Symbotic (NASDAQ:SYM) Given New $41.00 Price Target at Northland Securities

Symbotic (NASDAQ:SYM) had its price target raised by Northland Securities from $35.00 to $41.00 in a research report released on Friday,Benzinga reports. They currently have an outperform rating on the stock.

SYM has been the topic of several other reports. DA Davidson upgraded Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price objective on the stock in a research report on Wednesday, January 8th. TD Cowen increased their price target on shares of Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Citigroup restated a “buy” rating and issued a $37.00 price objective on shares of Symbotic in a report on Monday, January 13th. BWS Financial reaffirmed a “sell” rating and set a $10.00 target price on shares of Symbotic in a report on Tuesday, November 19th. Finally, Oppenheimer initiated coverage on shares of Symbotic in a research note on Wednesday. They issued an “outperform” rating and a $35.00 price target for the company. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $38.73.

Symbotic Stock Down 6.5 %

Shares of SYM opened at $29.76 on Friday. Symbotic has a 1-year low of $17.11 and a 1-year high of $52.20. The firm’s 50 day simple moving average is $27.96 and its 200 day simple moving average is $27.55.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.05. The company had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The firm’s revenue was up 47.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.08) EPS. On average, sell-side analysts anticipate that Symbotic will post 0.12 EPS for the current year.

Insiders Place Their Bets

In other news, insider Michael David Dunn sold 63,867 shares of Symbotic stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $30.08, for a total transaction of $1,921,119.36. Following the sale, the insider now owns 24,055 shares of the company’s stock, valued at approximately $723,574.40. The trade was a 72.64 % decrease in their position. The sale 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 completion of the transaction, the chief financial officer now directly owns 34,188 shares of the company’s stock, valued at approximately $990,084.48. The trade was a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 111,844 shares of company stock worth $3,268,431. 38.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Symbotic

Several hedge funds have recently made changes to their positions in the company. Canada Pension Plan Investment Board lifted its position in Symbotic by 191.5% during the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after buying an additional 509,700 shares during the period. Geode Capital Management LLC increased its stake in shares of Symbotic by 10.2% in the 3rd quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock worth $12,290,000 after acquiring an additional 46,721 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Symbotic during the 3rd quarter valued at about $1,029,000. Capital Market Strategies LLC bought a new stake in Symbotic during the fourth quarter worth about $802,000. Finally, Baillie Gifford & Co. grew its holdings in Symbotic by 32.0% in the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after purchasing an additional 3,410,050 shares during the period.

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.