Symbotic (NASDAQ:SYM) Trading Up 4.4% Following Analyst Upgrade

Symbotic Inc. (NASDAQ:SYM) shares rose 4.4% on Tuesday after Craig Hallum raised their price target on the stock from $55.00 to $60.00. Craig Hallum currently has a buy rating on the stock. Symbotic traded as high as $48.08 and last traded at $43.80. Approximately 1,717,947 shares changed hands during mid-day trading, an increase of 23% from the average daily volume of 1,396,977 shares. The stock had previously closed at $41.94.

A number of other research analysts also recently commented on the stock. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a report on Tuesday, February 6th. Deutsche Bank Aktiengesellschaft lifted their target price on Symbotic from $57.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday. KeyCorp lowered their price target on Symbotic from $63.00 to $55.00 and set an “overweight” rating for the company in a research report on Tuesday, February 6th. The Goldman Sachs Group cut their price objective on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 6th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a report on Tuesday, February 6th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $55.69.

Insider Activity at Symbotic

In related news, insider Richard B. Cohen sold 5,000,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $38.32, for a total value of $191,600,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Richard B. Cohen sold 5,000,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $38.32, for a total value of $191,600,000.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Michael David Dunn sold 1,747 shares of the firm’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $40.08, for a total transaction of $70,019.76. Following the completion of the transaction, the insider now directly owns 74,032 shares in the company, valued at $2,967,202.56. The disclosure for this sale can be found here. Insiders sold a total of 7,110,447 shares of company stock worth $275,410,529 in the last 90 days. Corporate insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Several large investors have recently modified their holdings of SYM. Baillie Gifford & Co. acquired a new stake in shares of Symbotic during the first quarter valued at about $426,752,000. 1832 Asset Management L.P. increased its holdings in Symbotic by 189.5% in the 4th quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock valued at $54,174,000 after purchasing an additional 690,900 shares during the last quarter. Zevenbergen Capital Investments LLC raised its position 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 during the period. Coatue Management LLC acquired a new position in Symbotic during the fourth quarter worth $11,088,000. Finally, Hodges Capital Management Inc. purchased a new position in shares of Symbotic during the third quarter worth $5,740,000.

Symbotic Price Performance

The firm has a market capitalization of $27.91 billion, a price-to-earnings ratio of -179.11 and a beta of 1.97. The stock has a 50 day moving average price of $43.30 and a two-hundred day moving average price of $44.25.

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

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.