Symbotic (NASDAQ:SYM) Rating Lowered to “Market Perform” at Raymond James

Symbotic (NASDAQ:SYM) was downgraded by equities researchers at Raymond James from an “outperform” rating to a “market perform” rating in a note issued to investors on Thursday, Marketbeat.com reports.

A number of other research analysts also recently weighed in on the stock. DA Davidson raised shares of Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 target price for the company in a research report on Wednesday, January 8th. Northland Securities raised their target price on shares of Symbotic from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. UBS Group decreased their target price on shares of Symbotic from $40.00 to $32.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Citigroup reaffirmed a “buy” rating and issued a $37.00 target price on shares of Symbotic in a research report on Monday, January 13th. Finally, KeyCorp reissued a “sector weight” rating on shares of Symbotic in a research report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $38.73.

Symbotic Stock Performance

SYM opened at $30.92 on Thursday. The firm’s fifty day moving average is $26.97 and its two-hundred day moving average is $26.79. The firm has a market cap of $18.16 billion, a PE ratio of -515.33, a price-to-earnings-growth ratio of 7.29 and a beta of 1.79. Symbotic has a twelve month low of $17.11 and a twelve month high of $50.40.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Wednesday, February 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.01. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. Equities analysts forecast that Symbotic will post 0.13 EPS for the current fiscal year.

Insider Activity at Symbotic

In other Symbotic news, insider Michael David Dunn sold 5,365 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $24.60, for a total transaction of $131,979.00. Following the sale, the insider now directly owns 31,860 shares of the company’s stock, valued at $783,756. The trade was a 14.41 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Carol J. Hibbard sold 4,055 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $30.70, for a total transaction of $124,488.50. Following the sale, the chief financial officer now directly owns 44,386 shares in the company, valued at $1,362,650.20. The trade was a 8.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 94,007 shares of company stock valued at $2,827,909. 0.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Symbotic

Institutional investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. lifted its position in shares of Symbotic by 32.0% in the 3rd 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. Exchange Traded Concepts LLC lifted its position in shares of 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. Thematics Asset Management lifted its position in shares of Symbotic by 30.1% in the 3rd quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock worth $25,565,000 after purchasing an additional 242,661 shares during the period. TCW Group Inc. lifted its position in shares of Symbotic by 51.7% in the 4th quarter. TCW Group Inc. now owns 582,955 shares of the company’s stock worth $13,822,000 after purchasing an additional 198,681 shares during the period. Finally, ARK Investment Management LLC acquired a new position in shares of Symbotic in the 4th quarter worth approximately $4,506,000.

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.