Barclays Cuts Symbotic (NASDAQ:SYM) Price Target to $38.00

Symbotic (NASDAQ:SYM) had its price target decreased by Barclays from $44.00 to $38.00 in a research note released on Tuesday,Benzinga reports. Barclays currently has an underweight rating on the stock.

SYM has been the subject of a number of other research reports. Zacks Research raised Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 5th. Needham & Company LLC reissued a “buy” rating and issued a $75.00 price objective on shares of Symbotic in a report on Thursday, August 6th. The Goldman Sachs Group dropped their price objective on Symbotic from $54.00 to $45.00 and set a “sell” rating on the stock in a report on Tuesday, May 26th. Robert W. Baird set a $51.00 price objective on Symbotic in a research report on Thursday, August 6th. Finally, DA Davidson reaffirmed a “buy” rating and set a $70.00 target price on shares of Symbotic in a research note on Monday, May 11th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $65.42.

Symbotic Stock Performance

SYM opened at $41.10 on Tuesday. The company has a fifty day moving average of $41.91 and a two-hundred day moving average of $47.78. The stock has a market capitalization of $24.86 billion, a price-to-earnings ratio of 456.67, a PEG ratio of 6.77 and a beta of 1.94. Symbotic has a fifty-two week low of $37.68 and a fifty-two week high of $87.88.

Symbotic (NASDAQ:SYM) last posted its earnings results on Wednesday, August 5th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.04). Symbotic had a return on equity of 1.40% and a net margin of 0.48%.The firm had revenue of $720.84 million for the quarter, compared to analysts’ expectations of $715.03 million. During the same period in the previous year, the company earned ($0.05) earnings per share. The company’s revenue was up 21.7% compared to the same quarter last year. On average, equities research analysts forecast that Symbotic will post 0.21 earnings per share for the current year.

Insider Buying and Selling at Symbotic

In related news, CTO James Kuffner sold 3,952 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $40.59, for a total transaction of $160,411.68. Following the completion of the transaction, the chief technology officer owned 219,858 shares in the company, valued at $8,924,036.22. This represents a 1.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider William Boyd, III sold 9,194 shares of the company’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $41.04, for a total transaction of $377,321.76. Following the transaction, the insider owned 57,112 shares of the company’s stock, valued at approximately $2,343,876.48. This trade represents a 13.87% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 88,085 shares of company stock valued at $3,633,928. Corporate insiders own 8.16% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Large investors have recently bought and sold shares of the company. Parkside Financial Bank & Trust lifted its position in shares of Symbotic by 100.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock valued at $32,000 after acquiring an additional 268 shares in the last quarter. Quarry LP purchased a new stake in shares of Symbotic during the fourth quarter worth approximately $36,000. Parallel Advisors LLC increased its position in shares of Symbotic by 67.3% during the fourth quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock worth $37,000 after purchasing an additional 249 shares in the last quarter. Gordian Capital Singapore Pte Ltd acquired a new position in Symbotic in the 4th quarter valued at $48,000. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in Symbotic in the 4th quarter valued at $55,000.

About Symbotic

Symbotic Inc is an automation technology company that develops artificial intelligence-enabled robotics and software for large-scale warehouses and distribution centers. Its systems are designed to automate the movement, storage and retrieval of pallets and cases, helping customers manage inventory and improve the efficiency of supply-chain operations.

The company’s platform combines robotics, machine learning, warehouse-control software and automated storage systems. Symbotic’s technology can receive goods, organize inventory, retrieve products and assemble orders for shipment, supporting distribution operations for retail and grocery companies.

Symbotic was founded in 2006 and is headquartered in Wilmington, Massachusetts.