Symbotic (NASDAQ:SYM) Earns Outperform Rating from Analysts at Oppenheimer

Oppenheimer assumed coverage on shares of Symbotic (NASDAQ:SYM) in a report issued on Wednesday morning,Benzinga reports. The brokerage issued an outperform rating and a $35.00 target price on the stock.

A number of other equities analysts also recently issued reports on SYM. The Goldman Sachs Group dropped their price target on Symbotic from $34.00 to $28.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 4th. William Blair restated a “market perform” rating on shares of Symbotic in a research note on Thursday, December 5th. DA Davidson raised shares of Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price target for the company in a research report on Wednesday, January 8th. Northland Securities raised their price objective on shares of Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Finally, Craig Hallum cut shares of Symbotic from a “buy” rating to a “hold” rating and set a $25.00 target price for the company. in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $39.53.

Symbotic Stock Performance

Shares of NASDAQ:SYM opened at $26.77 on Wednesday. The firm has a market cap of $15.73 billion, a price-to-earnings ratio of -446.17 and a beta of 1.76. The business has a 50-day simple moving average of $28.06 and a two-hundred day simple moving average of $27.56. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $52.20.

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. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The firm 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 company earned ($0.08) earnings per share. The firm’s quarterly revenue was up 47.2% on a year-over-year basis. As a group, research analysts predict that Symbotic will post 0.12 earnings per share for the current year.

Insider Activity

In related news, Director Merline Saintil sold 5,250 shares of the firm’s stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $28.70, for a total transaction of $150,675.00. Following the completion of the transaction, the director now directly owns 74,562 shares of the company’s stock, valued at approximately $2,139,929.40. This trade represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Carol J. Hibbard sold 22,821 shares of the business’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total transaction of $660,896.16. Following the completion of the sale, the chief financial officer now owns 34,188 shares in the company, valued at approximately $990,084.48. The trade was a 40.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 111,844 shares of company stock worth $3,268,431 over the last ninety days. Corporate insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Several large investors have recently made changes to their positions in SYM. Castleview Partners LLC boosted its stake in 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 buying an additional 500 shares during the last quarter. Arcadia Investment Management Corp MI bought a new position in shares of Symbotic during the 3rd quarter valued at approximately $49,000. RiverPark Advisors LLC grew its holdings in shares of Symbotic by 147.1% in the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock valued at $50,000 after purchasing an additional 1,211 shares in the last quarter. Quest Partners LLC increased its position in Symbotic by 19,307.7% in the third quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock worth $62,000 after purchasing an additional 2,510 shares during the last quarter. Finally, Quarry LP purchased a new stake in Symbotic during the second quarter valued at $65,000.

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.