Symbotic (NASDAQ:SYM) Stock Rating Lowered by Robert W. Baird

Symbotic (NASDAQ:SYM - Get Free Report) was downgraded by analysts at Robert W. Baird from an "outperform" rating to a "neutral" rating in a research note issued on Thursday,Finviz reports. They presently have a $55.00 price objective on the stock. Robert W. Baird's target price would suggest a potential downside of 12.56% from the company's previous close.

A number of other brokerages have also issued reports on SYM. Oppenheimer reiterated an "outperform" rating and set a $54.00 target price (up from $35.00) on shares of Symbotic in a research report on Wednesday, July 16th. The Goldman Sachs Group reduced their target price on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Arete downgraded shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price target for the company. in a research note on Friday, July 25th. Deutsche Bank Aktiengesellschaft downgraded shares of Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price target for the company. in a research note on Friday, July 18th. Finally, Northland Securities boosted their price target on shares of Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Symbotic presently has a consensus rating of "Hold" and a consensus target price of $40.81.

Symbotic Stock Down 0.5%

NASDAQ:SYM opened at $62.90 on Thursday. The firm has a market cap of $37.09 billion, a PE ratio of -1,572.50, a price-to-earnings-growth ratio of 65.84 and a beta of 2.06. Symbotic has a 12 month low of $16.32 and a 12 month high of $64.16. The company's 50-day moving average price is $41.42 and its two-hundred day moving average price is $30.25.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.08). Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. The company had revenue of $592.12 million for the quarter, compared to analyst estimates of $533.55 million. During the same quarter in the previous year, the company posted ($0.02) earnings per share. Symbotic's revenue for the quarter was up 25.9% on a year-over-year basis. On average, research analysts expect that Symbotic will post 0.13 EPS for the current fiscal year.

Insider Transactions at Symbotic

In other news, Director Todd Krasnow sold 4,000 shares of the stock in a transaction on Monday, August 4th. The shares were sold at an average price of $55.15, for a total transaction of $220,600.00. Following the completion of the sale, the director owned 189,036 shares of the company's stock, valued at $10,425,335.40. This represents a 2.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Carol J. Hibbard sold 6,293 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $55.42, for a total transaction of $348,758.06. Following the sale, the chief financial officer directly owned 61,971 shares of the company's stock, valued at $3,434,432.82. This represents a 9.22% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 81,536 shares of company stock valued at $3,590,569. Corporate insiders own 0.60% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Symbotic by 30.0% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 22,369 shares of the company's stock valued at $869,000 after purchasing an additional 5,161 shares in the last quarter. Freemont Management S.A. grew its position in Symbotic by 30.6% in the second quarter. Freemont Management S.A. now owns 95,600 shares of the company's stock valued at $3,714,000 after purchasing an additional 22,400 shares in the last quarter. Prospera Financial Services Inc bought a new position in shares of Symbotic in the 2nd quarter valued at about $861,000. Penserra Capital Management LLC bought a new position in shares of Symbotic in the 2nd quarter valued at about $1,725,000. Finally, Black Swift Group LLC bought a new position in shares of Symbotic in the 2nd quarter valued at about $2,071,000.

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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