Symbotic (NASDAQ:SYM) Given New $50.00 Price Target at TD Cowen

Symbotic (NASDAQ:SYM) had its target price hoisted by stock analysts at TD Cowen from $43.00 to $50.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price target would suggest a potential upside of 34.99% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Needham & Company LLC lifted their target price on Symbotic from $40.00 to $46.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Robert W. Baird cut their price objective on Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. DA Davidson reiterated a “buy” rating and issued a $47.00 price objective on shares of Symbotic in a report on Tuesday, November 19th. Craig Hallum cut their price objective on Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Finally, Northland Securities boosted their price objective on Symbotic from $50.00 to $53.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.85.

Symbotic Price Performance

NASDAQ SYM traded down $0.43 during trading on Tuesday, hitting $37.04. The company’s stock had a trading volume of 639,951 shares, compared to its average volume of 1,616,084. The company has a market cap of $21.69 billion, a PE ratio of -622.50 and a beta of 1.81. The business’s 50 day simple moving average is $28.73 and its 200-day simple moving average is $30.85. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $59.82.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results 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 positive return on equity of 6.54% and a negative net margin of 0.32%. The company had revenue of $576.77 million during the quarter, compared to analysts’ expectations of $470.24 million. During the same period last year, the business earned ($0.08) earnings per share. Symbotic’s quarterly revenue was up 47.2% on a year-over-year basis. Analysts expect that Symbotic will post 0.36 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Carol J. Hibbard sold 22,821 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 34,188 shares of the company’s stock, valued at approximately $990,084.48. This represents a 40.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total value of $37,500.00. Following the transaction, the director now directly owns 214,036 shares of the company’s stock, valued at $4,013,175. This trade represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 49,878 shares of company stock worth $1,378,056. 38.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

A number of institutional investors and hedge funds have recently modified their holdings of SYM. Baillie Gifford & Co. increased its position in Symbotic by 32.0% during the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after buying an additional 3,410,050 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in shares of Symbotic by 191.5% in the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after buying an additional 509,700 shares during the period. Exchange Traded Concepts LLC lifted its stake in shares of Symbotic by 76.8% in the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after buying an additional 379,726 shares during the period. Vanguard Group Inc. lifted its stake in shares of Symbotic by 16.6% in the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after buying an additional 345,386 shares during the period. Finally, Millennium Management LLC lifted its stake in shares of Symbotic by 6,694.5% in the second quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock valued at $11,801,000 after buying an additional 330,709 shares during the period.

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.