Symbotic Inc. (NASDAQ:SYM) Receives $65.92 Average Target Price from Analysts

Symbotic Inc. (NASDAQ:SYM) has been assigned an average rating of “Hold” from the fifteen research firms that are presently covering the firm, MarketBeat.com reports. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $65.4167.

SYM has been the subject of several recent analyst reports. Barclays decreased their price objective on shares of Symbotic from $44.00 to $38.00 and set an “underweight” rating for the company in a research report on Tuesday. Weiss Ratings cut shares of Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, September 4th. Needham & Company LLC reiterated a “buy” rating and set a $75.00 price target on shares of Symbotic in a report on Thursday, August 6th. Robert W. Baird set a $51.00 price objective on Symbotic in a research report on Thursday, August 6th. Finally, Zacks Research raised Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 5th.

Symbotic Price Performance

Symbotic stock opened at $42.62 on Monday. The stock’s 50 day moving average is $41.94 and its 200 day moving average is $47.87. Symbotic has a one year low of $37.68 and a one year high of $87.88. The firm has a market cap of $25.78 billion, a P/E ratio of 473.56, a P/E/G ratio of 6.87 and a beta of 1.94.

Symbotic (NASDAQ:SYM) last released its earnings results on Wednesday, August 5th. The company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). The firm had revenue of $720.84 million for the quarter, compared to analyst estimates of $715.03 million. Symbotic had a net margin of 0.48% and a return on equity of 1.40%. The business’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.05) EPS. Equities analysts anticipate that Symbotic will post 0.21 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Symbotic news, CFO Izilda Martins sold 27,463 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $40.80, for a total value of $1,120,490.40. Following the transaction, the chief financial officer directly owned 35,171 shares of the company’s stock, valued at approximately $1,434,976.80. The trade was a 43.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Todd Krasnow sold 2,000 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $45.27, for a total value of $90,540.00. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 86,085 shares of company stock valued at $3,546,788 in the last 90 days. Company insiders own 8.16% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust lifted its stake in shares of Symbotic by 100.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock valued at $32,000 after buying an additional 268 shares in the last quarter. Quarry LP bought a new stake in shares of Symbotic during the fourth quarter worth about $36,000. Parallel Advisors LLC raised its holdings in shares of Symbotic by 67.3% in the 4th quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock worth $37,000 after acquiring an additional 249 shares during the last quarter. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Symbotic in the 4th quarter worth about $48,000. Finally, NewEdge Advisors LLC lifted its position in Symbotic by 81.5% in the 2nd quarter. NewEdge Advisors LLC now owns 1,276 shares of the company’s stock valued at $50,000 after acquiring an additional 573 shares in the last quarter.

Symbotic Company Profile

Symbotic Inc is an automation technology company that develops artificial intelligence-enabled robotics and software for large-scale warehouses and distribution centers. Its systems are designed to automate the movement, storage and retrieval of pallets and cases, helping customers manage inventory and improve the efficiency of supply-chain operations.

The company’s platform combines robotics, machine learning, warehouse-control software and automated storage systems. Symbotic’s technology can receive goods, organize inventory, retrieve products and assemble orders for shipment, supporting distribution operations for retail and grocery companies.

Symbotic was founded in 2006 and is headquartered in Wilmington, Massachusetts.