Symbotic (NASDAQ:SYM) Price Target Raised to $36.00 at DA Davidson

Posted by Stephan Byrd on May 26th, 2023

Symbotic (NASDAQ:SYM – Get Rating) had its target price increased by research analysts at DA Davidson from $30.00 to $36.00 in a research report issued on Wednesday, The Fly reports. DA Davidson’s price objective suggests a potential upside of 1.87% from the company’s current price.

SYM has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Symbotic from $31.00 to $36.00 in a research report on Monday. Robert W. Baird raised their price objective on shares of Symbotic from $28.00 to $32.00 in a research report on Monday. William Blair reaffirmed an “outperform” rating on shares of Symbotic in a report on Monday. Northland Securities increased their target price on shares of Symbotic from $30.00 to $35.00 in a report on Monday. Finally, Raymond James increased their target price on shares of Symbotic from $23.00 to $35.00 in a report on Tuesday, May 2nd. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.77.

Symbotic Stock Up 9.8 %

NASDAQ:SYM opened at $35.34 on Wednesday. The company has a fifty day simple moving average of $26.28 and a two-hundred day simple moving average of $18.05. The company has a market cap of $19.63 billion, a price-to-earnings ratio of -100.97 and a beta of 1.31. Symbotic has a 52 week low of $8.75 and a 52 week high of $35.68.

Symbotic (NASDAQ:SYM – Get Rating) last released its quarterly earnings data on Monday, May 1st. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.04). The firm had revenue of $266.85 million for the quarter, compared to analysts’ expectations of $224.82 million. Symbotic had a negative return on equity of 78.17% and a negative net margin of 2.26%. Symbotic’s revenue for the quarter was up 177.2% on a year-over-year basis. During the same period last year, the firm posted ($5.61) earnings per share. On average, analysts expect that Symbotic will post -0.28 EPS for the current year.

Insider Buying and Selling at Symbotic

In other Symbotic news, insider Michael David Dunn sold 12,593 shares of Symbotic stock in a transaction on Monday, February 27th. The shares were sold at an average price of $16.71, for a total value of $210,429.03. Following the transaction, the insider now owns 151,176 shares in the company, valued at approximately $2,526,150.96. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Michael David Dunn sold 12,593 shares of Symbotic stock in a transaction on Monday, February 27th. The shares were sold at an average price of $16.71, for a total transaction of $210,429.03. Following the transaction, the insider now owns 151,176 shares in the company, valued at approximately $2,526,150.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Rollin L. Ford bought 8,000 shares of Symbotic stock in a transaction that occurred on Monday, May 15th. The shares were acquired at an average price of $24.70 per share, for a total transaction of $197,600.00. Following the acquisition, the director now directly owns 8,000 shares in the company, valued at approximately $197,600. The disclosure for this purchase can be found here. Insiders have sold a total of 62,188 shares of company stock worth $1,817,565 in the last quarter. 41.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Symbotic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SYM. Rockefeller Capital Management L.P. purchased a new stake in Symbotic during the 4th quarter worth $29,000. JPMorgan Chase & Co. increased its position in shares of Symbotic by 1,412.0% in the 1st quarter. JPMorgan Chase & Co. now owns 1,512 shares of the company’s stock worth $35,000 after purchasing an additional 1,412 shares during the last quarter. Toronto Dominion Bank bought a new stake in shares of Symbotic in the 4th quarter worth about $36,000. Altshuler Shaham Ltd bought a new stake in shares of Symbotic in the 3rd quarter worth about $50,000. Finally, Advisor Group Holdings Inc. increased its position in shares of Symbotic by 30.4% in the 4th quarter. Advisor Group Holdings Inc. now owns 4,299 shares of the company’s stock worth $52,000 after purchasing an additional 1,002 shares during the last quarter. Hedge funds and other institutional investors own 57.76% of the company’s stock.

Symbotic Company Profile

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Symbotic Inc, an automation technology company, provides robotics and technology to improve efficiency for retailers and wholesalers in the United States. The company offers Symbotic system, an end-to-end warehouse automation system for product distribution. It also designs, assemblies, and installs modular inventory management systems and performs configuration of embedded software.