Symbotic (NASDAQ:SYM) Shares Gap Up Following Analyst Upgrade

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s stock price gapped up prior to trading on Tuesday after Deutsche Bank Aktiengesellschaft raised their price target on the stock from $57.00 to $58.00. The stock had previously closed at $41.94, but opened at $47.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Symbotic shares last traded at $46.96, with a volume of 843,759 shares traded.

SYM has been the topic of a number of other reports. Robert W. Baird lifted their price target on Symbotic from $52.00 to $53.00 and gave the stock an "outperform" rating in a research note on Tuesday. KeyCorp lowered their price objective on Symbotic from $63.00 to $55.00 and set an "overweight" rating on the stock in a research note on Tuesday, February 6th. Needham & Company LLC reissued a "buy" rating and set a $54.00 price objective on shares of Symbotic in a research note on Tuesday. Northland Securities boosted their price objective on Symbotic from $55.00 to $60.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 10th. Finally, William Blair reissued a "market perform" rating on shares of Symbotic in a research note on Tuesday, February 6th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $55.77.

Insider Activity at Symbotic

In related news, insider Richard B. Cohen sold 5,000,000 shares of the business's stock in a transaction on Monday, February 26th. The stock was sold at an average price of $38.32, for a total value of $191,600,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, major shareholder David A. Ladensohn sold 2,085,296 shares of the business's 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Richard B. Cohen sold 5,000,000 shares of the business's stock in a transaction on Monday, February 26th. The stock was sold at an average price of $38.32, for a total value of $191,600,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,110,447 shares of company stock worth $275,410,529. 38.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SYM. Commonwealth Equity Services LLC boosted its position in shares of Symbotic by 70.8% during the 3rd quarter. Commonwealth Equity Services LLC now owns 16,266 shares of the company's stock worth $544,000 after acquiring an additional 6,743 shares in the last quarter. Raymond James & Associates boosted its position in shares of Symbotic by 19.5% during the 3rd quarter. Raymond James & Associates now owns 502,488 shares of the company's stock worth $16,798,000 after acquiring an additional 82,116 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of Symbotic by 176.5% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 75,527 shares of the company's stock worth $2,525,000 after acquiring an additional 48,214 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Symbotic by 15.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 60,466 shares of the company's stock worth $2,021,000 after acquiring an additional 8,041 shares in the last quarter. Finally, New World Advisors LLC acquired a new position in shares of Symbotic during the 3rd quarter worth about $501,000.

Symbotic Stock Performance

The company has a 50-day moving average price of $43.12 and a 200-day moving average price of $44.22. The firm has a market capitalization of $26.83 billion, a price-to-earnings ratio of -172.22 and a beta of 1.97.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly earnings data on Monday, February 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.03. The business 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%. On average, research analysts expect that Symbotic Inc. will post -0.03 earnings per share for the current fiscal year.

About Symbotic

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.