Symbotic (NASDAQ:SYM) Given Outperform Rating at Oppenheimer

Oppenheimer reissued their outperform rating on shares of Symbotic (NASDAQ:SYM - Free Report) in a research note published on Wednesday, MarketBeat.com reports. They currently have a $54.00 price objective on the stock, up from their prior price objective of $35.00.

A number of other research analysts have also commented on the stock. BWS Financial restated a "sell" rating and set a $10.00 price target on shares of Symbotic in a research report on Wednesday, April 2nd. The Goldman Sachs Group reduced 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. Northland Securities boosted 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. Arete Research upgraded shares of Symbotic to a "strong-buy" rating and set a $50.00 price target for the company in a research report on Wednesday, June 25th. Finally, Arete assumed coverage on shares of Symbotic in a research report on Wednesday, June 25th. They set a "buy" rating and a $50.00 price target for the company. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $40.24.

Symbotic Stock Up 0.7%

Symbotic stock traded up $0.36 during mid-day trading on Wednesday, reaching $54.54. The company's stock had a trading volume of 2,423,146 shares, compared to its average volume of 2,095,069. Symbotic has a 12-month low of $16.32 and a 12-month high of $54.98. The firm's fifty day moving average price is $35.33 and its two-hundred day moving average price is $27.98.

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

Insiders Place Their Bets

In other Symbotic news, Director Todd Krasnow sold 4,000 shares of the business's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $46.48, for a total value of $185,920.00. Following the completion of the sale, the director directly owned 189,036 shares of the company's stock, valued at $8,786,393.28. The trade was a 2.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Daniela L. Rus sold 1,000 shares of the business's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $48.33, for a total transaction of $48,330.00. Following the completion of the sale, the director directly owned 22,729 shares of the company's stock, valued at $1,098,492.57. This represents a 4.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 77,322 shares of company stock valued at $2,807,479 over the last three months. Insiders own 0.60% of the company's stock.

Hedge Funds Weigh In On Symbotic

Hedge funds and other institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Symbotic by 21.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,248 shares of the company's stock valued at $348,000 after acquiring an additional 3,024 shares during the last quarter. Vanguard Group Inc. raised its stake 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 valued at $117,846,000 after acquiring an additional 1,452,627 shares during the last quarter. Cetera Investment Advisers increased its position in shares of Symbotic by 5.7% during the fourth quarter. Cetera Investment Advisers now owns 24,621 shares of the company's stock valued at $584,000 after buying an additional 1,332 shares during the period. Northern Trust Corp increased its position in shares of Symbotic by 23.7% during the fourth quarter. Northern Trust Corp now owns 110,148 shares of the company's stock valued at $2,612,000 after buying an additional 21,077 shares during the period. Finally, Cambridge Investment Research Advisors Inc. increased its position in shares of Symbotic by 21.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 15,658 shares of the company's stock valued at $316,000 after buying an additional 2,737 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.