Symbotic (NASDAQ:SYM) Raised to Buy at DA Davidson

Symbotic (NASDAQ:SYM) was upgraded by equities researchers at DA Davidson from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a $35.00 price target on the stock. DA Davidson’s price objective points to a potential upside of 36.77% from the company’s current price.

SYM has been the subject of several other research reports. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a research report on Thursday, December 5th. UBS Group dropped their price target on Symbotic from $40.00 to $32.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. BWS Financial restated a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a research note on Tuesday, November 19th. KeyCorp reiterated a “sector weight” rating on shares of Symbotic in a research note on Wednesday, November 27th. Finally, Craig Hallum lowered shares of Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price target for the company. in a research report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $40.71.

Symbotic Stock Performance

NASDAQ:SYM opened at $25.59 on Wednesday. Symbotic has a 52 week low of $17.11 and a 52 week high of $52.20. The firm’s fifty day moving average is $28.47 and its 200-day moving average is $27.84. The firm has a market cap of $15.03 billion, a P/E ratio of -426.50 and a beta of 1.76.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.05. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. The firm had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. During the same period last year, the business posted ($0.08) EPS. The business’s revenue was up 47.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Symbotic will post 0.12 earnings per share for the current year.

Insider Activity

In related news, insider William M. Boyd III sold 8,826 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $28.33, for a total transaction of $250,040.58. Following the sale, the insider now directly owns 23,012 shares in the company, valued at approximately $651,929.96. The trade was a 27.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Carol J. Hibbard sold 22,821 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was 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 represents a 40.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 111,844 shares of company stock valued at $3,268,431 over the last quarter. Company insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Several hedge funds have recently bought and sold shares of SYM. Capital Market Strategies LLC purchased a new stake in Symbotic in the 4th quarter worth approximately $802,000. 1ST Source Bank bought a new position in shares of Symbotic in the third quarter worth $488,000. Sanctuary Advisors LLC purchased a new stake in shares of Symbotic in the third quarter worth $1,029,000. Barclays PLC grew its position in Symbotic by 1,105.9% during the third quarter. Barclays PLC now owns 9,346 shares of the company’s stock worth $228,000 after buying an additional 8,571 shares in the last quarter. Finally, TCW Group Inc. grew its position in Symbotic by 0.8% during the third quarter. TCW Group Inc. now owns 384,274 shares of the company’s stock worth $9,372,000 after buying an additional 3,075 shares in the last quarter.

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.