Symbotic (NASDAQ:SYM) Price Target Raised to $53.00

Symbotic (NASDAQ:SYM) had its target price increased by analysts at Northland Securities from $50.00 to $53.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Northland Securities’ price objective points to a potential upside of 73.43% from the company’s previous close.

A number of other equities analysts have also weighed in on SYM. KeyCorp reduced their target price on shares of Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company in a research note on Tuesday, July 30th. Craig Hallum decreased their price objective on Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft raised their price objective on Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Vertical Research started coverage on Symbotic in a report on Tuesday, July 23rd. They issued a “hold” rating and a $45.00 price objective for the company. Finally, Robert W. Baird decreased their price objective on Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, three have issued 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 a consensus target price of $44.54.

Symbotic Stock Up 3.6 %

SYM opened at $30.56 on Tuesday. Symbotic has a 12 month low of $17.11 and a 12 month high of $59.82. The company has a fifty day simple moving average of $26.75 and a 200 day simple moving average of $31.16. The stock has a market cap of $17.90 billion, a P/E ratio of -160.84 and a beta of 1.81.

Insider Buying and Selling

In other news, CFO Carol J. Hibbard sold 22,821 shares of Symbotic stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total transaction of $660,896.16. Following the sale, the chief financial officer now owns 34,188 shares of the company’s stock, valued at approximately $990,084.48. The trade was a 40.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $18.75, for a total transaction of $37,500.00. Following the sale, the director now directly owns 214,036 shares in the company, valued at $4,013,175. The trade was a 0.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 49,878 shares of company stock worth $1,378,056 in the last 90 days. 38.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Symbotic

Several hedge funds have recently bought and sold shares of SYM. Swiss National Bank boosted its stake in Symbotic by 3.4% during the first quarter. Swiss National Bank now owns 33,000 shares of the company’s stock worth $1,485,000 after acquiring an additional 1,100 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp purchased a new position in Symbotic in the first quarter worth about $12,219,000. Vanguard Group Inc. raised its holdings in Symbotic by 16.6% in the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after buying an additional 345,386 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Symbotic in the first quarter worth about $352,000. Finally, Natixis Investment Managers International purchased a new position in Symbotic in the first quarter worth about $90,000.

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.