Symbotic (NASDAQ:SYM) Cut to "Hold" at Baird R W

Symbotic (NASDAQ:SYM - Get Free Report) was downgraded by stock analysts at Baird R W from a "strong-buy" rating to a "hold" rating in a report released on Thursday,Zacks.com reports.

Other equities analysts also recently issued reports about the stock. Oppenheimer increased their target price on shares of Symbotic from $54.00 to $59.00 and gave the stock an "outperform" rating in a research report on Thursday. Arete Research lowered Symbotic from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Citigroup restated a "buy" rating on shares of Symbotic in a report on Monday, July 14th. Needham & Company LLC upped their target price on Symbotic from $32.00 to $57.00 and gave the stock a "buy" rating in a research report on Thursday. Finally, Northland Securities lifted their price target on shares of Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $42.69.

Symbotic Stock Down 13.8%

SYM opened at $54.21 on Thursday. The business has a fifty day simple moving average of $42.59 and a 200-day simple moving average of $30.64. The firm has a market cap of $31.96 billion, a PE ratio of -774.32, a P/E/G ratio of 65.52 and a beta of 2.06. Symbotic has a fifty-two week low of $16.32 and a fifty-two week high of $64.16.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.08). Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.07%. The firm had revenue of $592.12 million during the quarter, compared to analysts' expectations of $533.55 million. During the same quarter last year, the company posted ($0.02) EPS. The firm's revenue was up 25.9% compared to the same quarter last year. On average, equities research analysts anticipate that Symbotic will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling

In other Symbotic news, CFO Carol J. Hibbard sold 6,293 shares of Symbotic stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $55.42, for a total value of $348,758.06. Following the sale, the chief financial officer owned 61,971 shares of the company's stock, valued at $3,434,432.82. This trade represents a 9.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Daniela L. Rus sold 11,705 shares of the company's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $59.00, for a total value of $690,595.00. Following the transaction, the director directly owned 11,024 shares of the company's stock, valued at $650,416. This represents a 51.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 118,241 shares of company stock valued at $5,756,164. 0.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Symbotic

Institutional investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. boosted its position in Symbotic by 21.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,248 shares of the company's stock worth $348,000 after purchasing an additional 3,024 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Symbotic by 35.7% during the 1st quarter. Bank of New York Mellon Corp now owns 60,554 shares of the company's stock worth $1,224,000 after buying an additional 15,947 shares during the period. Freemont Management S.A. bought a new stake in shares of Symbotic during the 1st quarter worth about $1,479,000. ARK Investment Management LLC grew its stake in Symbotic by 106.9% in the 1st quarter. ARK Investment Management LLC now owns 393,293 shares of the company's stock valued at $7,948,000 after buying an additional 203,226 shares during the last quarter. Finally, Cetera Investment Advisers lifted its position 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 acquiring an additional 1,332 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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