DA Davidson Reiterates Buy Rating for Symbotic (NASDAQ:SYM)

Key Points

• DA Davidson reiterated its Buy rating on Symbotic and kept a $70 price target, implying about 34% upside from the current share price.
• Symbotic reported mixed quarterly results: revenue beat expectations at $676.48 million, but EPS missed at $0.01 versus the $0.12 estimate. Revenue still grew 23.1% year over year.
• The stock traded around $52.19 on Monday, while analyst sentiment remains split overall, with MarketBeat showing an average Hold rating and a $65.62 average target price.

Symbotic (NASDAQ:SYM - Get Free Report)'s stock had its "buy" rating restated by research analysts at DA Davidson in a research note issued to investors on Monday,Benzinga reports. They currently have a $70.00 price objective on the stock. DA Davidson's price target would suggest a potential upside of 34.13% from the company's current price.

Several other analysts have also recently issued reports on the company. Northland Securities set a $73.00 target price on Symbotic in a report on Thursday, February 5th. Barclays lifted their target price on shares of Symbotic from $42.00 to $44.00 and gave the company an "underweight" rating in a report on Monday, March 16th. Weiss Ratings reissued a "hold (c-)" rating on shares of Symbotic in a research report on Tuesday, April 21st. Needham & Company LLC raised their price target on shares of Symbotic from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday, February 5th. Finally, The Goldman Sachs Group reaffirmed a "sell" rating and set a $50.00 price objective on shares of Symbotic in a research report on Thursday, January 15th. Seven investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, Symbotic presently has an average rating of "Hold" and an average target price of $65.62.

Symbotic Trading Down 0.2%

NASDAQ:SYM traded down $0.10 during trading hours on Monday, hitting $52.19. The company had a trading volume of 989,296 shares, compared to its average volume of 1,680,736. The company has a 50-day moving average of $54.84 and a 200 day moving average of $60.63. The company has a market cap of $31.43 billion, a P/E ratio of -1,043.51, a P/E/G ratio of 5.24 and a beta of 2.03. Symbotic has a 1 year low of $24.80 and a 1 year high of $87.88.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.11). The company had revenue of $676.48 million during the quarter, compared to analysts' expectations of $662.66 million. Symbotic had a negative net margin of 0.20% and a negative return on equity of 0.68%. The firm's quarterly revenue was up 23.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.04) earnings per share. On average, analysts forecast that Symbotic will post 0.33 earnings per share for the current year.

Insider Transactions at Symbotic

In related news, Director Todd Krasnow sold 2,000 shares of the business's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $57.61, for a total value of $115,220.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO James Kuffner sold 19,729 shares of the business's stock in a transaction on Friday, April 24th. The shares were sold at an average price of $59.82, for a total transaction of $1,180,188.78. Following the completion of the sale, the chief technology officer directly owned 179,255 shares of the company's stock, valued at approximately $10,723,034.10. This trade represents a 9.91% decrease in their ownership of the stock. 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 157,581 shares of company stock valued at $9,113,457 over the last quarter. 8.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Centerpoint Advisors LLC lifted its position in Symbotic by 16.7% in the third quarter. Centerpoint Advisors LLC now owns 1,400 shares of the company's stock valued at $75,000 after acquiring an additional 200 shares during the last quarter. Federation des caisses Desjardins du Quebec lifted its position in Symbotic by 5.2% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 4,493 shares of the company's stock valued at $267,000 after acquiring an additional 224 shares during the last quarter. Barton Investment Management raised its holdings in shares of Symbotic by 0.8% in the fourth quarter. Barton Investment Management now owns 30,658 shares of the company's stock valued at $1,824,000 after buying an additional 233 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Symbotic by 2.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 11,375 shares of the company's stock valued at $677,000 after buying an additional 236 shares during the last quarter. Finally, Parallel Advisors LLC raised its holdings in shares of Symbotic by 67.3% in the fourth quarter. Parallel Advisors LLC now owns 619 shares of the company's stock valued at $37,000 after buying an additional 249 shares during the last quarter.

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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