Symbotic Inc. (NASDAQ:SYM) Receives $65.23 Average PT from Brokerages

Symbotic Inc. (NASDAQ:SYM) has received a consensus recommendation of “Hold” from the sixteen ratings firms that are currently covering the stock, Marketbeat reports. Four analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and seven have assigned a buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $65.2308.

A number of research firms recently commented on SYM. The Goldman Sachs Group dropped their target price on shares of Symbotic from $54.00 to $45.00 and set a “sell” rating on the stock in a report on Tuesday, May 26th. Weiss Ratings downgraded shares of Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, May 11th. Barclays boosted their target price on shares of Symbotic from $42.00 to $44.00 and gave the stock an “underweight” rating in a report on Monday, March 16th. Finally, DA Davidson reiterated a “buy” rating and issued a $70.00 target price on shares of Symbotic in a report on Monday, May 11th.

Symbotic Stock Performance

Shares of NASDAQ:SYM opened at $41.24 on Wednesday. The company has a 50 day moving average of $50.15 and a 200-day moving average of $54.90. The firm has a market cap of $24.86 billion, a P/E ratio of -824.64, a P/E/G ratio of 6.08 and a beta of 1.92. Symbotic has a twelve month low of $36.40 and a twelve month high of $87.88.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.11). The company had revenue of $676.48 million during the quarter, compared to analyst estimates of $662.66 million. Symbotic had a negative return on equity of 0.68% and a negative net margin of 0.20%.The company’s revenue was up 23.1% on a year-over-year basis. During the same period in the prior year, the company posted ($0.04) earnings per share. Equities research analysts forecast that Symbotic will post 0.23 EPS for the current year.

Insider Buying and Selling at Symbotic

In other news, CTO James Kuffner sold 3,878 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $53.51, for a total transaction of $207,511.78. Following the sale, the chief technology officer owned 185,126 shares in the company, valued at $9,906,092.26. The trade was a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $47.30, for a total transaction of $94,600.00. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 144,431 shares of company stock valued at $8,141,204 over the last three months. 8.16% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SYM. Royal Bank of Canada increased its stake in Symbotic by 28.8% in the 1st quarter. Royal Bank of Canada now owns 84,856 shares of the company’s stock valued at $1,714,000 after buying an additional 18,967 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in 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 buying an additional 11,098 shares during the period. Russell Investments Group Ltd. acquired a new position in Symbotic in the 2nd quarter valued at approximately $804,000. Invesco Ltd. increased its stake in Symbotic by 33.2% in the 2nd quarter. Invesco Ltd. now owns 304,207 shares of the company’s stock valued at $11,818,000 after buying an additional 75,828 shares during the period. Finally, Cresset Asset Management LLC acquired a new position in Symbotic in the 2nd quarter valued at approximately $267,000.

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.