TD Cowen Trims Symbotic (NASDAQ:SYM) Target Price to $43.00

Symbotic (NASDAQ:SYM) had its price objective cut by TD Cowen from $55.00 to $43.00 in a report released on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts also recently commented on SYM. The Goldman Sachs Group cut their target price on Symbotic from $46.00 to $40.00 and set a neutral rating on the stock in a report on Wednesday, July 10th. Robert W. Baird lifted their price objective on shares of Symbotic from $52.00 to $53.00 and gave the company an outperform rating in a research note on Tuesday, May 7th. William Blair reaffirmed a market perform rating on shares of Symbotic in a research note on Friday, May 10th. Citigroup decreased their price objective on Symbotic from $62.00 to $49.00 and set a buy rating for the company in a report on Tuesday. Finally, Vertical Research initiated coverage on Symbotic in a research report on Tuesday, July 23rd. They set a hold rating and a $45.00 target price on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Symbotic currently has an average rating of Moderate Buy and an average price target of $43.23.

Symbotic Price Performance

Shares of SYM stock opened at $24.61 on Tuesday. The business’s 50-day moving average price is $36.60 and its 200-day moving average price is $40.95. Symbotic has a 12 month low of $24.21 and a 12 month high of $62.37.

Symbotic (NASDAQ:SYM) last posted its earnings results on Monday, July 29th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). The business had revenue of $491.86 million for the quarter, compared to the consensus estimate of $464.56 million. Symbotic had a positive return on equity of 5.05% and a negative net margin of 1.03%. The company’s revenue was up 57.7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.07) earnings per share. Analysts predict that Symbotic will post -0.04 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Michael David Dunn sold 1,200 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $44.02, for a total value of $52,824.00. Following the transaction, the insider now owns 70,832 shares in the company, valued at approximately $3,118,024.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider William M. Boyd III sold 8,826 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $38.71, for a total transaction of $341,654.46. Following the completion of the sale, the insider now owns 23,012 shares in the company, valued at $890,794.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael David Dunn sold 1,200 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $44.02, for a total transaction of $52,824.00. Following the completion of the transaction, the insider now owns 70,832 shares in the company, valued at $3,118,024.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 150,107 shares of company stock valued at $5,950,707. Corporate insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC bought a new position in shares of Symbotic in the fourth quarter worth $136,000. Stonegate Investment Group LLC bought a new position in shares of Symbotic in the fourth quarter valued at approximately $318,000. Colonial River Wealth Management LLC purchased a new position in shares of Symbotic during the 4th quarter valued at $232,000. Arizona State Retirement System purchased a new position in Symbotic during the fourth quarter worth about $232,000. Finally, TFC Financial Management Inc. grew its holdings in shares of Symbotic by 97.1% during the fourth quarter. TFC Financial Management Inc. now owns 1,226 shares of the company’s stock worth $63,000 after purchasing an additional 604 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.