Symbotic (NASDAQ:SYM) Upgraded at Zacks Research

Key Points

• Symbotic has been upgraded from a "strong sell" to a "hold" rating by Zacks Research, reflecting a more positive outlook from analysts.
• Despite the upgrade, UBS Group maintained a "sell" rating with a price target of $35, while other analysts increased their positive ratings and price targets significantly.
• Recent insider trading showed significant sell-offs, with insiders selling 483,032 shares worth approximately $23.9 million in the last quarter.

Symbotic (NASDAQ:SYM - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other equities analysts have also issued reports on the company. UBS Group reaffirmed a "sell" rating and issued a $35.00 price target (up previously from $27.00) on shares of Symbotic in a research report on Tuesday, September 23rd. Needham & Company LLC lifted their price target on Symbotic from $32.00 to $57.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Citigroup reaffirmed a "buy" rating on shares of Symbotic in a research report on Monday, July 14th. Oppenheimer lifted their price target on Symbotic from $54.00 to $59.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Finally, Baird R W lowered Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 7th. Seven analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $45.00.

Symbotic Trading Up 9.5%

Shares of SYM stock opened at $63.62 on Wednesday. Symbotic has a 12 month low of $16.32 and a 12 month high of $64.50. The stock has a market cap of $37.57 billion, a PE ratio of -908.73, a price-to-earnings-growth ratio of 11.26 and a beta of 2.06. The company's fifty day moving average price is $51.49 and its 200-day moving average price is $37.36.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.08). The company had revenue of $592.12 million during the quarter, compared to analysts' expectations of $533.55 million. Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.Symbotic's revenue for the quarter was up 25.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.02) EPS. On average, sell-side analysts forecast that Symbotic will post 0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Symbotic news, Director Charles Kane sold 25,000 shares of the business's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $47.62, for a total value of $1,190,500.00. Following the completion of the transaction, the director owned 79,507 shares of the company's stock, valued at approximately $3,786,123.34. The trade was a 23.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William M. Boyd III sold 25,000 shares of the business'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 $1,475,000.00. Following the completion of the transaction, the insider directly owned 31,884 shares of the company's stock, valued at approximately $1,881,156. This trade represents a 43.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 483,032 shares of company stock worth $23,897,448 in the last quarter. Insiders own 0.60% of the company's stock.

Institutional Investors Weigh In On Symbotic

Large investors have recently made changes to their positions in the company. IAG Wealth Partners LLC bought a new stake in shares of Symbotic during the 2nd quarter valued at about $32,000. AdvisorNet Financial Inc bought a new stake in shares of Symbotic during the 2nd quarter valued at about $32,000. Gables Capital Management Inc. bought a new stake in shares of Symbotic during the 2nd quarter valued at about $39,000. NewEdge Advisors LLC grew its stake in shares of Symbotic by 81.5% during the 2nd quarter. NewEdge Advisors LLC now owns 1,276 shares of the company's stock valued at $50,000 after purchasing an additional 573 shares during the period. Finally, GAMMA Investing LLC grew its stake in shares of Symbotic by 1,812.2% during the 1st quarter. GAMMA Investing LLC now owns 1,415 shares of the company's stock valued at $29,000 after purchasing an additional 1,341 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.

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