Symbotic (NASDAQ:SYM) Downgraded to “Market Perform” Rating by Raymond James

Raymond James downgraded shares of Symbotic (NASDAQ:SYM) from an outperform rating to a market perform rating in a research note published on Thursday morning, Marketbeat reports.

Several other analysts have also recently weighed in on SYM. UBS Group dropped their price objective on Symbotic from $40.00 to $32.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Needham & Company LLC reissued a “buy” rating and set a $35.00 price target on shares of Symbotic in a research note on Friday, January 17th. Craig Hallum cut shares of Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price objective on the stock. in a research note on Wednesday, November 27th. DA Davidson raised shares of Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 target price for the company in a report on Wednesday, January 8th. Finally, Oppenheimer assumed coverage on Symbotic in a research report on Wednesday, January 15th. They issued an “outperform” rating and a $35.00 price target on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Symbotic presently has a consensus rating of “Hold” and an average price target of $38.33.

Symbotic Trading Down 15.9 %

Shares of SYM stock opened at $25.99 on Thursday. Symbotic has a 1 year low of $17.11 and a 1 year high of $50.40. The firm’s 50 day moving average is $27.11 and its 200-day moving average is $26.82. The firm has a market capitalization of $15.27 billion, a price-to-earnings ratio of -433.17, a PEG ratio of 7.29 and a beta of 1.79.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Wednesday, February 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.01. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. On average, equities research analysts forecast that Symbotic will post 0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Carol J. Hibbard sold 4,055 shares of the firm’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $30.70, for a total value of $124,488.50. Following the completion of the transaction, the chief financial officer now owns 44,386 shares of the company’s stock, valued at approximately $1,362,650.20. This trade represents a 8.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael David Dunn sold 3,635 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $33.28, for a total transaction of $120,972.80. Following the sale, the insider now directly owns 24,272 shares in the company, valued at $807,772.16. This trade represents a 13.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 94,007 shares of company stock worth $2,827,909. Corporate insiders own 0.60% of the company’s stock.

Institutional Trading of Symbotic

Hedge funds and other institutional investors have recently modified their holdings of the stock. IFP Advisors Inc raised its stake in shares of Symbotic by 58.2% during the 4th quarter. IFP Advisors Inc now owns 1,368 shares of the company’s stock worth $32,000 after purchasing an additional 503 shares in the last quarter. Castleview Partners LLC increased its holdings in Symbotic by 50.0% during the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after buying an additional 500 shares during the last quarter. Private Trust Co. NA bought a new stake in Symbotic during the fourth quarter worth $47,000. Arcadia Investment Management Corp MI acquired a new stake in Symbotic in the third quarter valued at $49,000. Finally, RiverPark Advisors LLC grew its position in shares of Symbotic by 147.1% in the 3rd quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock valued at $50,000 after acquiring an additional 1,211 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.