Symbotic’s (SYM) “Sector Weight” Rating Reiterated at KeyCorp

KeyCorp reiterated their sector weight rating on shares of Symbotic (NASDAQ:SYM) in a report published on Wednesday, Marketbeat.com reports.

Other research analysts also recently issued research reports about the stock. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a report on Tuesday, November 19th. Robert W. Baird lowered their price target on Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. DA Davidson downgraded Symbotic from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $50.00 to $35.00 in a research report on Wednesday. TD Cowen boosted their price objective on Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Northland Securities raised their target price on Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Symbotic currently has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Symbotic Stock Performance

NASDAQ SYM opened at $26.90 on Wednesday. The stock has a market capitalization of $15.75 billion, a PE ratio of -448.33 and a beta of 1.81. The stock has a 50-day simple moving average of $28.97 and a 200 day simple moving average of $30.61. Symbotic has a twelve month low of $17.11 and a twelve month high of $58.58.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, hitting analysts’ consensus estimates of $0.05. The company had revenue of $576.77 million during the quarter, compared to analyst estimates of $470.24 million. Symbotic had a positive return on equity of 6.54% and a negative net margin of 0.32%. The company’s quarterly revenue was up 47.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.08) earnings per share. As a group, equities research analysts forecast that Symbotic will post 0.2 EPS for the current fiscal year.

Insider Buying and Selling at Symbotic

In other Symbotic news, CFO Carol J. Hibbard sold 22,821 shares of Symbotic stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total value of $660,896.16. Following the completion of the transaction, the chief financial officer now owns 34,188 shares in the company, valued at approximately $990,084.48. The trade was a 40.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael David Dunn sold 1,715 shares of the stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $28.77, for a total value of $49,340.55. Following the sale, the insider now owns 87,922 shares in the company, valued at $2,529,515.94. The trade was a 1.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 49,878 shares of company stock worth $1,378,056 over the last ninety days. Corporate insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Symbotic by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after purchasing an additional 345,386 shares during the last quarter. Advisors Asset Management Inc. increased its stake in shares of Symbotic by 11.6% in the 1st quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock valued at $123,000 after buying an additional 284 shares during the period. California State Teachers Retirement System lifted its stake in shares of Symbotic by 4.5% during the first quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock valued at $678,000 after acquiring an additional 654 shares during the period. Comerica Bank boosted its holdings in Symbotic by 1,347.0% in the first quarter. Comerica Bank now owns 16,641 shares of the company’s stock valued at $749,000 after acquiring an additional 15,491 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in Symbotic in the first quarter worth about $770,000.

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.