Oppenheimer Issues Positive Forecast for Symbotic (NASDAQ:SYM) Stock Price

Key Points

• Oppenheimer has raised its target price for Symbotic (NASDAQ:SYM) from $54.00 to $59.00, indicating a potential upside of 13.11% based on the current stock price.
• Recent analyst ratings show a mixed outlook, with ten hold ratings, seven buy ratings, and one sell rating, resulting in a consensus rating of "Hold."
• In recent transactions, insider selling included significant shares sold by both the CFO and a board member, with insider ownership decreasing to 0.60% of the company's stock.

Symbotic (NASDAQ:SYM - Get Free Report) had its target price raised by stock analysts at Oppenheimer from $54.00 to $59.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Oppenheimer's price objective would indicate a potential upside of 13.11% from the stock's current price.

SYM has been the topic of several other reports. The Goldman Sachs Group cut their price objective on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Northland Securities upped their price target on Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Citigroup reiterated a "buy" rating on shares of Symbotic in a report on Monday, July 14th. Arete downgraded shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 target price for the company. in a research report on Friday, July 25th. Finally, Deutsche Bank Aktiengesellschaft cut Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price objective for the company. in a report on Friday, July 18th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $41.13.

Symbotic Price Performance

SYM opened at $52.16 on Thursday. The stock has a market capitalization of $30.76 billion, a P/E ratio of -1,286.55, a price-to-earnings-growth ratio of 65.84 and a beta of 2.06. The company's 50 day simple moving average is $41.42 and its 200-day simple moving average is $30.25. Symbotic has a one year low of $16.32 and a one year high of $64.16.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.08). The company had revenue of $592.12 million during the quarter, compared to analyst estimates of $533.55 million. Symbotic had a negative net margin of 0.23% and a negative return on equity of 1.26%. The business's revenue for the quarter was up 25.9% compared to the same quarter last year. During the same period last year, the company earned ($0.02) EPS. As a group, analysts anticipate that Symbotic will post 0.13 EPS for the current year.

Insider Buying and Selling

In related news, insider William M. Boyd III sold 11,735 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $50.42, for a total transaction of $591,678.70. Following the completion of the transaction, the insider directly owned 31,884 shares in the company, valued at $1,607,591.28. This represents a 26.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Carol J. Hibbard sold 6,293 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $55.42, for a total transaction of $348,758.06. Following the completion of the sale, the chief financial officer owned 61,971 shares in the company, valued at $3,434,432.82. This represents a 9.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 81,536 shares of company stock worth $3,590,569 in the last quarter. Corporate insiders own 0.60% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SYM. Walmart Inc. acquired a new stake in Symbotic during the 4th quarter valued at approximately $355,650,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Symbotic by 16.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company's stock valued at $27,155,000 after acquiring an additional 187,538 shares during the last quarter. Raymond James Financial Inc. grew its holdings in Symbotic by 12.1% during the 1st quarter. Raymond James Financial Inc. now owns 980,922 shares of the company's stock worth $19,824,000 after acquiring an additional 105,616 shares during the period. Invesco Ltd. raised its position in shares of Symbotic by 25.9% in the 4th quarter. Invesco Ltd. now owns 727,890 shares of the company's stock worth $17,258,000 after acquiring an additional 149,918 shares in the last quarter. Finally, Exchange Traded Concepts LLC lifted its stake in shares of Symbotic by 18.0% in the 1st quarter. Exchange Traded Concepts LLC now owns 680,734 shares of the company's stock valued at $13,758,000 after purchasing an additional 104,068 shares during the period.

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.

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