Symbotic (NASDAQ:SYM) Price Target Raised to $50.00 at TD Cowen

Symbotic (NASDAQ:SYM) had its price target lifted by TD Cowen from $43.00 to $50.00 in a research report released on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms have also weighed in on SYM. DA Davidson reiterated a “buy” rating and issued a $47.00 price target on shares of Symbotic in a research report on Tuesday, November 19th. Craig Hallum cut their price target on Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. KeyCorp boosted their price objective on Symbotic from $40.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Cantor Fitzgerald reiterated an “overweight” rating and set a $60.00 target price on shares of Symbotic in a research report on Tuesday, November 19th. Finally, The Goldman Sachs Group lowered their price target on Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $42.69.

Symbotic Price Performance

SYM stock opened at $26.90 on Tuesday. The company has a market cap of $15.75 billion, a P/E ratio of -448.33 and a beta of 1.81. Symbotic has a 1 year low of $17.11 and a 1 year high of $58.58. The stock’s fifty day moving average price is $28.97 and its 200-day moving average price is $30.61.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. The company had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. During the same quarter last year, the firm posted ($0.08) earnings per share. The firm’s revenue was up 47.2% compared to the same quarter last year. As a group, analysts expect that Symbotic will post 0.2 earnings per share for the current year.

Insider Activity at Symbotic

In other news, insider Michael David Dunn sold 5,266 shares of Symbotic stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $23.81, for a total transaction of $125,383.46. Following the completion of the sale, the insider now owns 85,224 shares of the company’s stock, valued at approximately $2,029,183.44. The trade was a 5.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Carol J. Hibbard sold 22,821 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total value of $660,896.16. Following the transaction, the chief financial officer now owns 34,188 shares in the company, valued at $990,084.48. The trade was a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 49,878 shares of company stock worth $1,378,056 in the last quarter. 38.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Symbotic

Several institutional investors have recently bought and sold shares of SYM. Baillie Gifford & Co. grew its stake in Symbotic by 32.0% in the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after purchasing an additional 3,410,050 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Symbotic by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after buying an additional 345,386 shares during the last quarter. Thematics Asset Management raised its stake in shares of Symbotic by 30.1% during the 3rd quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock worth $25,565,000 after acquiring an additional 242,661 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in Symbotic by 76.8% during the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after acquiring an additional 379,726 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in Symbotic by 191.5% in the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after acquiring an additional 509,700 shares in the last quarter.

About Symbotic

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.