Symbotic Inc. (NASDAQ:SYM) Receives $39.59 Average Target Price from Brokerages

Symbotic Inc. (NASDAQ:SYM - Get Free Report) has received an average recommendation of "Moderate Buy" from the nineteen research firms that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $39.59.

Several equities analysts recently commented on the stock. The Goldman Sachs Group dropped their price target on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Arete initiated coverage on shares of Symbotic in a research report on Wednesday, June 25th. They set a "buy" rating and a $50.00 target price on the stock. Citigroup cut their target price on Symbotic from $37.00 to $29.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Northland Securities upped their price objective on Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research note on Tuesday. Finally, Arete Research upgraded Symbotic to a "strong-buy" rating and set a $50.00 price target for the company in a report on Wednesday, June 25th.

Symbotic Trading Up 1.4%

Shares of NASDAQ:SYM traded up $0.65 on Wednesday, reaching $47.81. 2,781,879 shares of the company were exchanged, compared to its average volume of 2,050,404. The company has a 50-day moving average of $31.53 and a 200-day moving average of $26.74. The firm has a market cap of $28.19 billion, a price-to-earnings ratio of -1,195.25, a price-to-earnings-growth ratio of 49.12 and a beta of 2.03. Symbotic has a 1-year low of $16.32 and a 1-year high of $49.83.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.09). Symbotic had a negative net margin of 0.23% and a negative return on equity of 1.26%. The business had revenue of $549.65 million for the quarter, compared to analysts' expectations of $522.36 million. During the same quarter last year, the business posted ($0.07) earnings per share. The business's revenue was up 39.7% compared to the same quarter last year. As a group, analysts forecast that Symbotic will post 0.13 earnings per share for the current year.

Insider Buying and Selling at Symbotic

In other Symbotic news, insider William M. Boyd III sold 11,735 shares of the business's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $21.95, for a total transaction of $257,583.25. Following the sale, the insider directly owned 36,999 shares of the company's stock, valued at $812,128.05. The trade was a 24.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Maria G. Freve sold 1,929 shares of the firm's stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $21.69, for a total value of $41,840.01. Following the sale, the insider owned 2,646 shares of the company's stock, valued at $57,391.74. The trade was a 42.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 48,616 shares of company stock worth $1,326,437. Company insiders own 0.60% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Symbotic by 21.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,248 shares of the company's stock valued at $348,000 after buying an additional 3,024 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Symbotic by 41.3% during the fourth quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company's stock worth $117,846,000 after buying an additional 1,452,627 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Symbotic in the 4th quarter valued at $20,754,000. Cetera Investment Advisers grew its position in Symbotic by 5.7% in the 4th quarter. Cetera Investment Advisers now owns 24,621 shares of the company's stock worth $584,000 after purchasing an additional 1,332 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Symbotic by 23.7% during the 4th quarter. Northern Trust Corp now owns 110,148 shares of the company's stock worth $2,612,000 after purchasing an additional 21,077 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.