Symbotic (NASDAQ:SYM) Stock Price Target Lowered at TD Cowen

Symbotic (NASDAQ:SYM) had its target price cut by research analysts at TD Cowen from $75.00 to $70.00 in a report released on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s target price suggests a potential upside of 71.66% from the stock’s previous close.

Several other research firms have also weighed in on SYM. Barclays decreased their target price on shares of Symbotic from $44.00 to $38.00 and set an “underweight” rating on the stock in a report on Tuesday, September 8th. Weiss Ratings raised shares of Symbotic from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, September 21st. Robert W. Baird set a $51.00 price objective on Symbotic in a report on Thursday, August 6th. Zacks Research upgraded Symbotic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 5th. Finally, Needham & Company LLC cut their target price on Symbotic from C$75.00 to C$60.00 and set a “buy” rating for the company in a research note on Tuesday, September 15th. Seven analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $65.83.

Symbotic Trading Down 2.3%

NASDAQ:SYM traded down $0.95 during trading hours on Thursday, hitting $40.78. The company had a trading volume of 99,586 shares, compared to its average volume of 1,803,370. Symbotic has a 1 year low of $36.47 and a 1 year high of $87.88. The company has a 50-day moving average of $41.78 and a 200 day moving average of $45.70. The company has a market cap of $24.66 billion, a P/E ratio of 453.86, a P/E/G ratio of 3.75 and a beta of 1.97.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.04). Symbotic had a net margin of 0.48% and a return on equity of 1.40%. The firm had revenue of $720.84 million for the quarter, compared to analyst estimates of $715.03 million. During the same period in the previous year, the firm posted ($0.05) EPS. The company’s revenue was up 21.7% compared to the same quarter last year. On average, analysts forecast that Symbotic will post 0.21 earnings per share for the current year.

Insider Activity at Symbotic

In other news, SVP Brian Alexander sold 9,130 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $40.30, for a total value of $367,939.00. Following the transaction, the senior vice president directly owned 55,611 shares in the company, valued at approximately $2,241,123.30. This represents a 14.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO James Kuffner sold 18,987 shares of the stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $40.38, for a total transaction of $766,695.06. Following the transaction, the chief technology officer directly owned 214,062 shares of the company’s stock, valued at $8,643,823.56. The trade was a 8.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 82,970 shares of company stock valued at $3,397,126 over the last quarter. 8.16% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SYM. Prime Capital Investment Advisors LLC purchased a new position in shares of Symbotic during the third quarter worth $304,000. Arkfeld Wealth Strategies L.L.C. lifted its stake in Symbotic by 1.4% during the 3rd quarter. Arkfeld Wealth Strategies L.L.C. now owns 29,000 shares of the company’s stock worth $1,256,000 after acquiring an additional 404 shares in the last quarter. IFP Advisors Inc lifted its stake in Symbotic by 23.7% during the 3rd quarter. IFP Advisors Inc now owns 8,912 shares of the company’s stock worth $375,000 after acquiring an additional 1,709 shares in the last quarter. Vontobel Holding Ltd. lifted its stake in Symbotic by 21.5% during the 3rd quarter. Vontobel Holding Ltd. now owns 62,473 shares of the company’s stock worth $2,628,000 after acquiring an additional 11,064 shares in the last quarter. Finally, Retirement Planning Co of New England Inc. boosted its holdings in Symbotic by 3.6% during the 3rd quarter. Retirement Planning Co of New England Inc. now owns 18,795 shares of the company’s stock valued at $791,000 after acquiring an additional 658 shares during the period.

Symbotic Company Profile

Symbotic Inc is an automation technology company that develops artificial intelligence-enabled robotics and software for supply chain and warehouse operations. Its systems are designed to automate the movement, storage, retrieval and replenishment of pallets and cases within large distribution centers, helping customers manage inventory and fulfill orders more efficiently.

The company’s platform combines mobile robots, automated storage and retrieval systems, robotic palletizing and depalletizing equipment, and warehouse-control software.