Arete Research Upgrades Symbotic (NASDAQ:SYM) to “Strong-Buy”

Arete Research upgraded shares of Symbotic (NASDAQ:SYM) to a strong-buy rating in a report published on Wednesday, Marketbeat Ratings reports. They currently have $50.00 price target on the stock.

Several other research analysts have also recently commented on SYM. Citigroup lowered their price target on shares of Symbotic from $37.00 to $29.00 and set a “buy” rating for the company in a report on Monday, April 14th. UBS Group lowered their target price on shares of Symbotic from $32.00 to $30.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. Arete initiated coverage on shares of Symbotic in a report on Wednesday. They issued a “buy” rating and a $50.00 target price for the company. BWS Financial restated a “sell” rating and issued a $10.00 target price on shares of Symbotic in a report on Wednesday, April 2nd. Finally, The Goldman Sachs Group lowered their target price on shares of Symbotic from $25.00 to $18.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.71.

Symbotic Stock Up 0.2%

NASDAQ SYM opened at $37.25 on Wednesday. Symbotic has a 52 week low of $16.32 and a 52 week high of $41.76. The stock has a market capitalization of $21.96 billion, a PE ratio of -931.25, a price-to-earnings-growth ratio of 61.93 and a beta of 1.95. The firm has a 50 day moving average of $27.81 and a two-hundred day moving average of $25.69.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.09). Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. The firm had revenue of $549.65 million for the quarter, compared to analyst estimates of $522.36 million. During the same quarter last year, the firm earned ($0.07) EPS. The company’s revenue was up 39.7% on a year-over-year basis. On average, equities research analysts expect that Symbotic will post 0.13 earnings per share for the current fiscal year.

Insider Activity at Symbotic

In related news, insider William M. Boyd III sold 2,660 shares of the company’s stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $20.62, for a total value of $54,849.20. Following the completion of the sale, the insider now owns 36,999 shares in the company, valued at $762,919.38. This represents a 6.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction on Friday, April 4th. The shares were sold at an average price of $17.51, for a total transaction of $35,020.00. Following the completion of the sale, the director now owns 194,036 shares of the company’s stock, valued at approximately $3,397,570.36. This trade represents a 1.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,656 shares of company stock worth $1,220,907 in the last 90 days. 0.60% of the stock is owned by insiders.

Institutional Trading of Symbotic

Several institutional investors and hedge funds have recently bought and sold shares of SYM. Walmart Inc. purchased a new stake in Symbotic in the 4th quarter valued at $355,650,000. JPMorgan Chase & Co. raised its position in Symbotic by 100.6% during the 4th quarter. JPMorgan Chase & Co. now owns 17,349 shares of the company’s stock worth $411,000 after buying an additional 3,110,075 shares during the last quarter. Vanguard Group Inc. raised its position in Symbotic by 41.3% during the 4th quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company’s stock worth $117,846,000 after buying an additional 1,452,627 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Symbotic during the 4th quarter worth $20,754,000. Finally, Canada Pension Plan Investment Board purchased a new position in Symbotic during the 1st quarter worth $4,968,000.

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.