Craig Hallum Increases Symbotic (NASDAQ:SYM) Price Target to $60.00

Symbotic (NASDAQ:SYM) had its price target hoisted by stock analysts at Craig Hallum from $55.00 to $60.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Craig Hallum’s price target points to a potential upside of 34.08% from the company’s previous close.

A number of other research analysts have also issued reports on SYM. Needham & Company LLC reissued a “buy” rating and issued a $54.00 target price on shares of Symbotic in a report on Tuesday. William Blair restated a “market perform” rating on shares of Symbotic in a research note on Tuesday, February 6th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Symbotic from $57.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday. DA Davidson upgraded shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Wednesday, February 7th. Finally, KeyCorp lowered their price objective on Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, February 6th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $55.69.

Symbotic Stock Performance

Symbotic stock opened at $44.75 on Wednesday. The company has a market capitalization of $25.82 billion, a P/E ratio of -165.74 and a beta of 1.97. Symbotic has a fifty-two week low of $23.58 and a fifty-two week high of $64.14. The stock has a 50-day simple moving average of $43.40 and a 200-day simple moving average of $44.25.

Symbotic (NASDAQ:SYM) last announced its 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. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. The business had revenue of $368.45 million for the quarter, compared to analyst estimates of $370.28 million. As a group, analysts forecast that Symbotic will post -0.03 earnings per share for the current year.

Insider Buying and Selling at Symbotic

In other Symbotic news, insider Richard B. Cohen sold 5,000,000 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $38.32, for a total transaction of $191,600,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder David A. Ladensohn sold 2,085,296 shares of the company’s stock in a transaction on 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Richard B. Cohen sold 5,000,000 shares of the 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 disclosure for this sale can be found here. Insiders have sold a total of 7,110,447 shares of company stock worth $275,410,529 in the last quarter. 38.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SYM. Barclays PLC grew its stake in Symbotic by 195.5% during the 3rd quarter. Barclays PLC now owns 8,008 shares of the company’s stock valued at $268,000 after purchasing an additional 5,298 shares in the last quarter. Aigen Investment Management LP bought a new stake in shares of Symbotic in the third quarter worth $545,000. LPL Financial LLC raised its holdings in Symbotic by 578.0% in the third quarter. LPL Financial LLC now owns 102,059 shares of the company’s stock valued at $3,412,000 after acquiring an additional 87,006 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in Symbotic by 176.5% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 75,527 shares of the company’s stock valued at $2,525,000 after acquiring an additional 48,214 shares during the last quarter. Finally, Quantbot Technologies LP bought a new stake in shares of Symbotic in the 3rd quarter worth about $1,101,000.

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.