Craig Hallum Boosts Symbotic (NASDAQ:SYM) Price Target to $60.00

Symbotic (NASDAQ:SYM) had its price target raised by analysts at Craig Hallum from $55.00 to $60.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Craig Hallum’s target price would indicate a potential upside of 23.53% from the company’s current price.

A number of other brokerages have also recently issued reports on SYM. DA Davidson raised shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Wednesday, February 7th. The Goldman Sachs Group decreased their price objective on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 6th. KeyCorp cut their target price on shares of Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 6th. Northland Securities raised their target price on shares of Symbotic from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. Finally, Robert W. Baird raised their target price on shares of Symbotic from $52.00 to $53.00 and gave the company an “outperform” rating in a research report on Tuesday. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Symbotic presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.69.

Symbotic Stock Up 4.5 %

Shares of SYM traded up $2.07 during midday trading on Wednesday, reaching $48.57. 846,907 shares of the stock were exchanged, compared to its average volume of 1,416,259. The stock’s 50 day simple moving average is $43.12 and its 200 day simple moving average is $44.22. Symbotic has a twelve month low of $23.58 and a twelve month high of $64.14. The company has a market cap of $28.03 billion, a P/E ratio of -178.04 and a beta of 1.97.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Monday, February 5th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. The business had revenue of $368.45 million during the quarter, compared to the consensus estimate of $370.28 million. Symbotic had a negative return on equity of 35.06% and a negative net margin of 1.39%. As a group, analysts predict that Symbotic will post -0.03 earnings per share for the current year.

Insiders Place Their Bets

In other Symbotic news, major shareholder David A. Ladensohn sold 2,085,296 shares of Symbotic stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $39.69, for a total transaction of $82,765,398.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Richard B. Cohen sold 5,000,000 shares of Symbotic stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $38.32, for a total value of $191,600,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder David A. Ladensohn sold 2,085,296 shares of Symbotic stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $39.69, for a total transaction of $82,765,398.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,110,447 shares of company stock worth $275,410,529. Company insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Hedge funds have recently added to or reduced their stakes in the business. Van ECK Associates Corp bought a new stake in Symbotic in the fourth quarter worth $26,000. Providence Capital Advisors LLC bought a new position in shares of Symbotic during the third quarter valued at about $33,000. RiverPark Advisors LLC bought a new position in shares of Symbotic during the first quarter valued at about $37,000. Global Retirement Partners LLC raised its stake in shares of Symbotic by 166.7% during the first quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock valued at $48,000 after acquiring an additional 660 shares during the last quarter. Finally, Pingora Partners LLC bought a new position in shares of Symbotic during the fourth quarter valued at about $51,000.

Symbotic Company Profile

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.