Symbotic (NASDAQ:SYM) Coverage Initiated at Arete

Research analysts at Arete assumed coverage on shares of Symbotic (NASDAQ:SYM - Get Free Report) in a research note issued to investors on Wednesday,Briefing.com Automated Import reports. The firm set a "buy" rating and a $50.00 price target on the stock. Arete's price objective would indicate a potential upside of 55.28% from the company's current price.

Other analysts also recently issued reports about the company. The Goldman Sachs Group cut their price objective on Symbotic from $25.00 to $18.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Citigroup reduced their price target on shares of Symbotic from $37.00 to $29.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. UBS Group lowered their price objective on shares of Symbotic from $32.00 to $30.00 and set a "neutral" rating for the company in a research report on Tuesday, February 25th. Finally, BWS Financial reiterated a "sell" rating and issued a $10.00 target price on shares of Symbotic in a report on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Symbotic has an average rating of "Moderate Buy" and an average price target of $38.00.

Symbotic Price Performance

NASDAQ:SYM opened at $32.20 on Wednesday. The company's 50-day moving average is $26.84 and its two-hundred day moving average is $25.49. The firm has a market capitalization of $18.99 billion, a price-to-earnings ratio of -805.00, a PEG ratio of 54.82 and a beta of 1.95. Symbotic has a 1-year low of $16.32 and a 1-year high of $41.76.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings data 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 return on equity of 1.26% and a negative net margin of 0.23%. The business had revenue of $549.65 million during the quarter, compared to analysts' expectations of $522.36 million. During the same quarter in the previous year, the company posted ($0.07) earnings per share. The company's revenue was up 39.7% on a year-over-year basis. As a group, equities analysts anticipate that Symbotic will post 0.13 earnings per share for the current fiscal year.

Insider Activity at Symbotic

In related news, insider William M. Boyd III sold 2,455 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $31.07, for a total transaction of $76,276.85. Following the sale, the insider now directly owns 34,544 shares in the company, valued at approximately $1,073,282.08. This represents a 6.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniela L. Rus sold 1,000 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $30.00, for a total transaction of $30,000.00. Following the transaction, the director now owns 26,435 shares of the company's stock, valued at $793,050. This trade represents a 3.64% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 48,656 shares of company stock worth $1,220,907. Company insiders own 0.60% of the company's stock.

Hedge Funds Weigh In On Symbotic

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Symbotic by 41.3% in the fourth quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company's stock valued at $117,846,000 after buying an additional 1,452,627 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Symbotic during the 4th quarter worth about $20,754,000. Cetera Investment Advisers lifted its stake in Symbotic by 5.7% during the fourth 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. Northern Trust Corp boosted its holdings in Symbotic by 23.7% in the fourth quarter. Northern Trust Corp now owns 110,148 shares of the company's stock valued at $2,612,000 after purchasing an additional 21,077 shares in the last quarter. Finally, Jones Financial Companies Lllp increased its stake in Symbotic by 154.1% in the fourth quarter. Jones Financial Companies Lllp now owns 2,457 shares of the company's stock valued at $58,000 after purchasing an additional 1,490 shares during the last quarter.

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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