Symbotic (NASDAQ:SYM) Coverage Initiated by Analysts at Jefferies Financial Group

Jefferies Financial Group initiated coverage on shares of Symbotic (NASDAQ:SYM) in a research report sent to investors on Wednesday, MarketBeat.com reports. The firm issued a hold rating and a $35.00 price target on the stock.

Several other brokerages have also weighed in on SYM. Needham & Company LLC dropped their price objective on shares of Symbotic from C$75.00 to C$60.00 and set a “buy” rating on the stock in a report on Tuesday, September 15th. Weiss Ratings upgraded Symbotic from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, September 21st. Robert W. Baird set a $51.00 target price on Symbotic in a research report on Thursday, August 6th. TD Cowen decreased their target price on Symbotic from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, October 22nd. Finally, Barclays dropped their price target on Symbotic from $44.00 to $38.00 and set an “underweight” rating on the stock in a research note on Tuesday, September 8th. Seven analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $63.46.

Symbotic Stock Down 1.4%

Shares of NASDAQ SYM opened at $37.11 on Wednesday. The firm has a market cap of $22.44 billion, a PE ratio of 418.00, a P/E/G ratio of 3.56 and a beta of 2.06. The company’s fifty day simple moving average is $40.82 and its 200 day simple moving average is $47.06. Symbotic has a 12-month low of $33.17 and a 12-month high of $87.88.

Insiders Place Their Bets

In other Symbotic news, CFO Izilda Martins sold 7,224 shares of the business’s stock in a transaction on Wednesday, October 28th. The shares were sold at an average price of $38.93, for a total transaction of $281,230.32. Following the completion of the sale, the chief financial officer owned 42,732 shares in the company, valued at approximately $1,663,556.76. The trade was a 14.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $38.46, for a total transaction of $76,920.00. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 63,371 shares of company stock worth $2,475,076 in the last quarter. Insiders own 8.16% of the company’s stock.

Institutional Investors Weigh In On Symbotic

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Advisors Asset Management Inc. bought a new position in Symbotic in the 3rd quarter valued at about $3,306,000. Allworth Financial LP boosted its stake in Symbotic by 69.3% during the 3rd quarter. Allworth Financial LP now owns 2,560 shares of the company’s stock valued at $115,000 after purchasing an additional 1,048 shares during the last quarter. Eurizon Capital SGR S.p.A. boosted its stake in Symbotic by 12.1% during the 3rd quarter. Eurizon Capital SGR S.p.A. now owns 5,652 shares of the company’s stock valued at $237,000 after purchasing an additional 610 shares during the last quarter. Bourne Lent Asset Management Inc. increased its holdings in Symbotic by 0.3% during the 3rd quarter. Bourne Lent Asset Management Inc. now owns 90,010 shares of the company’s stock worth $3,787,000 after purchasing an additional 300 shares in the last quarter. Finally, Fulcrum Asset Management LLP bought a new stake in Symbotic during the 3rd quarter worth approximately $145,000.

Symbotic Company Profile

Symbotic Inc. develops and deploys automated systems for warehouses and distribution centers. Its technology combines software, artificial intelligence and robotics to help customers move and manage goods through facilities. The company’s systems include high-density storage, autonomous mobile robots and automated solutions for tasks such as retrieving, sorting and building pallets of products. Symbotic also provides software to coordinate these operations and integrate them with customers’ supply-chain processes.