KeyCorp Issues Positive Forecast for Symbotic (NASDAQ:SYM) Stock Price

Symbotic (NASDAQ:SYM) had its price objective upped by KeyCorp from $40.00 to $48.00 in a report issued on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research analysts have also recently weighed in on the stock. Craig Hallum cut their price target on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. TD Cowen reduced their target price on Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Vertical Research started coverage on Symbotic in a report on Tuesday, July 23rd. They set a “hold” rating and a $45.00 price target on the stock. Citigroup decreased their target price on Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a report on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Symbotic currently has an average rating of “Moderate Buy” and an average price target of $44.31.

Symbotic Stock Up 27.7 %

Shares of Symbotic stock opened at $39.02 on Tuesday. The company has a market cap of $22.85 billion, a PE ratio of -205.37 and a beta of 1.81. Symbotic has a 52 week low of $17.11 and a 52 week high of $59.82. The business has a 50 day moving average price of $27.00 and a 200-day moving average price of $31.09.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, meeting the consensus estimate of $0.05. The business had revenue of $576.77 million for the quarter, compared to analysts’ expectations of $470.24 million. Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The business’s revenue was up 47.2% on a year-over-year basis. During the same period last year, the business earned ($0.08) EPS. As a group, research analysts anticipate that Symbotic will post -0.08 EPS for the current year.

Insider Activity at Symbotic

In other news, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $28.15, for a total transaction of $56,300.00. Following the sale, the director now directly owns 214,036 shares in the company, valued at $6,025,113.40. This represents a 0.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Carol J. Hibbard sold 22,821 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total transaction of $660,896.16. Following the completion of the transaction, the chief financial officer now owns 34,188 shares of the company’s stock, valued at $990,084.48. This trade represents a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 49,878 shares of company stock worth $1,378,056. 38.30% of the stock is owned by corporate insiders.

Institutional Trading of Symbotic

Institutional investors and hedge funds have recently bought and sold shares of the company. Swiss National Bank raised its holdings in shares of Symbotic by 3.4% in the 1st quarter. Swiss National Bank now owns 33,000 shares of the company’s stock valued at $1,485,000 after acquiring an additional 1,100 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Symbotic in the first quarter worth approximately $12,219,000. Vanguard Group Inc. raised its stake in Symbotic by 16.6% in the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after purchasing an additional 345,386 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Symbotic during the first quarter valued at approximately $352,000. Finally, Natixis Investment Managers International purchased a new position in Symbotic in the 1st quarter worth approximately $90,000.

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.