Brokerages Set Symbotic Inc. (NASDAQ:SYM) PT at $39.86

Symbotic Inc. (NASDAQ:SYM) has received an average rating of “Moderate Buy” from the sixteen brokerages that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $38.73.

Several brokerages recently commented on SYM. Citigroup reissued a “buy” rating and set a $37.00 target price on shares of Symbotic in a report on Monday, January 13th. TD Cowen raised 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. Needham & Company LLC reiterated a “buy” rating and issued a $35.00 price target on shares of Symbotic in a research report on Friday, January 17th. Northland Securities raised their price objective on shares of Symbotic from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Finally, UBS Group dropped their target price on shares of Symbotic from $40.00 to $32.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd.

Insiders Place Their Bets

In other Symbotic news, insider Michael David Dunn sold 13,114 shares of the company’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $32.19, for a total value of $422,139.66. Following the transaction, the insider now directly owns 18,746 shares of the company’s stock, valued at $603,433.74. This represents a 41.16 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $24.04, for a total value of $48,080.00. Following the sale, the director now directly owns 214,036 shares of the company’s stock, valued at $5,145,425.44. This represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 124,958 shares of company stock worth $3,690,570. Insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently made changes to their positions in SYM. Castleview Partners LLC raised its stake in Symbotic by 50.0% in the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after purchasing an additional 500 shares in the last quarter. Quarry LP bought a new position in shares of Symbotic during the second quarter valued at $65,000. Arcadia Investment Management Corp MI bought a new position in Symbotic during the 3rd quarter worth approximately $49,000. RiverPark Advisors LLC lifted 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 worth $50,000 after purchasing an additional 1,211 shares during the period. Finally, Quest Partners LLC boosted its stake in shares of Symbotic by 19,307.7% in the 3rd quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock valued at $62,000 after purchasing an additional 2,510 shares during the last quarter.

Symbotic Stock Performance

Shares of SYM stock opened at $33.43 on Wednesday. The firm has a market capitalization of $19.64 billion, a PE ratio of -557.17, a price-to-earnings-growth ratio of 6.88 and a beta of 1.76. Symbotic has a 1 year low of $17.11 and a 1 year high of $52.20. The stock has a fifty day moving average of $27.85 and a two-hundred day moving average of $27.39.

Symbotic (NASDAQ:SYM) last announced its 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 firm had revenue of $576.77 million during the quarter, compared to analyst estimates of $470.24 million. During the same quarter in the prior year, the firm posted ($0.08) EPS. Symbotic’s revenue was up 47.2% compared to the same quarter last year. Equities research analysts predict that Symbotic will post 0.14 earnings per share for the current fiscal year.

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.