Symbotic Inc. (NASDAQ:SYM) Given Average Rating of “Hold” by Brokerages

Symbotic Inc. (NASDAQ:SYM) has been given an average recommendation of “Hold” by the fifteen research firms that are presently covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $65.9167.

Several equities analysts have weighed in on the company. Weiss Ratings reissued a “sell (d+)” rating on shares of Symbotic in a research note on Friday, August 7th. DA Davidson reaffirmed a “buy” rating and issued a $70.00 price target on shares of Symbotic in a research note on Monday, May 11th. Zacks Research upgraded shares of Symbotic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 5th. The Goldman Sachs Group reduced their price objective on shares of Symbotic from $54.00 to $45.00 and set a “sell” rating on the stock in a research note on Tuesday, May 26th. Finally, Needham & Company LLC restated a “buy” rating and set a $75.00 price objective on shares of Symbotic in a report on Thursday, August 6th.

Insider Activity at Symbotic

In related news, SVP Brian Daniel Alexander sold 9,130 shares of the firm’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $40.30, for a total transaction of $367,939.00. Following the sale, the senior vice president owned 55,611 shares of the company’s stock, valued at approximately $2,241,123.30. This trade represents a 14.10% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO James Kuffner sold 18,987 shares of the firm’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $40.38, for a total value of $766,695.06. Following the sale, the chief technology officer directly owned 214,062 shares in the company, valued at $8,643,823.56. The trade was a 8.15% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 114,644 shares of company stock valued at $5,122,225. 8.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

Several large investors have recently modified their holdings of the business. Royal Bank of Canada raised its position in shares of Symbotic by 28.8% during the first quarter. Royal Bank of Canada now owns 84,856 shares of the company’s stock worth $1,714,000 after purchasing an additional 18,967 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Symbotic by 15.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 84,899 shares of the company’s stock valued at $1,716,000 after purchasing an additional 11,098 shares during the period. Russell Investments Group Ltd. acquired a new position in shares of Symbotic in the 2nd quarter valued at approximately $804,000. Invesco Ltd. increased its stake in Symbotic by 33.2% during the 2nd quarter. Invesco Ltd. now owns 304,207 shares of the company’s stock worth $11,818,000 after purchasing an additional 75,828 shares in the last quarter. Finally, Cresset Asset Management LLC bought a new stake in Symbotic during the 2nd quarter worth approximately $267,000.

Symbotic Stock Performance

SYM opened at $42.02 on Thursday. The company has a fifty day moving average price of $42.07 and a two-hundred day moving average price of $49.47. The firm has a market capitalization of $25.41 billion, a PE ratio of 466.89, a P/E/G ratio of 5.44 and a beta of 1.94. Symbotic has a 52 week low of $38.19 and a 52 week high of $87.88.

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

Symbotic Company Profile

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.