Symbotic (NASDAQ:SYM) Receives “Market Perform” Rating from William Blair

Symbotic (NASDAQ:SYM)‘s stock had its “market perform” rating reissued by equities researchers at William Blair in a research report issued to clients and investors on Thursday,RTT News reports.

A number of other brokerages have also weighed in on SYM. KeyCorp reaffirmed a “sector weight” rating on shares of Symbotic in a research note on Wednesday, November 27th. Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a research report on Tuesday, November 19th. The Goldman Sachs Group cut their price objective on shares of Symbotic from $34.00 to $28.00 and set a “neutral” rating on the stock in a research report on Wednesday. Northland Securities boosted their price objective on shares of Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Finally, Needham & Company LLC lowered their target price on shares of Symbotic from $46.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $42.54.

Symbotic Price Performance

Symbotic stock opened at $26.13 on Thursday. The company’s 50 day simple moving average is $29.11 and its 200 day simple moving average is $30.09. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $58.58. The firm has a market capitalization of $15.30 billion, a price-to-earnings ratio of -435.50 and a beta of 1.73.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. The firm had revenue of $576.77 million for the quarter, compared to analyst estimates of $470.24 million. During the same quarter in the previous year, the firm posted ($0.08) earnings per share. The business’s revenue was up 47.2% on a year-over-year basis. As a group, analysts predict that Symbotic will post 0.14 EPS for the current fiscal year.

Insider Buying and Selling at Symbotic

In related news, insider Michael David Dunn sold 5,266 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $23.81, for a total value of $125,383.46. Following the transaction, the insider now directly owns 85,224 shares in the company, valued at approximately $2,029,183.44. This represents a 5.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $23.96, for a total transaction of $47,920.00. Following the completion of the transaction, the director now owns 2,000 shares in the company, valued at $47,920. This trade represents a 50.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 47,878 shares of company stock worth $1,340,556 over the last ninety days. Insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Several institutional investors and hedge funds have recently modified their holdings of the business. Castleview Partners LLC lifted its position in Symbotic by 50.0% during the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after purchasing an additional 500 shares during the period. Arcadia Investment Management Corp MI bought a new position in shares of Symbotic in the third quarter worth about $49,000. RiverPark Advisors LLC lifted its holdings in shares of Symbotic by 147.1% in the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock worth $50,000 after acquiring an additional 1,211 shares during the last quarter. RFP Financial Group LLC lifted its holdings in shares of 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 acquiring an additional 310 shares during the last quarter. Finally, Quest Partners LLC lifted its holdings in shares of Symbotic by 19,307.7% in the third quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock worth $62,000 after acquiring an additional 2,510 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.