Symbotic Inc. (NASDAQ:SYM) Receives Consensus Rating of "Hold" from Analysts

Key Points

• Analysts have a consensus “Hold” rating on Symbotic, with four sell, four hold, and seven buy recommendations. The average 12-month price target is $65.92, ranging from recent targets of $45 to $75.
• Symbotic’s latest quarterly revenue rose 21.7% year over year to $720.84 million, slightly exceeding estimates, but earnings per share of $0.09 missed the $0.13 consensus. Shares opened at $42.94, near the lower end of their 52-week range, and trade at a very high P/E ratio of 477.11.
• Insiders sold $3.55 million of stock over the past 90 days, including sales by an insider and the chief technology officer. Meanwhile, institutional activity was mixed, with California State Teachers’ Retirement System significantly increasing its stake during the second quarter.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) has received an average recommendation of "Hold" from the fifteen ratings firms that are covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and seven have given a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $65.9167.

A number of research analysts have commented on SYM shares. DA Davidson reaffirmed a "buy" rating and issued a $70.00 target price on shares of Symbotic in a research report on Monday, May 11th. The Goldman Sachs Group reduced their price target on shares of Symbotic from $54.00 to $45.00 and set a "sell" rating on the stock in a research note on Tuesday, May 26th. Zacks Research upgraded shares of Symbotic from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 5th. Needham & Company LLC reaffirmed a "buy" rating and set a $75.00 price objective on shares of Symbotic in a research report on Thursday, August 6th. Finally, Weiss Ratings downgraded shares of Symbotic from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday.

Insider Activity at Symbotic

In related news, insider William M. Boyd III sold 9,194 shares of the business's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $41.04, for a total value of $377,321.76. Following the sale, the insider owned 57,112 shares in the company, valued at approximately $2,343,876.48. The trade was a 13.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO James Kuffner sold 18,987 shares of the stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $40.38, for a total value of $766,695.06. Following the transaction, the chief technology officer directly owned 214,062 shares in the company, valued at approximately $8,643,823.56. The trade was a 8.15% 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. Insiders sold 86,085 shares of company stock valued at $3,546,788 over the last ninety days. 8.16% of the stock is owned by insiders.

Hedge Funds Weigh In On Symbotic

Institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System increased its stake in Symbotic by 5,964.6% during the second quarter. California State Teachers Retirement System now owns 3,388,331 shares of the company's stock worth $152,305,000 after purchasing an additional 3,332,460 shares during the period. AlphaGrep UK Ltd purchased a new position in shares of Symbotic in the second quarter valued at approximately $356,000. Lakeshore Financial Planning Inc. purchased a new position in shares of Symbotic in the second quarter valued at approximately $351,000. Concurrent Investment Advisors LLC grew its holdings in shares of Symbotic by 5.2% in the second quarter. Concurrent Investment Advisors LLC now owns 5,811 shares of the company's stock valued at $261,000 after purchasing an additional 287 shares in the last quarter. Finally, Nykredit A S acquired a new position in shares of Symbotic in the second quarter valued at approximately $89,000.

Symbotic Price Performance

NASDAQ:SYM opened at $42.94 on Monday. Symbotic has a 52 week low of $37.68 and a 52 week high of $87.88. The stock's fifty day moving average is $42.01 and its two-hundred day moving average is $48.12. The company has a market capitalization of $25.97 billion, a P/E ratio of 477.11, a P/E/G ratio of 6.82 and a beta of 1.94.

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

About Symbotic

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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