Symbotic (NASDAQ:SYM) PT Lowered to $30.00 at The Goldman Sachs Group

Symbotic (NASDAQ:SYM) had its target price reduced by The Goldman Sachs Group from $40.00 to $30.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages also recently commented on SYM. Cantor Fitzgerald reissued an overweight rating and issued a $60.00 price objective on shares of Symbotic in a research note on Tuesday. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Symbotic from $58.00 to $59.00 and gave the stock a buy rating in a research note on Tuesday. Needham & Company LLC reduced their price objective on shares of Symbotic from $54.00 to $40.00 and set a buy rating for the company in a research note on Tuesday. KeyCorp reduced their price objective on shares of Symbotic from $55.00 to $40.00 and set an overweight rating for the company in a research note on Tuesday. Finally, BWS Financial reissued a sell rating and issued a $10.00 price objective on shares of Symbotic in a research note on Tuesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Symbotic currently has a consensus rating of Moderate Buy and a consensus price target of $43.23.

Symbotic Stock Performance

Symbotic stock opened at $23.70 on Wednesday. The company has a 50 day moving average price of $36.25 and a 200-day moving average price of $40.82. Symbotic has a fifty-two week low of $22.54 and a fifty-two week high of $62.37. The company has a market capitalization of $13.86 billion, a PE ratio of -98.75 and a beta of 1.86.

Symbotic (NASDAQ:SYM) last posted its quarterly 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). The company had revenue of $491.86 million for the quarter, compared to the consensus estimate of $464.56 million. Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The business’s revenue was up 57.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.07) EPS. On average, analysts forecast that Symbotic will post -0.08 earnings per share for the current year.

Insider Activity

In other news, insider Michael David Dunn sold 1,200 shares of the business’s stock in a transaction 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 $3,118,024.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder David A. Ladensohn sold 50,000 shares of the business’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $40.89, for a total transaction of $2,044,500.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Michael David Dunn sold 1,200 shares of the business’s stock in a transaction 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 in the company, valued at $3,118,024.64. The disclosure for this sale can be found here. Insiders have sold 150,107 shares of company stock valued at $5,950,707 over the last ninety days. 38.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Symbotic

Several hedge funds have recently added to or reduced their stakes in SYM. SG Americas Securities LLC purchased a new stake in Symbotic in the fourth quarter valued at $136,000. Stonegate Investment Group LLC purchased a new stake in Symbotic in the fourth quarter valued at $318,000. Colonial River Wealth Management LLC purchased a new stake in Symbotic in the fourth quarter valued at $232,000. Arizona State Retirement System purchased a new stake in Symbotic in the fourth quarter valued at $232,000. Finally, TFC Financial Management Inc. boosted its holdings in Symbotic by 97.1% in the fourth quarter. TFC Financial Management Inc. now owns 1,226 shares of the company’s stock valued at $63,000 after purchasing an additional 604 shares during 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.