Symbotic Inc. (NASDAQ:SYM) Receives $43.23 Consensus Price Target from Analysts

Shares of Symbotic Inc. (NASDAQ:SYM) have been assigned a consensus rating of “Moderate Buy” from the fourteen ratings firms that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $43.23.

A number of brokerages have recently issued reports on SYM. Citigroup lowered their price target on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. KeyCorp dropped their target price on shares of Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a research note on Tuesday, July 30th. Finally, TD Cowen decreased their target price on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th.

Symbotic Stock Performance

Shares of Symbotic stock opened at $22.41 on Thursday. The company has a market cap of $13.10 billion, a P/E ratio of -93.38 and a beta of 1.81. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $59.82. The firm has a 50-day simple moving average of $26.63 and a two-hundred day simple moving average of $36.01.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Monday, July 29th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.04). Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The company had revenue of $491.86 million for the quarter, compared to analyst estimates of $464.56 million. During the same quarter last year, the company earned ($0.07) EPS. The firm’s revenue for the quarter was up 57.7% on a year-over-year basis. Equities research analysts forecast that Symbotic will post -0.08 EPS for the current year.

Insider Buying and Selling at Symbotic

In related news, insider Michael David Dunn sold 2,000 shares of Symbotic stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $40.00, for a total value of $80,000.00. Following the completion of the sale, the insider now owns 74,808 shares in the company, valued at approximately $2,992,320. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Symbotic news, insider Michael David Dunn sold 2,000 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $40.00, for a total transaction of $80,000.00. Following the sale, the insider now directly owns 74,808 shares in the company, valued at $2,992,320. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider William M. Boyd III sold 8,826 shares of Symbotic stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $38.71, for a total transaction of $341,654.46. Following the completion of the transaction, the insider now owns 23,012 shares of the company’s stock, valued at approximately $890,794.52. The disclosure for this sale can be found here. Insiders have sold 38,909 shares of company stock valued at $1,148,358 over the last 90 days. 38.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Symbotic

Large investors have recently bought and sold shares of the stock. Baillie Gifford & Co. purchased a new position in Symbotic in the first quarter valued at $426,752,000. 1832 Asset Management L.P. increased its holdings in shares of Symbotic by 189.5% in the 4th quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock valued at $54,174,000 after acquiring an additional 690,900 shares during the last quarter. Canada Pension Plan Investment Board raised its position in shares of Symbotic by 191.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after acquiring an additional 509,700 shares in the last quarter. Vanguard Group Inc. lifted its stake in 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 purchasing an additional 345,386 shares during the last quarter. Finally, Zevenbergen Capital Investments LLC boosted its holdings in Symbotic by 1,826.2% in the first quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock valued at $16,253,000 after purchasing an additional 342,417 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.