Symbotic (NASDAQ:SYM) Raised to “Strong-Buy” at Arete Research

Symbotic (NASDAQ:SYM) was upgraded by analysts at Arete Research to a “strong-buy” rating in a research report issued on Wednesday, MarketBeat Ratings reports. The firm currently has a $50.00 target price on the stock. Arete Research’s price objective would indicate a potential upside of 34.55% from the company’s current price.

A number of other brokerages also recently issued reports on SYM. The Goldman Sachs Group reduced their price objective on shares of Symbotic from $25.00 to $18.00 and set a “neutral” rating on the stock in a research report on Thursday, April 10th. Arete assumed coverage on shares of Symbotic in a research note on Wednesday. They issued a “buy” rating and a $50.00 target price on the stock. BWS Financial reaffirmed a “sell” rating and set a $10.00 price objective on shares of Symbotic in a research report on Wednesday, April 2nd. Citigroup cut their target price on shares of Symbotic from $37.00 to $29.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Finally, UBS Group reduced their price target on shares of Symbotic from $32.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $38.71.

Symbotic Price Performance

Shares of Symbotic stock opened at $37.16 on Wednesday. Symbotic has a one year low of $16.32 and a one year high of $41.76. The business’s 50 day simple moving average is $27.47 and its two-hundred day simple moving average is $25.61. The stock has a market capitalization of $21.91 billion, a P/E ratio of -929.00, a price-to-earnings-growth ratio of 58.18 and a beta of 1.95.

Symbotic (NASDAQ:SYM) last issued its earnings results on Wednesday, May 7th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.09). The firm had revenue of $549.65 million during the quarter, compared to analysts’ expectations of $522.36 million. Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. The firm’s quarterly revenue was up 39.7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.07) earnings per share. Sell-side analysts expect that Symbotic will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Symbotic

In related news, insider William M. Boyd III sold 2,455 shares of the business’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $31.07, for a total value of $76,276.85. Following the sale, the insider now directly owns 34,544 shares in the company, valued at approximately $1,073,282.08. The trade was a 6.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniela L. Rus sold 1,000 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $30.00, for a total value of $30,000.00. Following the transaction, the director now directly owns 27,435 shares of the company’s stock, valued at approximately $823,050. The trade was a 3.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 48,656 shares of company stock valued at $1,220,907 in the last three months. 0.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Symbotic

A number of large investors have recently added to or reduced their stakes in the company. Walmart Inc. purchased a new position in shares of Symbotic in the fourth quarter valued at $355,650,000. Vanguard Group Inc. raised its stake in Symbotic by 41.3% during the fourth quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company’s stock valued at $117,846,000 after purchasing an additional 1,452,627 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Symbotic by 16.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company’s stock valued at $27,155,000 after purchasing an additional 187,538 shares during the last quarter. Raymond James Financial Inc. grew its stake in shares of Symbotic by 12.1% in the 1st quarter. Raymond James Financial Inc. now owns 980,922 shares of the company’s stock worth $19,824,000 after buying an additional 105,616 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Symbotic by 25.9% in the 4th quarter. Invesco Ltd. now owns 727,890 shares of the company’s stock worth $17,258,000 after buying an additional 149,918 shares during 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.