Symbotic (NASDAQ:SYM) Price Target Raised to $60.00 at Northland Securities

Symbotic (NASDAQ:SYM) had its target price increased by Northland Securities from $55.00 to $60.00 in a research report report published on Wednesday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

SYM has been the topic of a number of other research reports. Needham & Company LLC lowered their price objective on shares of Symbotic from $58.00 to $54.00 and set a buy rating on the stock in a research report on Tuesday, February 6th. DA Davidson upgraded shares of Symbotic from a neutral rating to a buy rating and set a $50.00 price objective on the stock in a research report on Wednesday, February 7th. Cantor Fitzgerald restated an overweight rating and set a $60.00 price objective on shares of Symbotic in a research report on Tuesday, February 6th. The Goldman Sachs Group lowered their price objective on shares of Symbotic from $51.00 to $44.00 and set a neutral rating on the stock in a research report on Tuesday, February 6th. Finally, William Blair reiterated a market perform rating on shares of Symbotic in a research report on Tuesday, February 6th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $54.00.

Symbotic Stock Performance

Shares of NASDAQ SYM opened at $44.50 on Wednesday. The firm’s 50 day moving average price is $44.09 and its 200-day moving average price is $43.64. The company has a market cap of $25.68 billion, a PE ratio of -164.81 and a beta of 1.91. Symbotic has a 52-week low of $22.40 and a 52-week high of $64.14.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, February 5th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. The company had revenue of $368.45 million for the quarter, compared to the consensus estimate of $370.28 million. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. On average, analysts forecast that Symbotic will post -0.02 earnings per share for the current fiscal year.

Insider Transactions at Symbotic

In other news, Director Todd Krasnow sold 2,000 shares of the stock in a transaction on Monday, February 5th. The shares were sold at an average price of $51.50, for a total value of $103,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Richard B. Cohen sold 5,000,000 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $38.32, for a total transaction of $191,600,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $51.50, for a total transaction of $103,000.00. The disclosure for this sale can be found here. Insiders sold a total of 7,188,628 shares of company stock valued at $279,026,777 over the last three months. Corporate insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Several institutional investors have recently bought and sold shares of the stock. Quadrature Capital Ltd purchased a new position in Symbotic during the fourth quarter valued at $1,669,000. PNC Financial Services Group Inc. grew its stake in Symbotic by 7.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,632 shares of the company’s stock valued at $597,000 after acquiring an additional 800 shares in the last quarter. Vanguard Group Inc. grew its stake in Symbotic by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 2,081,034 shares of the company’s stock valued at $106,819,000 after acquiring an additional 40,699 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Symbotic by 2.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 369,026 shares of the company’s stock valued at $18,944,000 after acquiring an additional 8,058 shares in the last quarter. Finally, Voloridge Investment Management LLC grew its stake in Symbotic by 19.1% during the fourth quarter. Voloridge Investment Management LLC now owns 882,734 shares of the company’s stock valued at $45,311,000 after acquiring an additional 141,333 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.