Analysts Set Symbotic Inc. (NASDAQ:SYM) Target Price at $57.00

Symbotic Inc. (NASDAQ:SYM) has been assigned a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $57.00.

Several equities analysts have recently weighed in on SYM shares. Northland Securities raised their price objective on Symbotic from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Needham & Company LLC reiterated a “buy” rating and set a $54.00 price objective on shares of Symbotic in a research note on Tuesday, May 7th. Robert W. Baird increased their price objective on Symbotic from $52.00 to $53.00 and gave the company an “outperform” rating in a report on Tuesday, May 7th. William Blair restated a “market perform” rating on shares of Symbotic in a report on Friday, May 10th. Finally, Craig Hallum increased their price target on shares of Symbotic from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th.

Insider Buying and Selling

In related news, insider Michael David Dunn sold 1,200 shares of Symbotic stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $44.02, for a total transaction of $52,824.00. Following the sale, the insider now directly owns 70,832 shares of the company’s stock, valued at approximately $3,118,024.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $42.20, for a total value of $84,400.00. Following the completion of the transaction, the director now owns 10,447 shares in the company, valued at approximately $440,863.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Michael David Dunn sold 1,200 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $44.02, for a total transaction of $52,824.00. Following the sale, the insider now directly owns 70,832 shares in the company, valued at $3,118,024.64. The disclosure for this sale can be found here. Insiders sold a total of 151,958 shares of company stock worth $6,050,192 in the last ninety days. 38.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently made changes to their positions in SYM. RFP Financial Group LLC increased its holdings in Symbotic by 21.2% in the first quarter. RFP Financial Group LLC now owns 1,382 shares of the company’s stock worth $62,000 after purchasing an additional 242 shares in the last quarter. Advisors Asset Management Inc. lifted its position in shares of Symbotic by 11.6% during the 1st quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock valued at $123,000 after acquiring an additional 284 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Symbotic by 8.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,875 shares of the company’s stock worth $250,000 after acquiring an additional 400 shares in the last quarter. Natixis Advisors L.P. boosted its stake in Symbotic by 4.3% during the fourth quarter. Natixis Advisors L.P. now owns 10,983 shares of the company’s stock worth $563,000 after acquiring an additional 456 shares in the last quarter. Finally, Van ECK Associates Corp bought a new stake in Symbotic in the fourth quarter valued at $26,000.

Symbotic Stock Performance

NASDAQ SYM opened at $35.34 on Friday. The stock has a market cap of $20.66 billion, a price-to-earnings ratio of -147.25 and a beta of 1.87. The business has a 50 day simple moving average of $39.27 and a 200 day simple moving average of $42.84. Symbotic has a 52-week low of $29.62 and a 52-week high of $64.14.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, May 6th. The company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.25. The firm had revenue of $424.30 million during the quarter, compared to analyst estimates of $415.98 million. Symbotic had a negative net margin of 1.27% and a positive return on equity of 5.27%. On average, analysts predict that Symbotic will post -0.07 EPS for the current year.

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.