DA Davidson Reaffirms Neutral Rating for Symbotic (NASDAQ:SYM)

Key Points

• DA Davidson has reaffirmed a **"neutral" rating** for Symbotic and increased their price target from **$35.00 to $47.00**, suggesting a potential upside of **1.67%** from the current stock price.
• Symbotic reported a **revenue increase of 25.9%** year over year, totaling **$592.12 million**, but missed the earnings per share forecast, posting **($0.05)** compared to the expected **$0.03**.
• Several analysts have adjusted their ratings for Symbotic, with **six rating it as a buy**, **twelve as hold**, and **two as sell**, indicating mixed perspectives on the stock's future performance.

DA Davidson reaffirmed their neutral rating on shares of Symbotic (NASDAQ:SYM - Free Report) in a research report released on Monday, MarketBeat.com reports. The firm currently has a $47.00 target price on the stock, up from their prior target price of $35.00.

SYM has been the subject of several other research reports. Arete Research cut Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Deutsche Bank Aktiengesellschaft cut 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. Needham & Company LLC increased their price target on Symbotic from $32.00 to $57.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Zacks Research cut Symbotic from a "hold" rating to a "strong sell" rating in a research note on Friday, August 15th. Finally, Baird R W cut Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. Six analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $43.44.

Symbotic Price Performance

SYM traded down $0.26 during trading on Monday, reaching $47.73. 1,187,141 shares of the company were exchanged, compared to its average volume of 2,564,077. The firm has a 50 day moving average of $48.05 and a 200 day moving average of $32.51. Symbotic has a 52 week low of $16.32 and a 52 week high of $64.16.

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

Insider Buying and Selling at Symbotic

In related news, Director Todd Krasnow sold 30,000 shares of the firm's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $51.54, for a total transaction of $1,546,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $46.45, for a total value of $10,219,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 484,632 shares of company stock valued at $23,837,791. Corporate insiders own 0.60% of the company's stock.

Hedge Funds Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently modified their holdings of SYM. JPMorgan Chase & Co. boosted its position in shares of Symbotic by 100.6% in the 4th quarter. JPMorgan Chase & Co. now owns 17,349 shares of the company's stock valued at $411,000 after purchasing an additional 3,110,075 shares during the period. Tower Research Capital LLC TRC boosted its position in shares of Symbotic by 40.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,566 shares of the company's stock valued at $85,000 after purchasing an additional 1,018 shares during the period. Hsbc Holdings PLC acquired a new position in shares of Symbotic in the 4th quarter valued at $601,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Symbotic in the 4th quarter valued at $1,053,000. Finally, Northern Trust Corp boosted its position in shares of Symbotic by 23.7% in the 4th quarter. Northern Trust Corp now owns 110,148 shares of the company's stock valued at $2,612,000 after purchasing an additional 21,077 shares during the period.

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.