Symbotic (NASDAQ:SYM – Get Free Report) had its price target reduced by equities research analysts at Barclays from $44.00 to $38.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has an “underweight” rating on the stock. Barclays‘s price objective would suggest a potential downside of 13.04% from the stock’s current price.
Several other equities research analysts have also weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $75.00 target price on shares of Symbotic in a research report on Thursday, August 6th. Zacks Research raised shares of Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 5th. Weiss Ratings lowered shares of Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday. Robert W. Baird set a $51.00 price objective on shares of Symbotic in a report on Thursday, August 6th. Finally, The Goldman Sachs Group cut their price objective on shares of Symbotic from $54.00 to $45.00 and set a “sell” rating on the stock in a research report on Tuesday, May 26th. Seven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Symbotic has an average rating of “Hold” and an average price target of $65.42.
Read Our Latest Stock Analysis on Symbotic
Symbotic Stock Up 1.8%
Symbotic (NASDAQ:SYM – Get Free Report) last announced 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). The company had revenue of $720.84 million for the quarter, compared to analyst estimates of $715.03 million. Symbotic had a return on equity of 1.40% and a net margin of 0.48%.The firm’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.05) earnings per share. Research analysts predict that Symbotic will post 0.21 EPS for the current year.
Insider Buying and Selling
In related news, insider Maria G. Freve sold 2,244 shares of Symbotic stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $40.28, for a total transaction of $90,388.32. Following the sale, the insider directly owned 3,096 shares in the company, valued at $124,706.88. The trade was a 42.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Brian Alexander sold 9,130 shares of the company’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $40.30, for a total transaction of $367,939.00. Following the completion of the sale, the senior vice president directly owned 55,611 shares of the company’s stock, valued at $2,241,123.30. The trade was a 14.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 86,085 shares of company stock valued at $3,546,788. Company insiders own 8.16% of the company’s stock.
Institutional Trading of Symbotic
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Parkside Financial Bank & Trust lifted its stake in shares of Symbotic by 100.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock worth $32,000 after acquiring an additional 268 shares during the period. Quarry LP acquired a new position in shares of Symbotic during the fourth quarter valued at approximately $36,000. Parallel Advisors LLC increased its stake in shares of Symbotic by 67.3% during the fourth quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock valued at $37,000 after acquiring an additional 249 shares during the period. Gordian Capital Singapore Pte Ltd bought a new stake in Symbotic during the fourth quarter worth approximately $48,000. Finally, NewEdge Advisors LLC raised its holdings in Symbotic by 81.5% during the second quarter. NewEdge Advisors LLC now owns 1,276 shares of the company’s stock worth $50,000 after purchasing an additional 573 shares in the last quarter.
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.
Read More
- Five stocks we like better than Symbotic
- 5 Defensive Stocks to Watch as CPI and the Fed Put the Rally to the Test
- Short Sellers Are Betting Against 3 AI Infrastructure Stocks—What Could Turn the Tide?
- Meta Platforms Is Set to Steal Google’s Advertsing Crown—What It Means for Investors
- Uber’s Wayve Deal Shows How It Wants to Win Without Building Cars
Receive News & Ratings for Symbotic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Symbotic and related companies with MarketBeat.com's FREE daily email newsletter.
