Symbotic (NASDAQ:SYM) Shares Gap Up Following Analyst Upgrade

Symbotic Inc. (NASDAQ:SYM)’s stock price gapped up prior to trading on Monday after DA Davidson raised their price target on the stock from $47.00 to $50.00. The stock had previously closed at $38.78, but opened at $40.65. DA Davidson currently has a buy rating on the stock. Symbotic shares last traded at $38.55, with a volume of 400,504 shares trading hands.

SYM has been the subject of several other research reports. BWS Financial reiterated a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a research report on Tuesday, November 19th. Northland Securities upped their price target on shares of Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Cantor Fitzgerald restated an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a research report on Tuesday, November 19th. Robert W. Baird reduced their target price on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Finally, TD Cowen raised their price target on shares of Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Insider Buying and Selling at Symbotic

In other news, CFO Carol J. Hibbard sold 22,821 shares of Symbotic stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total transaction of $660,896.16. Following the transaction, the chief financial officer now directly owns 34,188 shares of the company’s stock, valued at $990,084.48. This trade represents a 40.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $23.96, for a total transaction of $47,920.00. Following the completion of the sale, the director now owns 2,000 shares of the company’s stock, valued at approximately $47,920. This represents a 50.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 49,878 shares of company stock valued at $1,378,056. 38.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Symbotic

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Symbotic by 16.6% during the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after buying an additional 345,386 shares during the period. Advisors Asset Management Inc. boosted its position in Symbotic by 11.6% during the 1st quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock worth $123,000 after acquiring an additional 284 shares during the last quarter. California State Teachers Retirement System grew its stake in shares of Symbotic by 4.5% during the 1st quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock worth $678,000 after acquiring an additional 654 shares in the last quarter. Comerica Bank raised its holdings in shares of Symbotic by 1,347.0% in the first quarter. Comerica Bank now owns 16,641 shares of the company’s stock valued at $749,000 after purchasing an additional 15,491 shares during the last quarter. Finally, Washington Harbour Partners LP raised its holdings in shares of Symbotic by 45.6% in the first quarter. Washington Harbour Partners LP now owns 85,300 shares of the company’s stock valued at $3,838,000 after purchasing an additional 26,700 shares during the last quarter.

Symbotic Price Performance

The firm has a market cap of $14.05 billion, a P/E ratio of -384.50 and a beta of 1.81. The stock’s 50-day moving average price is $28.98 and its 200 day moving average price is $30.82.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Monday, November 18th. The company reported $0.05 EPS for the quarter, hitting analysts’ consensus estimates of $0.05. The company had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. The company’s quarterly revenue was up 47.2% on a year-over-year basis. During the same period in the prior year, the business posted ($0.08) EPS. As a group, analysts forecast that Symbotic Inc. will post 0.2 EPS for the current fiscal year.

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.