DA Davidson Upgrades Symbotic (NASDAQ:SYM) to “Buy”

Symbotic (NASDAQ:SYM) was upgraded by DA Davidson from a “neutral” rating to a “buy” rating in a research report issued on Wednesday, Marketbeat Ratings reports. The brokerage presently has a $35.00 price objective on the stock. DA Davidson’s price objective suggests a potential upside of 32.33% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. TD Cowen increased their price objective on shares of Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Cantor Fitzgerald restated an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a research note on Tuesday, November 19th. Needham & Company LLC dropped their price objective on Symbotic from $46.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Northland Securities boosted their target price on Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Finally, 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 report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Symbotic has an average rating of “Hold” and a consensus target price of $40.71.

Symbotic Stock Up 3.4 %

Shares of SYM opened at $26.45 on Wednesday. The firm’s 50 day moving average price is $28.37 and its 200 day moving average price is $27.82. The company has a market cap of $15.54 billion, a P/E ratio of -440.83 and a beta of 1.76. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $52.20.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting the consensus estimate of $0.05. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. The company had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. During the same quarter in the prior year, the business earned ($0.08) EPS. Symbotic’s revenue was up 47.2% on a year-over-year basis. Research analysts forecast that Symbotic will post 0.12 earnings per share for the current year.

Insider Transactions at Symbotic

In other Symbotic news, Director Merline Saintil sold 5,250 shares of the firm’s stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $28.70, for a total transaction of $150,675.00. Following the sale, the director now directly owns 74,562 shares of the company’s stock, valued at $2,139,929.40. This trade represents a 6.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $24.04, for a total value of $48,080.00. Following the completion of the sale, the director now directly owns 214,036 shares of the company’s stock, valued at approximately $5,145,425.44. This represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 111,844 shares of company stock worth $3,268,431. Company insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SYM. Bank of New York Mellon Corp grew its stake in Symbotic by 9.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 80,707 shares of the company’s stock valued at $2,838,000 after purchasing an additional 7,058 shares in the last quarter. Commonwealth Equity Services LLC boosted its holdings in shares of Symbotic by 51.1% during the second quarter. Commonwealth Equity Services LLC now owns 30,996 shares of the company’s stock valued at $1,090,000 after acquiring an additional 10,477 shares during the period. Arizona State Retirement System grew its position in Symbotic by 114.3% in the 2nd quarter. Arizona State Retirement System now owns 9,863 shares of the company’s stock worth $347,000 after purchasing an additional 5,261 shares during the last quarter. Retirement Planning Co of New England Inc. increased its position in Symbotic by 16.6% in the 2nd quarter. Retirement Planning Co of New England Inc. now owns 19,551 shares of the company’s stock valued at $687,000 after acquiring an additional 2,786 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of Symbotic by 24.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 43,367 shares of the company’s stock worth $1,525,000 after buying an additional 8,415 shares in the last quarter.

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.