Symbotic (NASDAQ:SYM) Now Covered by Jefferies Financial Group

Key Points

• Jefferies initiated coverage of Symbotic with a Hold rating and a $35 price target, implying 6.96% downside from the current share price.
• Analyst sentiment overall is also Hold: seven analysts rate the stock Buy, six Hold, and two Sell. The consensus price target is $63.46.
• Symbotic shares opened at $37.62 and were down 0.4%; they have traded between $33.17 and $87.88 over the past 12 months.

Analysts at Jefferies Financial Group assumed coverage on shares of Symbotic (NASDAQ:SYM - Get Free Report) in a research note issued to investors on Wednesday, Briefing.com reports. The brokerage set a "hold" rating and a $35.00 price target on the stock. Jefferies Financial Group's target price would suggest a potential downside of 6.96% from the company's current price.

Several other research analysts also recently commented on the company. Zacks Research upgraded Symbotic from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 5th. Needham & Company LLC decreased their target price on Symbotic from C$75.00 to C$60.00 and set a "buy" rating on the stock in a report on Tuesday, September 15th. Barclays dropped their price target on Symbotic from $44.00 to $38.00 and set an "underweight" rating on the stock in a research note on Tuesday, September 8th. TD Cowen cut their price target on Symbotic from $75.00 to $70.00 and set a "buy" rating for the company in a report on Thursday, October 22nd. Finally, Weiss Ratings raised shares of Symbotic from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday, September 21st. Seven analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $63.46.

Symbotic Stock Down 0.4%

NASDAQ:SYM opened at $37.62 on Wednesday. The stock's 50 day moving average price is $40.84 and its two-hundred day moving average price is $47.19. The firm has a market capitalization of $22.75 billion, a price-to-earnings ratio of 419.89, a P/E/G ratio of 3.57 and a beta of 2.06. Symbotic has a 12-month low of $33.17 and a 12-month high of $87.88.

Insider Activity

In other news, insider Maria Freve sold 2,265 shares of the business's stock in a transaction that occurred on Monday, October 26th. The stock was sold at an average price of $38.25, for a total transaction of $86,636.25. Following the completion of the sale, the insider owned 5,676 shares in the company, valued at $217,107. The trade was a 28.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Izilda Martins sold 7,224 shares of the business's stock in a transaction that occurred on Wednesday, October 28th. The stock was sold at an average price of $38.93, for a total value of $281,230.32. Following the sale, the chief financial officer owned 42,732 shares of the company's stock, valued at approximately $1,663,556.76. This represents a 14.46% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 63,371 shares of company stock valued at $2,475,076. Company insiders own 8.16% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SYM. GK Wealth Management LLC bought a new position in Symbotic during the 3rd quarter worth $26,000. Toth Financial Advisory Corp boosted its position in shares of Symbotic by 88.7% in the third quarter. Toth Financial Advisory Corp now owns 632 shares of the company's stock valued at $27,000 after acquiring an additional 297 shares during the period. Nykredit A S acquired a new position in shares of Symbotic in the second quarter valued at about $89,000. Western Wealth Management LLC acquired a new position in shares of Symbotic in the first quarter valued at about $113,000. Finally, Allworth Financial LP grew its stake in shares of Symbotic by 69.3% in the third quarter. Allworth Financial LP now owns 2,560 shares of the company's stock valued at $115,000 after acquiring an additional 1,048 shares in the last quarter.

About Symbotic

Symbotic Inc. develops and deploys automated systems for warehouses and distribution centers. Its technology combines software, artificial intelligence and robotics to help customers move and manage goods through facilities. The company's systems include high-density storage, autonomous mobile robots and automated solutions for tasks such as retrieving, sorting and building pallets of products. Symbotic also provides software to coordinate these operations and integrate them with customers' supply-chain processes.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.