Analysts Set Symbotic Inc. (NASDAQ:SYM) Target Price at $65.92

Shares of Symbotic Inc. (NASDAQ:SYM) have received an average recommendation of “Hold” from the fifteen analysts that are currently covering the firm, Marketbeat Ratings reports. Four analysts have rated the stock with a sell recommendation, four have given a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $65.9167.

A number of brokerages recently issued reports on SYM. The Goldman Sachs Group decreased their price target on Symbotic from $54.00 to $45.00 and set a “sell” rating for the company in a research note on Tuesday, May 26th. DA Davidson reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Symbotic in a research report on Monday, May 11th. Needham & Company LLC reiterated a “buy” rating and issued a $75.00 target price on shares of Symbotic in a research note on Thursday, August 6th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Symbotic in a research report on Friday, August 7th. Finally, Zacks Research raised shares of Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 5th.

Insider Buying and Selling

In other Symbotic news, CTO James Kuffner sold 18,987 shares of the business’s stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $40.38, for a total value of $766,695.06. Following the completion of the sale, the chief technology officer directly owned 214,062 shares of the company’s stock, valued at $8,643,823.56. The trade was a 8.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Izilda P. Martins sold 27,463 shares of the company’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $40.80, for a total transaction of $1,120,490.40. Following the completion of the transaction, the chief financial officer owned 35,171 shares in the company, valued at $1,434,976.80. This represents a 43.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 118,011 shares of company stock worth $5,293,942 over the last ninety days. 8.16% of the stock is owned by insiders.

Hedge Funds Weigh In On Symbotic

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Symbotic by 47.6% in the fourth quarter. Vanguard Group Inc. now owns 6,932,158 shares of the company’s stock valued at $412,463,000 after purchasing an additional 2,237,137 shares during the period. Morgan Stanley grew its stake in Symbotic by 85.4% in the fourth quarter. Morgan Stanley now owns 2,530,874 shares of the company’s stock worth $150,587,000 after purchasing an additional 1,165,513 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Symbotic by 51,346.1% during the 4th quarter. JPMorgan Chase & Co. now owns 2,174,372 shares of the company’s stock worth $129,375,000 after purchasing an additional 2,178,615 shares during the period. UBS Group AG increased its holdings in Symbotic by 22.3% during the 3rd quarter. UBS Group AG now owns 1,105,770 shares of the company’s stock worth $59,601,000 after purchasing an additional 201,547 shares during the period. Finally, Ghisallo Capital Management LLC purchased a new position in Symbotic during the 4th quarter worth $63,034,000.

Symbotic Price Performance

Symbotic stock opened at $42.35 on Thursday. The firm has a market capitalization of $25.61 billion, a P/E ratio of 470.56, a price-to-earnings-growth ratio of 5.74 and a beta of 1.94. Symbotic has a 1-year low of $38.19 and a 1-year high of $87.88. The company’s 50-day moving average is $42.10 and its 200 day moving average is $49.68.

Symbotic (NASDAQ:SYM) last announced its earnings results on Wednesday, August 5th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.04). The business had revenue of $720.84 million for the quarter, compared to analysts’ expectations of $715.03 million. Symbotic had a net margin of 0.48% and a return on equity of 1.40%. The firm’s quarterly revenue was up 21.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.05) EPS. Research analysts anticipate that Symbotic will post 0.25 earnings per share for the current fiscal year.

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.