Symbotic (NASDAQ:SYM) Price Target Increased to $58.00 by Analysts at Deutsche Bank Aktiengesellschaft

Symbotic (NASDAQ:SYM) had its price objective raised by Deutsche Bank Aktiengesellschaft from $57.00 to $58.00 in a research report released on Tuesday, Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms have also weighed in on SYM. William Blair reissued a market perform rating on shares of Symbotic in a research note on Tuesday, February 6th. Needham & Company LLC reissued a buy rating and issued a $54.00 price target on shares of Symbotic in a report on Tuesday. Northland Securities raised their price objective on Symbotic from $55.00 to $60.00 and gave the stock an outperform rating in a research note on Wednesday, April 10th. The Goldman Sachs Group cut their price target on shares of Symbotic from $51.00 to $44.00 and set a neutral rating on the stock in a research note on Tuesday, February 6th. Finally, Cantor Fitzgerald reissued an overweight rating and issued a $60.00 price objective on shares of Symbotic in a research report on Tuesday, February 6th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $55.77.

Symbotic Stock Performance

Shares of Symbotic stock opened at $46.50 on Tuesday. Symbotic has a 52 week low of $23.58 and a 52 week high of $64.14. The stock has a market capitalization of $26.83 billion, a price-to-earnings ratio of -172.22 and a beta of 1.97. The firm has a fifty day moving average of $43.12 and a two-hundred day moving average of $44.22.

Symbotic (NASDAQ:SYM) last released its earnings results on Monday, February 5th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.03. The firm had revenue of $368.45 million for the quarter, compared to analyst estimates of $370.28 million. Symbotic had a negative return on equity of 35.06% and a negative net margin of 1.39%. As a group, research analysts forecast that Symbotic will post -0.03 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder David A. Ladensohn sold 2,085,296 shares of Symbotic stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $39.69, for a total transaction of $82,765,398.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, major shareholder David A. Ladensohn sold 2,085,296 shares of Symbotic stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $39.69, for a total transaction of $82,765,398.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William M. Boyd III sold 8,825 shares of the company’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $40.34, for a total transaction of $356,000.50. Following the completion of the transaction, the insider now owns 23,012 shares in the company, valued at approximately $928,304.08. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,110,447 shares of company stock valued at $275,410,529. 38.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SYM. Swiss National Bank increased its stake in Symbotic by 3.4% during the 1st quarter. Swiss National Bank now owns 33,000 shares of the company’s stock worth $1,485,000 after acquiring an additional 1,100 shares during the period. Zevenbergen Capital Investments LLC raised its stake in Symbotic by 1,826.2% in the first quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock valued at $16,253,000 after purchasing an additional 342,417 shares in the last quarter. Oppenheimer & Co. Inc. bought a new stake in Symbotic during the first quarter worth about $366,000. Retirement Planning Co of New England Inc. acquired a new stake in Symbotic during the first quarter worth about $754,000. Finally, Essex Investment Management Co. LLC increased its holdings in Symbotic by 11.3% in the 1st quarter. Essex Investment Management Co. LLC now owns 24,516 shares of the company’s stock valued at $1,103,000 after buying an additional 2,490 shares during the period.

About Symbotic

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.