Symbotic (NASDAQ:SYM) Price Target Cut to $43.00

Symbotic (NASDAQ:SYM) had its price objective reduced by TD Cowen from $55.00 to $43.00 in a report published on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also weighed in on SYM. Northland Securities boosted their target price on Symbotic from $55.00 to $60.00 and gave the stock an outperform rating in a report on Wednesday, April 10th. Cantor Fitzgerald restated an overweight rating and issued a $60.00 target price on shares of Symbotic in a report on Tuesday. William Blair reiterated a market perform rating on shares of Symbotic in a report on Friday, May 10th. BWS Financial reiterated a sell rating and set a $10.00 price target on shares of Symbotic in a report on Tuesday. Finally, Vertical Research assumed coverage on Symbotic in a report on Tuesday, July 23rd. They set a hold rating and a $45.00 price target for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $43.23.

Symbotic Price Performance

Shares of Symbotic stock opened at $23.70 on Tuesday. The firm has a market cap of $13.86 billion, a price-to-earnings ratio of -98.75 and a beta of 1.86. Symbotic has a 52-week low of $22.54 and a 52-week high of $62.37. The stock has a 50-day simple moving average of $36.25 and a 200-day simple moving average of $40.82.

Symbotic (NASDAQ:SYM) last posted its earnings results on Monday, July 29th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.04). Symbotic had a positive return on equity of 5.05% and a negative net margin of 1.03%. The company had revenue of $491.86 million during the quarter, compared to analyst estimates of $464.56 million. During the same quarter last year, the firm posted ($0.07) earnings per share. The firm’s revenue for the quarter was up 57.7% compared to the same quarter last year. As a group, equities research analysts predict that Symbotic will post -0.04 earnings per share for the current year.

Insider Activity

In other news, major shareholder David A. Ladensohn sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $40.89, for a total transaction of $2,044,500.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Symbotic news, major shareholder David A. Ladensohn sold 50,000 shares of the company’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $40.89, for a total value of $2,044,500.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider William M. Boyd III sold 8,826 shares of the company’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $38.71, for a total value of $341,654.46. Following the completion of the sale, the insider now owns 23,012 shares in the company, valued at $890,794.52. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 150,107 shares of company stock worth $5,950,707. Company insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

A number of large investors have recently bought and sold shares of the stock. Van ECK Associates Corp acquired a new position in Symbotic in the fourth quarter worth $26,000. RiverPark Advisors LLC acquired a new position in Symbotic in the first quarter worth $37,000. Global Retirement Partners LLC boosted its stake in Symbotic by 166.7% in the first quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock worth $48,000 after purchasing an additional 660 shares in the last quarter. Pingora Partners LLC acquired a new position in Symbotic in the fourth quarter worth $51,000. Finally, RFP Financial Group LLC boosted its stake in Symbotic by 22.4% in the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after purchasing an additional 310 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.