DA Davidson Forecasts Strong Price Appreciation for Symbotic (NASDAQ:SYM) Stock

Symbotic (NASDAQ:SYM) had its target price boosted by equities researchers at DA Davidson from $47.00 to $50.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. DA Davidson’s price objective would suggest a potential upside of 101.61% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the company. Citigroup reduced their price target on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. The Goldman Sachs Group reduced their price target on Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 31st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $60.00 target price on shares of Symbotic in a report on Tuesday, November 19th. Robert W. Baird reduced their target price on Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. Finally, Needham & Company LLC raised their target price on Symbotic from $40.00 to $46.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.08.

Symbotic Stock Performance

SYM opened at $24.80 on Monday. Symbotic has a 52-week low of $17.11 and a 52-week high of $59.82. The firm has a market capitalization of $14.52 billion, a PE ratio of -623.50 and a beta of 1.81. The business’s 50-day simple moving average is $28.98 and its 200 day simple moving average is $30.82.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.05. The business had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. Symbotic had a positive return on equity of 6.54% and a negative net margin of 0.32%. The firm’s quarterly revenue was up 47.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.08) earnings per share. On average, research analysts forecast that Symbotic will post 0.2 earnings per share for the current year.

Insider Activity at Symbotic

In other news, insider Michael David Dunn sold 1,715 shares of the stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $28.77, for a total transaction of $49,340.55. Following the completion of the sale, the insider now directly owns 87,922 shares in the company, valued at approximately $2,529,515.94. This represents a 1.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction dated 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 represents a 40.03 % decrease in their ownership of the stock. 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 90 days. 38.30% of the stock is owned by insiders.

Institutional Trading of Symbotic

A number of institutional investors have recently modified their holdings of the company. Advisors Asset Management Inc. lifted its holdings in Symbotic by 11.6% in the first quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock worth $123,000 after buying an additional 284 shares during the period. RFP Financial Group LLC increased its position in shares of Symbotic by 22.4% during the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after acquiring an additional 310 shares in the last quarter. Castleview Partners LLC increased its position in shares of Symbotic by 50.0% during the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after acquiring an additional 500 shares in the last quarter. California State Teachers Retirement System increased its position in shares of Symbotic by 4.5% during the first quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock valued at $678,000 after acquiring an additional 654 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Symbotic by 8.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock worth $304,000 after acquiring an additional 679 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.