TD Cowen Forecasts Strong Price Appreciation for Symbotic (NASDAQ:SYM) Stock

Symbotic (NASDAQ:SYM) had its target price raised by investment analysts at TD Cowen from $43.00 to $50.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price objective suggests a potential upside of 34.99% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. DA Davidson reaffirmed a “buy” rating and issued a $47.00 price objective on shares of Symbotic in a research report on Tuesday, November 19th. Robert W. Baird cut their price target on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Cantor Fitzgerald reissued an “overweight” rating and set a $60.00 price target on shares of Symbotic in a research report on Tuesday, November 19th. KeyCorp boosted their price target on shares of Symbotic from $40.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Finally, Needham & Company LLC boosted their price target on shares of Symbotic from $40.00 to $46.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Symbotic presently has an average rating of “Moderate Buy” and an average target price of $44.85.

Symbotic Stock Performance

SYM traded down $0.43 during trading on Tuesday, reaching $37.04. 639,951 shares of the company’s stock were exchanged, compared to its average volume of 1,616,084. The company’s fifty day moving average price is $28.73 and its 200-day moving average price is $30.85. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $59.82. The firm has a market capitalization of $21.69 billion, a PE ratio of -622.50 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.05. The company had revenue of $576.77 million for the quarter, compared to analysts’ expectations of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. The business’s quarterly revenue was up 47.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.08) earnings per share. Research analysts forecast that Symbotic will post 0.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Carol J. Hibbard sold 22,821 shares of Symbotic stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total transaction of $660,896.16. Following the sale, the chief financial officer now owns 34,188 shares of the company’s stock, valued at approximately $990,084.48. This trade represents a 40.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $23.96, for a total value of $47,920.00. Following the transaction, the director now owns 2,000 shares of the company’s stock, valued at $47,920. This represents a 50.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 49,878 shares of company stock valued at $1,378,056 over the last ninety days. Company insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

A number of institutional investors and hedge funds have recently bought and sold shares of SYM. Baillie Gifford & Co. grew its stake in Symbotic by 32.0% during the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after buying an additional 3,410,050 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Symbotic by 191.5% in the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after buying an additional 509,700 shares during the last quarter. Exchange Traded Concepts LLC raised its holdings in Symbotic by 76.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after purchasing an additional 379,726 shares during the period. Vanguard Group Inc. raised its holdings in shares of Symbotic by 16.6% during the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after acquiring an additional 345,386 shares during the last quarter. Finally, Millennium Management LLC grew its position in shares of Symbotic by 6,694.5% in the second quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock valued at $11,801,000 after purchasing an additional 330,709 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.