Symbotic (NASDAQ:SYM) Price Target Raised to $58.00

Symbotic (NASDAQ:SYM) had its price target raised by Deutsche Bank Aktiengesellschaft from $57.00 to $58.00 in a research report sent to investors on Tuesday, Benzinga reports. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock.

A number of other research firms also recently commented on SYM. DA Davidson raised shares of Symbotic from a neutral rating to a buy rating and set a $50.00 price objective for the company in a research note on Wednesday, February 7th. Northland Securities increased their price target on shares of Symbotic from $55.00 to $60.00 and gave the stock an outperform rating in a research note on Wednesday, April 10th. KeyCorp decreased their price target on shares of Symbotic from $63.00 to $55.00 and set an overweight rating on the stock in a report on Tuesday, February 6th. William Blair restated a market perform rating on shares of Symbotic in a report on Tuesday, February 6th. Finally, Robert W. Baird boosted their price target on Symbotic from $52.00 to $53.00 and gave the company an outperform rating in a research report on Tuesday. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $55.69.

Symbotic Price Performance

Shares of SYM stock opened at $44.75 on Tuesday. The stock has a market cap of $25.82 billion, a P/E ratio of -165.74 and a beta of 1.97. Symbotic has a fifty-two week low of $23.58 and a fifty-two week high of $64.14. The business has a fifty day simple moving average of $43.40 and a 200-day simple moving average of $44.25.

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

Insider Transactions at Symbotic

In related news, Director Merline Saintil sold 3,135 shares of the firm’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $44.74, for a total transaction of $140,259.90. Following the completion of the sale, the director now directly owns 62,312 shares of the company’s stock, valued at approximately $2,787,838.88. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Symbotic news, Director Merline Saintil sold 3,135 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $44.74, for a total transaction of $140,259.90. Following the completion of the sale, the director now owns 62,312 shares in the company, valued at approximately $2,787,838.88. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Michael David Dunn sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $40.00, for a total value of $80,000.00. Following the completion of the transaction, the insider now directly owns 72,032 shares in the company, valued at $2,881,280. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,110,447 shares of company stock valued at $275,410,529. Corporate insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SYM. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in shares of Symbotic in the 1st quarter valued at about $12,219,000. RFP Financial Group LLC increased its holdings in Symbotic by 21.2% in the first quarter. RFP Financial Group LLC now owns 1,382 shares of the company’s stock valued at $62,000 after buying an additional 242 shares during the last quarter. Blair William & Co. IL raised its stake in Symbotic by 418.1% during the first quarter. Blair William & Co. IL now owns 33,365 shares of the company’s stock valued at $1,501,000 after buying an additional 26,925 shares in the last quarter. Avantax Advisory Services Inc. lifted its holdings in Symbotic by 48.0% during the 1st quarter. Avantax Advisory Services Inc. now owns 9,737 shares of the company’s stock worth $438,000 after buying an additional 3,160 shares during the last quarter. Finally, Swiss National Bank grew its position in shares of Symbotic by 3.4% in the 1st quarter. Swiss National Bank now owns 33,000 shares of the company’s stock worth $1,485,000 after acquiring an additional 1,100 shares in the last quarter.

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.