Symbotic Inc. (NASDAQ:SYM) Receives $38.33 Average PT from Analysts

Symbotic Inc. (NASDAQ:SYM) has been assigned an average recommendation of “Hold” from the seventeen brokerages that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $38.33.

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group reduced their price target on shares of Symbotic from $28.00 to $25.00 and set a “neutral” rating for the company in a report on Thursday, February 6th. Raymond James cut shares of Symbotic from an “outperform” rating to a “market perform” rating in a report on Thursday, February 6th. UBS Group reduced their price target on shares of Symbotic from $40.00 to $32.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a report on Thursday, February 6th. Finally, Citigroup reiterated a “buy” rating and issued a $37.00 price target on shares of Symbotic in a report on Monday, January 13th.

Symbotic Stock Performance

Shares of NASDAQ SYM opened at $27.06 on Friday. The stock has a market cap of $15.90 billion, a P/E ratio of -386.52, a P/E/G ratio of 6.45 and a beta of 1.79. The firm has a 50 day moving average price of $27.30 and a 200 day moving average price of $26.40. Symbotic has a 52-week low of $17.11 and a 52-week high of $50.40.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Wednesday, February 5th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. Symbotic had a negative net margin of 0.38% and a positive return on equity of 5.11%. Analysts predict that Symbotic will post 0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Michael David Dunn sold 63,867 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $30.08, for a total value of $1,921,119.36. Following the transaction, the insider now directly owns 24,055 shares of the company’s stock, valued at $723,574.40. This represents a 72.64 % decrease in their ownership of the stock. 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 stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.04, for a total transaction of $48,080.00. Following the completion of the transaction, the director now directly owns 214,036 shares in the company, valued at $5,145,425.44. The trade was a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 104,454 shares of company stock valued at $3,110,501. 0.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

Large investors have recently modified their holdings of the stock. IFP Advisors Inc raised its position in shares of Symbotic by 58.2% in the fourth quarter. IFP Advisors Inc now owns 1,368 shares of the company’s stock valued at $32,000 after purchasing an additional 503 shares during the period. Castleview Partners LLC raised its position in shares of Symbotic by 50.0% in the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after purchasing an additional 500 shares during the period. Private Trust Co. NA bought a new position in shares of Symbotic in the fourth quarter valued at about $47,000. Pilgrim Partners Asia Pte Ltd bought a new position in shares of Symbotic in the fourth quarter valued at about $47,000. Finally, Arcadia Investment Management Corp MI bought a new position in shares of Symbotic in the third quarter valued at about $49,000.

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.