Symbotic (NASDAQ:SYM) Price Target Lowered to $40.00 at KeyCorp

Symbotic (NASDAQ:SYM) had its target price trimmed by KeyCorp from $55.00 to $40.00 in a research report released on Tuesday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other equities analysts have also issued reports on the stock. Citigroup reduced their target price on shares of Symbotic from $62.00 to $49.00 and set a buy rating on the stock in a research report on Tuesday. Needham & Company LLC reduced their target price on shares of Symbotic from $54.00 to $40.00 and set a buy rating on the stock in a research report on Tuesday. The Goldman Sachs Group reduced their target price on shares of Symbotic from $46.00 to $40.00 and set a neutral rating on the stock in a research report on Wednesday, July 10th. Cantor Fitzgerald reiterated an overweight rating and set a $60.00 target price on shares of Symbotic in a research report on Tuesday. Finally, Vertical Research started coverage on shares of Symbotic in a report on Tuesday, July 23rd. They issued a hold rating and a $45.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Symbotic presently has an average rating of Moderate Buy and a consensus target price of $43.23.

Symbotic Trading Down 3.7 %

Shares of Symbotic stock opened at $23.70 on Tuesday. The stock has a market capitalization of $13.86 billion, a price-to-earnings ratio of -98.75 and a beta of 1.86. Symbotic has a 1-year low of $22.54 and a 1-year high of $62.37. The firm’s 50-day moving average price is $36.25 and its two-hundred day moving average price is $40.82.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data 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 firm had revenue of $491.86 million for the quarter, compared to the consensus estimate of $464.56 million. During the same period in the prior year, the company posted ($0.07) earnings per share. Symbotic’s quarterly revenue was up 57.7% compared to the same quarter last year. As a group, equities research analysts predict that Symbotic will post -0.04 EPS for the current year.

Insiders Place Their Bets

In other Symbotic news, insider William M. Boyd III sold 8,826 shares of the 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 sale, the insider now directly owns 23,012 shares in the company, valued at $890,794.52. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Todd Krasnow sold 2,000 shares of the stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $40.92, for a total transaction of $81,840.00. Following the completion of the sale, the director now owns 214,036 shares of the company’s stock, valued at $8,758,353.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William M. Boyd III sold 8,826 shares of the stock in a transaction on Friday, July 26th. The stock was sold at an average price of $38.71, for a total transaction of $341,654.46. Following the sale, the insider now directly owns 23,012 shares of the company’s stock, valued at approximately $890,794.52. The disclosure for this sale can be found here. Over the last three months, insiders have sold 150,107 shares of company stock worth $5,950,707. Company insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Several large investors have recently made changes to their positions in SYM. Van ECK Associates Corp bought a new stake in shares of Symbotic during the fourth quarter worth $26,000. RiverPark Advisors LLC bought a new stake in shares of Symbotic during the first quarter worth $37,000. Global Retirement Partners LLC increased its position in shares of Symbotic by 166.7% during the first quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock worth $48,000 after acquiring an additional 660 shares in the last quarter. Pingora Partners LLC bought a new position in Symbotic in the fourth quarter valued at $51,000. Finally, RFP Financial Group LLC grew its position in Symbotic by 22.4% in the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after purchasing an additional 310 shares in the last quarter.

Symbotic Company Profile

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.