Northland Securities Forecasts Strong Price Appreciation for Symbotic (NASDAQ:SYM) Stock

Symbotic (NASDAQ:SYM) had its price objective upped by Northland Securities from $50.00 to $53.00 in a report published on Tuesday morning,Benzinga reports. They currently have an outperform rating on the stock.

SYM has been the topic of several other research reports. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price target on shares of Symbotic in a report on Friday, October 11th. Citigroup cut their target price on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Robert W. Baird decreased their price target on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, BWS Financial restated a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a report on Friday, October 11th. 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $44.31.

Symbotic Stock Performance

Symbotic stock opened at $38.79 on Tuesday. The company has a market capitalization of $22.71 billion, a PE ratio of -636.17 and a beta of 1.81. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $59.82. The firm has a 50 day moving average price of $28.08 and a 200 day moving average price of $31.15.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data 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 positive return on equity of 6.54% and a negative net margin of 0.32%. The business had revenue of $576.77 million during the quarter, compared to analysts’ expectations of $470.24 million. During the same period in the previous year, the firm posted ($0.08) earnings per share. The company’s revenue was up 47.2% on a year-over-year basis. As a group, equities research analysts forecast that Symbotic will post 0.33 earnings per share for the current year.

Insider Buying and Selling at Symbotic

In other Symbotic news, insider William M. Boyd III sold 8,826 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $28.33, for a total transaction of $250,040.58. Following the completion of the sale, the insider now directly owns 23,012 shares of the company’s stock, valued at approximately $651,929.96. This trade represents a 27.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael David Dunn sold 1,715 shares of Symbotic stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $28.77, for a total value of $49,340.55. Following the completion of the transaction, the insider now owns 87,922 shares in the company, valued at $2,529,515.94. This trade represents a 1.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 49,878 shares of company stock worth $1,378,056. 38.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Symbotic

Hedge funds have recently modified their holdings of the stock. Barclays PLC boosted its holdings in Symbotic by 1,105.9% in the 3rd quarter. Barclays PLC now owns 9,346 shares of the company’s stock valued at $228,000 after purchasing an additional 8,571 shares in the last quarter. TCW Group Inc. grew its holdings in Symbotic by 0.8% in the third quarter. TCW Group Inc. now owns 384,274 shares of the company’s stock valued at $9,372,000 after purchasing an additional 3,075 shares during the last quarter. Sunbelt Securities Inc. increased its position in shares of Symbotic by 161.6% in the third quarter. Sunbelt Securities Inc. now owns 13,330 shares of the company’s stock valued at $325,000 after buying an additional 8,235 shares in the last quarter. First Dallas Securities Inc. raised its stake in shares of Symbotic by 61.2% during the 3rd quarter. First Dallas Securities Inc. now owns 32,400 shares of the company’s stock worth $790,000 after buying an additional 12,300 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position 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 buying an additional 46,721 shares in 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.