Symbotic (NASDAQ:SYM) Shares Up 2.8%

Symbotic Inc. (NASDAQ:SYM - Get Free Report) shares traded up 2.8% during trading on Friday . The company traded as high as $41.89 and last traded at $41.11. 321,830 shares traded hands during trading, a decline of 77% from the average session volume of 1,374,539 shares. The stock had previously closed at $39.98.

Analysts Set New Price Targets

A number of research analysts have issued reports on SYM shares. Needham & Company LLC reduced their price objective on Symbotic from $58.00 to $54.00 and set a "buy" rating for the company in a research note on Tuesday, February 6th. KeyCorp decreased their price objective on shares of Symbotic from $63.00 to $55.00 and set an "overweight" rating for the company in a report on Tuesday, February 6th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $60.00 target price on shares of Symbotic in a research note on Tuesday, February 6th. Northland Securities raised their price target on shares of Symbotic from $55.00 to $60.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 10th. Finally, DA Davidson upgraded Symbotic from a "neutral" rating to a "buy" rating and set a $50.00 price objective on the stock in a research note on Wednesday, February 7th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $54.00.

Symbotic Stock Up 2.9 %

The company's 50-day moving average is $42.99 and its two-hundred day moving average is $44.19. The company has a market capitalization of $23.73 billion, a P/E ratio of -152.33 and a beta of 1.97.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings results on Monday, February 5th. The company reported ($0.02) EPS for the quarter, topping analysts' consensus estimates of ($0.05) by $0.03. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. The firm had revenue of $368.45 million for the quarter, compared to analyst estimates of $370.28 million. On average, sell-side analysts predict that Symbotic Inc. will post -0.03 EPS for the current year.

Insider Activity at Symbotic

In other news, Director Todd Krasnow sold 2,000 shares of the company's stock in a transaction on Monday, February 5th. The shares were sold at an average price of $51.50, for a total value of $103,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 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 legal filing with the SEC, which can be accessed through the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $51.50, for a total value of $103,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,112,447 shares of company stock valued at $275,513,529. Corporate insiders own 38.30% of the company's stock.

Institutional Trading of Symbotic

Institutional investors have recently modified their holdings of the company. Baillie Gifford & Co. bought a new position in Symbotic during the 1st quarter valued at approximately $426,752,000. 1832 Asset Management L.P. raised its holdings in shares of Symbotic by 189.5% during 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 in the last quarter. Coatue Management LLC bought a new position in shares of Symbotic during the fourth quarter valued at approximately $11,088,000. Hodges Capital Management Inc. purchased a new stake in Symbotic in the third quarter worth $5,740,000. Finally, First Trust Advisors LP increased its position in Symbotic by 44.0% during the 4th quarter. First Trust Advisors LP now owns 510,237 shares of the company's stock valued at $26,190,000 after purchasing an additional 155,828 shares during the period.

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.

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