Symbotic (NASDAQ:SYM) Upgraded at DA Davidson

Symbotic (NASDAQ:SYM) was upgraded by investment analysts at DA Davidson from a “neutral” rating to a “buy” rating in a research note issued to investors on Wednesday, Marketbeat reports. The brokerage presently has a $35.00 target price on the stock. DA Davidson’s target price would indicate a potential upside of 32.33% from the company’s current price.

Several other equities research analysts have also recently commented on the company. TD Cowen lifted their target price on Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. The Goldman Sachs Group cut their target price on Symbotic from $34.00 to $28.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 4th. Craig Hallum cut Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price objective for the company. in a report on Wednesday, November 27th. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 target price on shares of Symbotic in a report on Tuesday, November 19th. Finally, BWS Financial restated a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $40.71.

Symbotic Price Performance

SYM opened at $26.45 on Wednesday. The company has a market capitalization of $15.54 billion, a PE ratio of -440.83 and a beta of 1.76. The business has a 50-day moving average of $28.37 and a 200-day moving average of $27.82. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $52.20.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The company had revenue of $576.77 million during the quarter, compared to analysts’ expectations of $470.24 million. During the same period in the prior year, the company earned ($0.08) earnings per share. The business’s quarterly revenue was up 47.2% compared to the same quarter last year. On average, equities research analysts expect that Symbotic will post 0.12 earnings per share for the current fiscal year.

Insider Transactions at Symbotic

In other Symbotic news, insider Michael David Dunn sold 1,715 shares of the company’s stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $28.77, for a total value of $49,340.55. Following the sale, the insider now owns 87,922 shares in the company, valued at approximately $2,529,515.94. This represents a 1.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider William M. Boyd III sold 8,826 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $28.33, for a total transaction of $250,040.58. Following the completion of the transaction, the insider now owns 23,012 shares in the company, valued at approximately $651,929.96. This represents a 27.72 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 111,844 shares of company stock worth $3,268,431. 38.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SYM. Baillie Gifford & Co. increased its holdings in shares of Symbotic by 32.0% in the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after purchasing an additional 3,410,050 shares during the last quarter. Thematics Asset Management increased its stake in Symbotic by 30.1% in the third quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock worth $25,565,000 after purchasing an additional 242,661 shares during the period. Exchange Traded Concepts LLC lifted its holdings in Symbotic by 76.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after buying an additional 379,726 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in shares of Symbotic by 191.5% in the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after purchasing an additional 509,700 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Symbotic by 10.2% during the 3rd quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock worth $12,290,000 after buying an additional 46,721 shares in the last quarter.

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.