Symbotic Inc. (NASDAQ:SYM) Receives Consensus Recommendation of “Hold” from Analysts

Symbotic Inc. (NASDAQ:SYM) has been assigned an average recommendation of “Hold” from the sixteen research firms that are currently covering the company, Marketbeat.com reports. Four investment 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 twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $65.2308.

A number of equities analysts have weighed in on SYM shares. DA Davidson reaffirmed a “buy” rating and set a $70.00 price target on shares of Symbotic in a research report on Monday, May 11th. Weiss Ratings downgraded Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 11th. The Goldman Sachs Group reduced their price target on Symbotic from $54.00 to $45.00 and set a “sell” rating for the company in a research report on Tuesday, May 26th. Wall Street Zen downgraded Symbotic from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, Barclays upped their price target on Symbotic from $42.00 to $44.00 and gave the stock an “underweight” rating in a research report on Monday, March 16th.

Insider Activity

In other Symbotic news, SVP Brian Daniel Alexander sold 37,860 shares of the company’s stock in a transaction that occurred on Friday, April 24th. The stock was sold at an average price of $59.97, for a total transaction of $2,270,464.20. Following the completion of the transaction, the senior vice president owned 44,229 shares of the company’s stock, valued at $2,652,413.13. This represents a 46.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Maria G. Freve sold 2,335 shares of the company’s stock in a transaction that occurred on Friday, April 24th. The stock was sold at an average price of $60.08, for a total value of $140,286.80. Following the transaction, the insider directly owned 3,004 shares of the company’s stock, valued at approximately $180,480.32. This trade represents a 43.73% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 144,431 shares of company stock worth $8,141,204. 8.16% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Symbotic

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Western Wealth Management LLC bought a new stake in shares of Symbotic during the 1st quarter worth approximately $113,000. Centaurus Financial Inc. raised its stake in shares of Symbotic by 62.1% during the 1st quarter. Centaurus Financial Inc. now owns 2,814 shares of the company’s stock worth $150,000 after purchasing an additional 1,078 shares in the last quarter. Amundi raised its stake in shares of Symbotic by 68.5% during the 1st quarter. Amundi now owns 108,553 shares of the company’s stock worth $5,775,000 after purchasing an additional 44,132 shares in the last quarter. California State Teachers Retirement System raised its stake in shares of Symbotic by 25.2% during the 1st quarter. California State Teachers Retirement System now owns 55,871 shares of the company’s stock worth $2,972,000 after purchasing an additional 11,260 shares in the last quarter. Finally, Royal Bank of Canada raised its stake in shares of Symbotic by 41.1% during the 1st quarter. Royal Bank of Canada now owns 100,018 shares of the company’s stock worth $5,321,000 after purchasing an additional 29,152 shares in the last quarter.

Symbotic Stock Performance

Shares of SYM opened at $38.57 on Wednesday. The stock has a 50 day simple moving average of $51.12 and a 200 day simple moving average of $55.32. Symbotic has a 52-week low of $32.09 and a 52-week high of $87.88. The firm has a market capitalization of $23.25 billion, a PE ratio of -771.25, a P/E/G ratio of 5.93 and a beta of 1.91.

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

About Symbotic

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.