Craig Hallum Increases Symbotic (NASDAQ:SYM) Price Target to $60.00

Symbotic (NASDAQ:SYM - Get Free Report) had its price objective boosted by Craig Hallum from $55.00 to $60.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a "buy" rating on the stock. Craig Hallum's price target would suggest a potential upside of 24.07% from the stock's current price.

SYM has been the topic of several other reports. William Blair reissued a "market perform" rating on shares of Symbotic in a research note on Tuesday, February 6th. Northland Securities lifted their price objective on Symbotic from $55.00 to $60.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 10th. Needham & Company LLC restated a "buy" rating and set a $54.00 target price on shares of Symbotic in a research report on Tuesday. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $60.00 target price on shares of Symbotic in a research note on Tuesday, February 6th. Finally, Robert W. Baird boosted their price target on shares of Symbotic from $52.00 to $53.00 and gave the stock an "outperform" rating in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Symbotic currently has a consensus rating of "Moderate Buy" and a consensus price target of $55.69.

Symbotic Stock Performance

Shares of NASDAQ SYM traded up $1.86 during mid-day trading on Wednesday, hitting $48.36. 2,177,656 shares of the stock were exchanged, compared to its average volume of 1,433,001. Symbotic has a twelve month low of $23.58 and a twelve month high of $64.14. The stock's fifty day simple moving average is $43.30 and its two-hundred day simple moving average is $44.25. The company has a market cap of $27.91 billion, a P/E ratio of -179.11 and a beta of 1.97.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly earnings results on Monday, February 5th. The company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.05) by $0.03. The firm had revenue of $368.45 million during the quarter, compared to analysts' expectations of $370.28 million. Symbotic had a negative return on equity of 35.06% and a negative net margin of 1.39%. As a group, equities research analysts predict that Symbotic will post -0.03 earnings per share for the current fiscal year.

Insider Transactions at Symbotic

In other Symbotic news, insider Richard B. Cohen sold 5,000,000 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $38.32, for a total value of $191,600,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Symbotic news, insider Richard B. Cohen sold 5,000,000 shares of Symbotic stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $38.32, for a total value of $191,600,000.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder David A. Ladensohn sold 2,085,296 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $39.69, for a total transaction of $82,765,398.24. The disclosure for this sale can be found here. Insiders have sold a total of 7,110,447 shares of company stock valued at $275,410,529 over the last three months. 38.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Symbotic

A number of institutional investors have recently modified their holdings of the company. Baillie Gifford & Co. bought a new position in Symbotic in the first quarter valued at $426,752,000. 1832 Asset Management L.P. increased its position in shares of Symbotic by 189.5% in the fourth quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company's stock valued at $54,174,000 after acquiring an additional 690,900 shares during the last quarter. Zevenbergen Capital Investments LLC raised its holdings in Symbotic by 1,826.2% during the first quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company's stock worth $16,253,000 after acquiring an additional 342,417 shares in the last quarter. Coatue Management LLC acquired a new position in Symbotic during the fourth quarter valued at approximately $11,088,000. Finally, Hodges Capital Management Inc. bought a new position in Symbotic in the third quarter valued at approximately $5,740,000.

Symbotic Company Profile

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.