DA Davidson Reiterates Buy Rating for Symbotic (NASDAQ:SYM)

Symbotic (NASDAQ:SYM)‘s stock had its “buy” rating restated by analysts at DA Davidson in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $70.00 target price on the stock. DA Davidson’s price objective would indicate a potential upside of 34.13% from the stock’s previous close.

A number of other equities research analysts have also recently commented on SYM. Citigroup reaffirmed an “outperform” rating on shares of Symbotic in a report on Thursday, February 5th. Northland Securities set a $73.00 price target on shares of Symbotic in a research note on Thursday, February 5th. Needham & Company LLC boosted their price target on shares of Symbotic from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Zacks Research upgraded shares of Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 18th. Finally, Wall Street Zen lowered shares of Symbotic from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Seven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $65.62.

Symbotic Price Performance

Shares of NASDAQ:SYM traded down $0.10 on Monday, reaching $52.19. The company’s stock had a trading volume of 989,296 shares, compared to its average volume of 1,680,736. The stock’s 50-day moving average is $54.84 and its two-hundred day moving average is $60.63. Symbotic has a 52-week low of $24.80 and a 52-week high of $87.88. The stock has a market capitalization of $31.43 billion, a P/E ratio of -1,043.51, a PEG ratio of 5.24 and a beta of 2.03.

Symbotic (NASDAQ:SYM) last announced its earnings results on Wednesday, May 6th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.11). Symbotic had a negative net margin of 0.20% and a negative return on equity of 0.68%. The business had revenue of $676.48 million during the quarter, compared to analysts’ expectations of $662.66 million. During the same period in the previous year, the company posted ($0.04) earnings per share. Symbotic’s quarterly revenue was up 23.1% on a year-over-year basis. Equities analysts forecast that Symbotic will post 0.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Symbotic

In other news, Director Rollin L. Ford sold 60,000 shares of the business’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $57.51, for a total transaction of $3,450,600.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Brian Daniel Alexander sold 37,860 shares of the business’s stock in a transaction dated Friday, April 24th. The stock was sold at an average price of $59.97, for a total transaction of $2,270,464.20. Following the transaction, the senior vice president owned 44,229 shares in the company, valued at approximately $2,652,413.13. This trade represents a 46.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 157,581 shares of company stock valued at $9,113,457. Insiders own 8.16% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SYM. MAI Capital Management increased its holdings in Symbotic by 833.3% in the third quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after buying an additional 500 shares in the last quarter. Parkside Financial Bank & Trust increased its holdings in 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 buying an additional 268 shares in the last quarter. Quarry LP purchased a new position in Symbotic in the fourth quarter valued at about $36,000. Parallel Advisors LLC increased its holdings in Symbotic by 67.3% in the fourth quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock valued at $37,000 after buying an additional 249 shares in the last quarter. Finally, Ameriflex Group Inc. increased its holdings in Symbotic by 1,500.0% in the third quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock valued at $38,000 after buying an additional 660 shares in the last quarter.

About Symbotic

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.