Symbotic (NASDAQ:SYM) Stock Price Expected to Rise, DA Davidson Analyst Says

Symbotic (NASDAQ:SYM) had its price objective increased by equities researchers at DA Davidson from $47.00 to $50.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. DA Davidson’s price target points to a potential upside of 33.65% from the stock’s previous close.

SYM has been the subject of several other reports. Needham & Company LLC increased their target price on shares of Symbotic from $40.00 to $46.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. KeyCorp raised their price objective on Symbotic from $40.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Craig Hallum cut their target price on Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. The Goldman Sachs Group decreased their price target on Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a research report on Wednesday, July 31st. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $45.08.

Symbotic Stock Down 0.2 %

Shares of NASDAQ SYM opened at $37.41 on Monday. The stock has a market cap of $21.91 billion, a P/E ratio of -623.50 and a beta of 1.81. The firm’s 50-day simple moving average is $28.98 and its 200 day simple moving average is $30.82. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $59.82.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Monday, November 18th. The company reported $0.05 EPS for the quarter, meeting analysts’ consensus estimates of $0.05. The business had revenue of $576.77 million for the quarter, compared to analyst estimates of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. The business’s revenue for the quarter was up 47.2% on a year-over-year basis. During the same quarter last year, the business earned ($0.08) earnings per share. On average, sell-side analysts anticipate that Symbotic will post 0.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Carol J. Hibbard sold 22,821 shares of Symbotic stock in a transaction that occurred 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 transaction, the chief financial officer now 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $18.75, for a total transaction of $37,500.00. Following the completion of the transaction, the director now owns 214,036 shares in the company, valued at $4,013,175. This trade represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 49,878 shares of company stock valued at $1,378,056 over the last three months. 38.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Symbotic

A number of institutional investors and hedge funds have recently bought and sold shares of SYM. Castleview Partners LLC grew its position in Symbotic by 50.0% during the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after buying an additional 500 shares in the last quarter. Arcadia Investment Management Corp MI bought a new stake in shares of Symbotic in the 3rd quarter worth approximately $49,000. RiverPark Advisors LLC grew its holdings in shares of Symbotic by 147.1% during the 3rd quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock worth $50,000 after purchasing an additional 1,211 shares in the last quarter. RFP Financial Group LLC increased its position in shares of Symbotic by 22.4% during the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after purchasing an additional 310 shares during the period. Finally, Quest Partners LLC raised its stake in shares of Symbotic by 19,307.7% in the third quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock valued at $62,000 after purchasing an additional 2,510 shares in 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.