Symbotic (NASDAQ:SYM) Given New $48.00 Price Target at KeyCorp

Symbotic (NASDAQ:SYM) had its target price increased by KeyCorp from $40.00 to $48.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other brokerages also recently commented on SYM. Citigroup dropped their price objective on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Northland Securities raised their price objective on Symbotic from $50.00 to $53.00 and gave the company an “outperform” rating in a report on Tuesday. The Goldman Sachs Group reduced their price objective on Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft increased their target price on 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 reiterated a “sell” rating and set a $10.00 target price on shares of Symbotic in a research report on Friday, October 11th. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Symbotic currently has a consensus rating of “Moderate Buy” and an average target price of $44.31.

Symbotic Trading Up 27.7 %

NASDAQ SYM opened at $39.02 on Tuesday. Symbotic has a 1 year low of $17.11 and a 1 year high of $59.82. The firm has a market capitalization of $22.85 billion, a price-to-earnings ratio of -205.37 and a beta of 1.81. The firm’s 50 day simple moving average is $27.00 and its 200 day simple moving average is $31.09.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, meeting the consensus estimate of $0.05. The business had revenue of $576.77 million for the quarter, compared to analyst estimates of $470.24 million. Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. Symbotic’s revenue was up 47.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.08) earnings per share. On average, equities research analysts forecast that Symbotic will post -0.08 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $18.75, for a total value of $37,500.00. Following the completion of the transaction, the director now directly owns 214,036 shares of the company’s stock, valued at approximately $4,013,175. This trade represents a 0.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael David Dunn sold 5,266 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $23.81, for a total value of $125,383.46. Following the sale, the insider now owns 85,224 shares in the company, valued at approximately $2,029,183.44. The trade was a 5.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,878 shares of company stock valued at $1,378,056 over the last quarter. Insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Several hedge funds have recently modified their holdings of SYM. Advisors Asset Management Inc. boosted its position in shares of Symbotic by 11.6% during the 1st quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock worth $123,000 after purchasing an additional 284 shares in the last quarter. RFP Financial Group LLC grew its stake in Symbotic by 22.4% in the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after acquiring an additional 310 shares during the period. Castleview Partners LLC increased its holdings in shares of Symbotic by 50.0% during the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after acquiring an additional 500 shares in the last quarter. California State Teachers Retirement System raised its position in shares of Symbotic by 4.5% during the first quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock worth $678,000 after purchasing an additional 654 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Symbotic by 8.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock worth $304,000 after purchasing an additional 679 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.