Jefferies Financial Group Initiates Coverage on Symbotic (NASDAQ:SYM)

Investment analysts at Jefferies Financial Group assumed coverage on shares of Symbotic (NASDAQ:SYM) in a research note issued to investors on Wednesday, Briefing.com reports. The brokerage set a “hold” rating and a $35.00 price target on the stock. Jefferies Financial Group‘s price target indicates a potential downside of 6.96% from the company’s current price.

Several other equities analysts have also recently weighed in on the company. Needham & Company LLC dropped their price objective on Symbotic from C$75.00 to C$60.00 and set a “buy” rating for the company in a report on Tuesday, September 15th. Weiss Ratings raised Symbotic from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, September 21st. TD Cowen decreased their price target on Symbotic from $75.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, October 22nd. Barclays decreased their price target on Symbotic from $44.00 to $38.00 and set an “underweight” rating on the stock in a research report on Tuesday, September 8th. Finally, Robert W. Baird set a $51.00 price target on Symbotic in a research note on Thursday, August 6th. Seven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Symbotic currently has an average rating of “Hold” and an average price target of $63.46.

Symbotic Trading Down 0.4%

Shares of SYM stock opened at $37.62 on Wednesday. The stock has a market cap of $22.75 billion, a P/E ratio of 419.89, a price-to-earnings-growth ratio of 3.57 and a beta of 2.06. The stock has a 50 day simple moving average of $40.84 and a 200 day simple moving average of $47.19. Symbotic has a 1 year low of $33.17 and a 1 year high of $87.88.

Insider Buying and Selling at Symbotic

In related news, Director Charles Kane sold 2,000 shares of Symbotic stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $38.44, for a total value of $76,880.00. Following the transaction, the director directly owned 89,852 shares of the company’s stock, valued at $3,453,910.88. This trade represents a 2.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider William Boyd, III sold 9,194 shares of the business’s stock in a transaction that occurred on Tuesday, October 27th. The shares were sold at an average price of $38.83, for a total transaction of $357,003.02. Following the transaction, the insider owned 57,112 shares of the company’s stock, valued at approximately $2,217,658.96. This represents a 13.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 63,371 shares of company stock worth $2,475,076 in the last three months. Company insiders own 8.16% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Several hedge funds and other institutional investors have recently modified their holdings of SYM. Sei Investments Co. raised its holdings in shares of Symbotic by 21.0% during the 1st quarter. Sei Investments Co. now owns 144,420 shares of the company’s stock worth $7,683,000 after buying an additional 25,024 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Symbotic by 26.6% in the first quarter. Dimensional Fund Advisors LP now owns 109,015 shares of the company’s stock valued at $5,789,000 after buying an additional 22,895 shares in the last quarter. Amundi boosted its stake in Symbotic by 68.5% in the first quarter. Amundi now owns 108,553 shares of the company’s stock valued at $5,775,000 after buying an additional 44,132 shares in the last quarter. Royal Bank of Canada grew its position in Symbotic by 41.1% in the first quarter. Royal Bank of Canada now owns 100,018 shares of the company’s stock valued at $5,321,000 after acquiring an additional 29,152 shares during the last quarter. Finally, Bourne Lent Asset Management Inc. grew its position in Symbotic by 0.3% in the third quarter. Bourne Lent Asset Management Inc. now owns 90,010 shares of the company’s stock valued at $3,787,000 after acquiring an additional 300 shares during the last quarter.

About Symbotic

Symbotic Inc. develops and deploys automated systems for warehouses and distribution centers. Its technology combines software, artificial intelligence and robotics to help customers move and manage goods through facilities. The company’s systems include high-density storage, autonomous mobile robots and automated solutions for tasks such as retrieving, sorting and building pallets of products. Symbotic also provides software to coordinate these operations and integrate them with customers’ supply-chain processes.