Symbotic (NASDAQ:SYM) Receives “Sector Weight” Rating from KeyCorp

KeyCorp reissued their sector weight rating on shares of Symbotic (NASDAQ:SYM) in a research report report published on Wednesday morning, Marketbeat reports.

A number of other research firms have also weighed in on SYM. Needham & Company LLC boosted their price target on shares of Symbotic from $40.00 to $46.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Northland Securities increased their price objective on Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Craig Hallum lowered their price target on Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. BWS Financial restated a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a report on Tuesday, November 19th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.69.

Symbotic Stock Performance

Shares of SYM stock opened at $24.00 on Wednesday. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $59.82. The stock’s 50-day simple moving average is $28.96 and its 200-day simple moving average is $30.77. The firm has a market capitalization of $14.05 billion, a PE ratio of -400.00 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. The firm had revenue of $576.77 million for the quarter, compared to analyst estimates of $470.24 million. During the same quarter in the prior year, the business earned ($0.08) earnings per share. The business’s quarterly revenue was up 47.2% compared to the same quarter last year. Sell-side analysts forecast that Symbotic will post 0.2 earnings per share for the current year.

Insider Activity at Symbotic

In other Symbotic news, CFO Carol J. Hibbard sold 22,821 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total value 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 $990,084.48. This represents a 40.03 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the business’s 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 owns 214,036 shares in the company, valued at approximately $4,013,175. This trade represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 49,878 shares of company stock worth $1,378,056. Corporate insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Symbotic by 16.6% during the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after purchasing an additional 345,386 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Symbotic by 11.6% during the 1st quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock valued at $123,000 after purchasing an additional 284 shares in the last quarter. California State Teachers Retirement System lifted its stake in Symbotic by 4.5% during the first quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock valued at $678,000 after purchasing an additional 654 shares during the last quarter. Comerica Bank grew its holdings in shares of Symbotic by 1,347.0% in the 1st quarter. Comerica Bank now owns 16,641 shares of the company’s stock worth $749,000 after acquiring an additional 15,491 shares during the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Symbotic in the 1st quarter valued at approximately $770,000.

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.