Symbotic (NASDAQ:SYM) Downgraded by Raymond James to Market Perform

Raymond James cut shares of Symbotic (NASDAQ:SYM) from an outperform rating to a market perform rating in a report published on Thursday morning, Marketbeat reports.

A number of other brokerages have also commented on SYM. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a report on Thursday, December 5th. The Goldman Sachs Group decreased their price target on shares of Symbotic from $34.00 to $28.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 4th. Oppenheimer assumed coverage on shares of Symbotic in a research note on Wednesday, January 15th. They issued an “outperform” rating and a $35.00 price objective for the company. Northland Securities increased their target price on shares of Symbotic from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Finally, TD Cowen lifted their price target on shares of Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $38.33.

Symbotic Price Performance

Shares of SYM opened at $25.99 on Thursday. The firm has a market capitalization of $15.27 billion, a PE ratio of -433.17, a PEG ratio of 7.29 and a beta of 1.79. The company’s 50-day moving average is $27.11 and its 200-day moving average is $26.82. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $50.40.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Wednesday, February 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.01. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. Analysts predict that Symbotic will post 0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Michael David Dunn sold 5,365 shares of the business’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $24.60, for a total transaction of $131,979.00. Following the sale, the insider now owns 31,860 shares in the company, valued at $783,756. The trade was a 14.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.04, for a total value of $48,080.00. Following the completion of the transaction, the director now owns 214,036 shares of the company’s stock, valued at $5,145,425.44. This 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 sold 94,007 shares of company stock valued at $2,827,909. 0.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SYM. Geode Capital Management LLC increased its position in Symbotic by 10.2% in the 3rd quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock valued at $12,290,000 after acquiring an additional 46,721 shares during the period. Sanctuary Advisors LLC acquired a new stake in Symbotic in the third quarter valued at $1,029,000. Capital Market Strategies LLC bought a new position in Symbotic during the 4th quarter worth $802,000. Baillie Gifford & Co. lifted its holdings in Symbotic by 32.0% during the 3rd 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 period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Symbotic by 10.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 219,074 shares of the company’s stock valued at $5,343,000 after buying an additional 20,469 shares during the last quarter.

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.