Symbotic's (SYM) "Market Perform" Rating Reiterated at William Blair

Symbotic (NASDAQ:SYM - Get Free Report)'s stock had its "market perform" rating reiterated by William Blair in a research note issued on Friday, RTT News reports. William Blair also issued estimates for Symbotic's Q3 2024 earnings at ($0.05) EPS, Q4 2024 earnings at ($0.04) EPS, FY2024 earnings at ($0.18) EPS and FY2025 earnings at $0.11 EPS.

A number of other brokerages have also recently weighed in on SYM. DA Davidson upgraded shares of Symbotic from a "neutral" rating to a "buy" rating and set a $50.00 price objective for the company in a research note on Wednesday, February 7th. Robert W. Baird boosted their price objective on shares of Symbotic from $52.00 to $53.00 and gave the stock an "outperform" rating in a research note on Tuesday. Needham & Company LLC reiterated a "buy" rating and set a $54.00 target price on shares of Symbotic in a research note on Tuesday. KeyCorp cut their target price on shares of Symbotic from $63.00 to $55.00 and set an "overweight" rating for the company in a research note on Tuesday, February 6th. Finally, Craig Hallum upped their target price on shares of Symbotic from $55.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $55.69.

Symbotic Stock Performance

Shares of NASDAQ:SYM traded down $2.96 during trading hours on Friday, hitting $41.79. 1,750,115 shares of the company's stock traded hands, compared to its average volume of 973,332. Symbotic has a 52 week low of $23.58 and a 52 week high of $64.14. The company's fifty day simple moving average is $43.42 and its two-hundred day simple moving average is $44.28.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings results on Monday, February 5th. The company reported ($0.02) 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 net margin of 1.27% and a positive return on equity of 12.52%. Analysts forecast that Symbotic will post -0.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Richard B. Cohen sold 5,000,000 shares of the firm's stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $38.32, for a total transaction of $191,600,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Richard B. Cohen sold 5,000,000 shares of the firm's stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $38.32, for a total transaction of $191,600,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder David A. Ladensohn sold 2,085,296 shares of the firm's stock in a transaction that occurred 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 worth $275,410,529 in the last 90 days. Corporate insiders own 38.30% of the company's stock.

Institutional Investors Weigh In On Symbotic

Several hedge funds have recently added to or reduced their stakes in SYM. Van ECK Associates Corp bought a new position in shares of Symbotic in the fourth quarter worth $26,000. Providence Capital Advisors LLC bought a new position in shares of Symbotic in the third quarter worth $33,000. RiverPark Advisors LLC bought a new position in Symbotic in the first quarter valued at about $37,000. Global Retirement Partners LLC grew its position in Symbotic by 166.7% in the first quarter. Global Retirement Partners LLC now owns 1,056 shares of the company's stock valued at $48,000 after acquiring an additional 660 shares during the last quarter. Finally, Pingora Partners LLC bought a new position in Symbotic in the fourth quarter valued at about $51,000.

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.