Symbotic’s (SYM) Buy Rating Reaffirmed at DA Davidson

Symbotic (NASDAQ:SYM)‘s stock had its “buy” rating reiterated by stock analysts at DA Davidson in a note issued to investors on Tuesday,Benzinga reports. They presently have a $47.00 price target on the stock. DA Davidson’s price objective would suggest a potential upside of 20.45% from the company’s current price.

A number of other equities analysts have also recently issued reports on SYM. Citigroup reduced their price objective on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a research report on Tuesday. The Goldman Sachs Group dropped their price objective on Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Wednesday, July 31st. Robert W. Baird reduced their target price on Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. Finally, Craig Hallum lowered their price target on Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $44.31.

Symbotic Trading Up 27.7 %

Shares of SYM traded up $8.46 during trading hours on Tuesday, hitting $39.02. 10,101,506 shares of the stock traded hands, compared to its average volume of 1,609,922. The business has a fifty day moving average of $27.00 and a 200-day moving average of $31.09. The firm has a market capitalization of $22.85 billion, a PE ratio of -205.37 and a beta of 1.81. Symbotic has a 1-year low of $17.11 and a 1-year high of $59.82.

Symbotic (NASDAQ:SYM) last released its earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.05. The company had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The company’s revenue was up 47.2% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.08) EPS. As a group, equities research analysts expect that Symbotic will post -0.08 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Carol J. Hibbard sold 22,821 shares of the firm’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total value of $660,896.16. Following the completion of the transaction, the chief financial officer now owns 34,188 shares of the company’s stock, valued at approximately $990,084.48. This trade represents a 40.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $28.15, for a total transaction of $56,300.00. Following the sale, the director now directly owns 214,036 shares in the company, valued at $6,025,113.40. This trade represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 49,878 shares of company stock worth $1,378,056 over the last three months. Corporate insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Symbotic by 16.6% in the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after buying an additional 345,386 shares in the last quarter. Canada Pension Plan Investment Board grew its position in shares of Symbotic by 191.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after acquiring an additional 509,700 shares during the period. Comerica Bank increased its stake in shares of Symbotic by 1,347.0% during the 1st quarter. Comerica Bank now owns 16,641 shares of the company’s stock worth $749,000 after purchasing an additional 15,491 shares during the last quarter. Baillie Gifford & Co. raised its holdings in shares of Symbotic by 32.0% in the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after purchasing an additional 3,410,050 shares during the period. Finally, Millennium Management LLC lifted its stake in Symbotic by 6,694.5% in the 2nd quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock valued at $11,801,000 after purchasing an additional 330,709 shares during 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.