Symbotic (NASDAQ:SYM) Price Target Cut to $38.00 by Analysts at Barclays

Key Points

• Barclays cut Symbotic’s price target from $44 to $38 and maintained an “underweight” rating, implying roughly 13% downside from the stock’s $43.70 price.
• Analyst views remain mixed: Symbotic has an overall “Hold” rating and a consensus price target of $65.42, despite several buy ratings and recent downgrades from Weiss Ratings and Barclays.
• Symbotic’s latest quarter showed 21.7% year-over-year revenue growth to $720.84 million, beating estimates, but EPS of $0.09 missed the $0.13 consensus forecast.

Symbotic (NASDAQ:SYM - Get Free Report) had its price objective cut by research analysts at Barclays from $44.00 to $38.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an "underweight" rating on the stock. Barclays's price target suggests a potential downside of 13.04% from the company's current price.

Several other equities research analysts also recently issued reports on SYM. Weiss Ratings downgraded shares of Symbotic from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday. Needham & Company LLC restated a "buy" rating and set a $75.00 target price on shares of Symbotic in a research note on Thursday, August 6th. DA Davidson reaffirmed a "buy" rating and set a $70.00 target price on shares of Symbotic in a research report on Monday, May 11th. Robert W. Baird set a $51.00 price target on Symbotic in a research note on Thursday, August 6th. Finally, Zacks Research raised Symbotic from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 5th. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $65.42.

Symbotic Stock Up 1.8%

Shares of NASDAQ SYM traded up $0.76 on Tuesday, hitting $43.70. The company had a trading volume of 230,932 shares, compared to its average volume of 1,835,036. Symbotic has a 12-month low of $37.68 and a 12-month high of $87.88. The firm has a market capitalization of $26.43 billion, a P/E ratio of 484.47, a PEG ratio of 6.82 and a beta of 1.94. The business has a 50 day moving average of $42.02 and a two-hundred day moving average of $48.03.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.04). The company had revenue of $720.84 million for the quarter, compared to analyst estimates of $715.03 million. Symbotic had a return on equity of 1.40% and a net margin of 0.48%.The business's revenue was up 21.7% on a year-over-year basis. During the same period last year, the firm posted ($0.05) earnings per share. On average, sell-side analysts anticipate that Symbotic will post 0.21 earnings per share for the current year.

Insider Activity

In other news, CFO Izilda Martins sold 27,463 shares of the company's stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $40.80, for a total value of $1,120,490.40. Following the sale, the chief financial officer owned 35,171 shares in the company, valued at approximately $1,434,976.80. This represents a 43.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Brian Alexander sold 9,130 shares of the stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $40.30, for a total transaction of $367,939.00. Following the transaction, the senior vice president directly owned 55,611 shares in the company, valued at $2,241,123.30. The trade was a 14.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 86,085 shares of company stock worth $3,546,788 over the last ninety days. Insiders own 8.16% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Handelsbanken Fonder AB lifted its stake in Symbotic by 54.3% during the fourth quarter. Handelsbanken Fonder AB now owns 423,020 shares of the company's stock worth $25,170,000 after purchasing an additional 148,842 shares during the last quarter. Polianta Ltd bought a new stake in Symbotic during the first quarter valued at $1,596,000. Financiere des Professionnels Fonds d investissement inc. bought a new stake in Symbotic during the first quarter valued at $788,000. Seven Grand Managers LLC acquired a new stake in shares of Symbotic during the fourth quarter worth $4,462,000. Finally, Black Swift Group LLC acquired a new stake in shares of Symbotic during the fourth quarter worth $1,971,000.

Symbotic Company Profile

Symbotic Inc NASDAQ: SYM is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.

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