Symbotic (NASDAQ:SYM) Price Target Cut to $45.00 by Analysts at Craig Hallum

Symbotic (NASDAQ:SYM) had its target price decreased by Craig Hallum from $54.00 to $45.00 in a report published on Tuesday, Benzinga reports. Craig Hallum currently has a buy rating on the stock.

A number of other analysts have also issued reports on SYM. Needham & Company LLC decreased their price target on Symbotic from $54.00 to $40.00 and set a buy rating on the stock in a research note on Tuesday. BWS Financial initiated coverage on Symbotic in a report on Monday, July 22nd. They issued a sell rating and a $10.00 price objective on the stock. Northland Securities raised their price objective on Symbotic from $55.00 to $60.00 and gave the stock an outperform rating in a report on Wednesday, April 10th. Robert W. Baird raised their price objective on Symbotic from $52.00 to $53.00 and gave the stock an outperform rating in a report on Tuesday, May 7th. Finally, William Blair restated a market perform rating on shares of Symbotic in a report on Friday, May 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $43.23.

Symbotic Trading Down 3.7 %

Shares of NASDAQ:SYM opened at $23.70 on Tuesday. The stock’s 50-day moving average price is $36.25 and its two-hundred day moving average price is $40.82. Symbotic has a 12-month low of $22.54 and a 12-month high of $62.37. The firm has a market cap of $13.86 billion, a price-to-earnings ratio of -98.75 and a beta of 1.86.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, July 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The business had revenue of $491.86 million during the quarter, compared to analyst estimates of $464.56 million. During the same period in the previous year, the business posted ($0.07) earnings per share. The firm’s quarterly revenue was up 57.7% on a year-over-year basis. As a group, research analysts forecast that Symbotic will post -0.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Symbotic news, major shareholder David A. Ladensohn sold 50,000 shares of Symbotic stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $40.89, for a total transaction of $2,044,500.00. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Symbotic news, insider Michael David Dunn sold 1,200 shares of Symbotic stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $44.02, for a total transaction of $52,824.00. Following the sale, the insider now directly owns 70,832 shares in the company, valued at approximately $3,118,024.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder David A. Ladensohn sold 50,000 shares of Symbotic stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $40.89, for a total value of $2,044,500.00. The disclosure for this sale can be found here. Insiders have sold 150,107 shares of company stock worth $5,950,707 in the last three months. 38.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SYM. SG Americas Securities LLC acquired a new position in shares of Symbotic in the 4th quarter worth approximately $136,000. Stonegate Investment Group LLC acquired a new position in shares of Symbotic in the 4th quarter worth approximately $318,000. Colonial River Wealth Management LLC acquired a new position in shares of Symbotic in the 4th quarter worth approximately $232,000. Arizona State Retirement System acquired a new position in Symbotic during the 4th quarter valued at approximately $232,000. Finally, TFC Financial Management Inc. boosted its position in Symbotic by 97.1% during the 4th quarter. TFC Financial Management Inc. now owns 1,226 shares of the company’s stock valued at $63,000 after purchasing an additional 604 shares during the period.

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.