalization of $13.86 billion, a price-to-earnings ratio of -98.75 and a beta of 1.86.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Monday, July 29th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). The company had revenue of $491.86 million during the quarter, compared to analyst estimates of $464.56 million. Symbotic had a positive return on equity of 5.05% and a negative net margin of 1.03%. Symbotic’s revenue was up 57.7% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.07) earnings per share. On average, sell-side analysts predict that Symbotic will post -0.04 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder David A. Ladensohn sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $40.89, for a total transaction of $2,044,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder David A. Ladensohn sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $40.89, for a total transaction of $2,044,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Janet L. Cohen sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $43.26, for a total value of $1,081,500.00. The disclosure for this sale can be found here. Insiders sold a total of 150,107 shares of company stock worth $5,950,707 over the last quarter. 38.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

Several institutional investors have recently bought and sold shares of SYM. Baillie Gifford & Co. bought a new stake in Symbotic during the first quarter worth $426,752,000. 1832 Asset Management L.P. grew its holdings in Symbotic by 189.5% during the fourth quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock worth $54,174,000 after buying an additional 690,900 shares in the last quarter. Vanguard Group Inc. grew its holdings in Symbotic by 16.6% during the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after buying an additional 345,386 shares in the last quarter. Zevenbergen Capital Investments LLC grew its holdings in Symbotic by 1,826.2% during the first quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock worth $16,253,000 after buying an additional 342,417 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp bought a new stake in Symbotic during the first quarter worth $12,219,000.

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.