Symbotic (NASDAQ:SYM) Cut to Neutral at DA Davidson

DA Davidson downgraded shares of Symbotic (NASDAQ:SYM) from a buy rating to a neutral rating in a research note issued to investors on Wednesday, Marketbeat.com reports. The brokerage currently has $35.00 price target on the stock, down from their previous price target of $50.00.

SYM has been the subject of a number of other reports. The Goldman Sachs Group cut their price target on Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Wednesday, July 31st. Northland Securities boosted their target price on shares of Symbotic from $50.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Needham & Company LLC upped their target price on shares of Symbotic from $40.00 to $46.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. BWS Financial reissued a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a research report on Tuesday, November 19th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $60.00 target price on shares of Symbotic in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $42.69.

Symbotic Stock Up 12.1 %

Symbotic stock opened at $26.90 on Wednesday. The firm has a market capitalization of $15.75 billion, a PE ratio of -448.33 and a beta of 1.81. Symbotic has a 52 week low of $17.11 and a 52 week high of $58.58. The firm’s 50-day simple moving average is $28.97 and its 200 day simple moving average is $30.61.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. The company had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. The company’s revenue for the quarter was up 47.2% compared to the same quarter last year. On average, research analysts expect that Symbotic will post 0.2 EPS for the current fiscal year.

Insider Activity

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

Institutional Trading of Symbotic

A number of institutional investors have recently added to or reduced their stakes in the business. Castleview Partners LLC lifted its stake in shares of Symbotic by 50.0% during the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after purchasing an additional 500 shares in the last quarter. RFP Financial Group LLC raised its holdings in shares of Symbotic by 22.4% during the 2nd quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after buying an additional 310 shares during the period. Quarry LP purchased a new position in Symbotic in the 2nd quarter worth approximately $65,000. Arcadia Investment Management Corp MI purchased a new position in Symbotic in the 3rd quarter worth approximately $49,000. Finally, RiverPark Advisors LLC grew its position in Symbotic by 147.1% in the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock valued at $50,000 after acquiring an additional 1,211 shares in the last quarter.

Symbotic Company Profile

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.