Symbotic (NASDAQ:SYM) Stock Price Target Cut by TD Cowen

Symbotic (NASDAQ:SYM) had its price objective lowered by equities researchers at TD Cowen from $75.00 to $70.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s target price points to a potential upside of 71.66% from the stock’s previous close.

A number of other research analysts have also issued reports on SYM. Barclays decreased their target price on Symbotic from $44.00 to $38.00 and set an “underweight” rating for the company in a report on Tuesday, September 8th. Weiss Ratings upgraded Symbotic from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, September 21st. Zacks Research upgraded shares of Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 5th. Robert W. Baird set a $51.00 price objective on shares of Symbotic in a research report on Thursday, August 6th. Finally, Needham & Company LLC reduced their price objective on shares of Symbotic from C$75.00 to C$60.00 and set a “buy” rating on the stock in a report on Tuesday, September 15th. Seven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $65.83.

Symbotic Stock Down 2.3%

Symbotic stock traded down $0.95 during mid-day trading on Thursday, reaching $40.78. 99,586 shares of the company’s stock were exchanged, compared to its average volume of 1,803,370. The company has a market cap of $24.66 billion, a P/E ratio of 453.86, a P/E/G ratio of 3.75 and a beta of 1.97. Symbotic has a twelve month low of $36.47 and a twelve month high of $87.88. The company has a fifty day moving average of $41.78 and a 200-day moving average of $45.70.

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

Insider Buying and Selling at Symbotic

In related news, CFO Izilda P. Martins sold 27,463 shares of the company’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 completion of the transaction, the chief financial officer directly owned 35,171 shares of the company’s stock, valued at $1,434,976.80. This represents a 43.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Charles Kane sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $43.17, for a total transaction of $86,340.00. Following the sale, the director directly owned 89,852 shares in the company, valued at approximately $3,878,910.84. The trade was a 2.18% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 82,970 shares of company stock worth $3,397,126. 8.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. USS Investment Management Ltd purchased a new position in shares of Symbotic in the 1st quarter valued at $15,004,000. Sei Investments Co. boosted its stake in Symbotic by 21.0% in the first quarter. Sei Investments Co. now owns 144,420 shares of the company’s stock valued at $7,683,000 after acquiring an additional 25,024 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Symbotic by 26.6% in the first quarter. Dimensional Fund Advisors LP now owns 109,015 shares of the company’s stock valued at $5,789,000 after acquiring an additional 22,895 shares in the last quarter. Amundi grew its holdings in shares of Symbotic by 68.5% during the first quarter. Amundi now owns 108,553 shares of the company’s stock worth $5,775,000 after purchasing an additional 44,132 shares during the last quarter. Finally, Royal Bank of Canada increased its position in shares of Symbotic by 41.1% during the first quarter. Royal Bank of Canada now owns 100,018 shares of the company’s stock worth $5,321,000 after purchasing an additional 29,152 shares in the last quarter.

About Symbotic

Symbotic Inc is an automation technology company that develops artificial intelligence-enabled robotics and software for supply chain and warehouse operations. Its systems are designed to automate the movement, storage, retrieval and replenishment of pallets and cases within large distribution centers, helping customers manage inventory and fulfill orders more efficiently.

The company’s platform combines mobile robots, automated storage and retrieval systems, robotic palletizing and depalletizing equipment, and warehouse-control software.