Symbotic (NASDAQ:SYM) Trading 3.1% Higher After Analyst Upgrade

Shares of Symbotic Inc. (NASDAQ:SYM) rose 3.1% during trading on Monday after Barclays raised their price target on the stock from $42.00 to $44.00. Barclays currently has an underweight rating on the stock. Symbotic traded as high as $51.48 and last traded at $50.97. Approximately 957,167 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 1,874,566 shares. The stock had previously closed at $49.43.

A number of other brokerages have also recently issued reports on SYM. DA Davidson boosted their price objective on shares of Symbotic from $53.00 to $57.00 and gave the company a “neutral” rating in a report on Monday, February 9th. Wall Street Zen lowered shares of Symbotic from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Northland Securities set a $73.00 price target on shares of Symbotic in a research report on Thursday, February 5th. Needham & Company LLC boosted their price target on shares of Symbotic from $70.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Finally, Cantor Fitzgerald raised their price objective on Symbotic from $60.00 to $82.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 25th. Six equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, Symbotic currently has a consensus rating of “Hold” and a consensus price target of $60.71.

Insider Transactions at Symbotic

In other news, Director Rollin L. Ford sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $57.51, for a total value of $3,450,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO James Kuffner sold 77,321 shares of the stock in a transaction on Monday, January 26th. The stock was sold at an average price of $59.76, for a total transaction of $4,620,702.96. Following the sale, the chief technology officer directly owned 144,982 shares of the company’s stock, valued at $8,664,124.32. This represents a 34.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 193,492 shares of company stock valued at $11,449,123. 8.16% of the stock is currently owned by insiders.

Institutional Trading of Symbotic

Hedge funds and other institutional investors have recently modified their holdings of the company. Centerpoint Advisors LLC boosted its position in shares of 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 buying an additional 200 shares during the period. Federation des caisses Desjardins du Quebec lifted its stake in Symbotic by 5.2% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 4,493 shares of the company’s stock valued at $267,000 after acquiring an additional 224 shares in the last quarter. Barton Investment Management lifted its stake in Symbotic by 0.8% in the 4th quarter. Barton Investment Management now owns 30,658 shares of the company’s stock valued at $1,824,000 after acquiring an additional 233 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Symbotic by 2.1% during the 4th 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 boosted its position in Symbotic by 67.3% during the 4th 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 Trading Up 3.1%

The company has a market capitalization of $30.69 billion, a P/E ratio of -509.65, a PEG ratio of 4.96 and a beta of 2.13. The firm’s 50 day moving average price is $58.68 and its two-hundred day moving average price is $60.85.

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

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.