Symbotic (NASDAQ:SYM) PT Set at $70.00 by DA Davidson

Key Points

• DA Davidson set a $70.00 price target and a "buy" rating on Symbotic, implying roughly a 23.8% upside from the stock's Wednesday open of $56.56.
• Analyst views are mixed—seven Buys, six Holds and three Sells—with MarketBeat showing an average rating of "Hold" and an average target price of $65.62.
• Symbotic missed EPS ($0.02 vs. $0.08 est.) but beat on revenue ($629.99M, up 29.4% YoY); insiders sold about $10.3M of stock last quarter even as large institutions (Vanguard, Morgan Stanley, JPMorgan) materially increased positions.

Symbotic (NASDAQ:SYM - Get Free Report) received a $70.00 target price from stock analysts at DA Davidson in a research note issued on Wednesday, Marketbeat reports. The firm presently has a "buy" rating on the stock. DA Davidson's price objective points to a potential upside of 23.76% from the stock's current price.

Other research analysts also recently issued research reports about the stock. Wall Street Zen downgraded shares of Symbotic from a "buy" rating to a "hold" rating in a research note on Saturday, February 28th. The Goldman Sachs Group reiterated a "sell" rating and issued a $50.00 price target on shares of Symbotic in a research note on Thursday, January 15th. Zacks Research raised shares of Symbotic from a "strong sell" rating to a "hold" rating in a report on Wednesday, February 18th. Northland Securities set a $73.00 price objective on shares of Symbotic in a report on Thursday, February 5th. Finally, Barclays raised their price objective on shares of Symbotic from $42.00 to $44.00 and gave the stock an "underweight" rating in a report on Monday, March 16th. Seven equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $65.62.

Symbotic Stock Up 3.6%

Shares of Symbotic stock opened at $56.56 on Wednesday. Symbotic has a 52-week low of $19.14 and a 52-week high of $87.88. The company has a 50 day moving average of $53.63 and a 200 day moving average of $61.22. The company has a market capitalization of $34.06 billion, a P/E ratio of -565.54, a P/E/G ratio of 5.47 and a beta of 2.10.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings results on Wednesday, February 4th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.08 by ($0.06). Symbotic had a negative return on equity of 1.88% and a negative net margin of 0.45%.The firm had revenue of $629.99 million during the quarter, compared to analysts' expectations of $622.58 million. During the same quarter in the prior year, the firm earned ($0.03) EPS. The firm's revenue was up 29.4% compared to the same quarter last year. As a group, research analysts anticipate that Symbotic will post 0.13 earnings per share for the current fiscal year.

Insider Activity at Symbotic

In other Symbotic news, insider William M. Boyd III sold 5,115 shares of the firm's stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $55.99, for a total transaction of $286,388.85. Following the sale, the insider owned 61,679 shares of the company's stock, valued at approximately $3,453,407.21. This trade represents a 7.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Todd Krasnow sold 2,000 shares of the firm's stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $53.27, for a total transaction of $106,540.00. Following the sale, the director directly owned 10,345 shares in the company, valued at approximately $551,078.15. The trade was a 16.20% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 178,492 shares of company stock valued at $10,313,214 in the last quarter. Company insiders own 8.16% of the company's stock.

Hedge Funds Weigh In On Symbotic

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of Symbotic by 47.6% in the 4th quarter. Vanguard Group Inc. now owns 6,932,158 shares of the company's stock valued at $412,463,000 after acquiring an additional 2,237,137 shares during the period. Morgan Stanley increased its holdings in shares of Symbotic by 85.4% in the 4th quarter. Morgan Stanley now owns 2,530,874 shares of the company's stock valued at $150,587,000 after acquiring an additional 1,165,513 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Symbotic by 51,346.1% in the 4th quarter. JPMorgan Chase & Co. now owns 2,174,372 shares of the company's stock valued at $129,375,000 after acquiring an additional 2,178,615 shares during the period. UBS Group AG increased its holdings in shares of Symbotic by 22.3% in the 3rd quarter. UBS Group AG now owns 1,105,770 shares of the company's stock valued at $59,601,000 after acquiring an additional 201,547 shares during the period. Finally, Ghisallo Capital Management LLC acquired a new position in shares of Symbotic in the 4th quarter valued at $63,034,000.

Symbotic Company Profile

Symbotic Inc NASDAQ: SYM is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.

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