Zacks Research Upgrades Symbotic (NASDAQ:SYM) to Hold

Symbotic (NASDAQ:SYM) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Wednesday,Zacks.com reports.

Several other equities research analysts have also recently commented on the stock. Oppenheimer reiterated an “outperform” rating and set a $83.00 price target on shares of Symbotic in a research report on Tuesday, November 25th. Cantor Fitzgerald upped their target price on shares of Symbotic from $60.00 to $82.00 and gave the company an “overweight” rating in a research report on Tuesday, November 25th. TD Cowen reissued a “buy” rating on shares of Symbotic in a research note on Wednesday, December 3rd. Needham & Company LLC raised their price target on Symbotic from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. Finally, Barclays lifted their price objective on Symbotic from $41.00 to $42.00 and gave the stock an “underweight” rating in a research note on Monday, January 12th. Six investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, Symbotic has a consensus rating of “Hold” and an average target price of $60.57.

Symbotic Stock Performance

NASDAQ SYM opened at $55.08 on Wednesday. The stock has a market capitalization of $33.17 billion, a P/E ratio of -550.74, a price-to-earnings-growth ratio of 7.20 and a beta of 2.13. Symbotic has a 52 week low of $16.32 and a 52 week high of $87.88. The stock has a fifty day moving average of $60.82 and a 200-day moving average of $60.57.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Wednesday, February 4th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.06). The firm had revenue of $629.99 million for the quarter, compared to analyst estimates of $622.58 million. Symbotic had a negative net margin of 0.45% and a negative return on equity of 1.88%. The company’s revenue was up 29.4% compared to the same quarter last year. During the same period last year, the company earned ($0.03) EPS. Equities research analysts forecast that Symbotic will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Symbotic

In other news, major shareholder Group Corp. Softbank sold 3,500,000 shares of Symbotic stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $53.21, for a total transaction of $186,235,000.00. Following the transaction, the insider owned 5,590,000 shares in the company, valued at $297,443,900. The trade was a 38.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Svf Sponsor Iii (De) Llc sold 3,500,000 shares of the business’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $53.21, for a total value of $186,235,000.00. Following the completion of the transaction, the insider owned 5,590,000 shares of the company’s stock, valued at $297,443,900. This represents a 38.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 7,204,212 shares of company stock valued at $385,123,962. Insiders own 8.16% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. MAI Capital Management boosted its holdings in shares of Symbotic by 833.3% in the third quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after buying an additional 500 shares during the period. IAG Wealth Partners LLC acquired a new stake in shares of Symbotic during the second quarter worth $32,000. Parkside Financial Bank & Trust lifted its position in Symbotic by 100.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock valued at $32,000 after acquiring an additional 268 shares in the last quarter. Quarry LP bought a new stake in Symbotic in the 4th quarter valued at $36,000. Finally, Parallel Advisors LLC boosted its stake in Symbotic by 67.3% in the 4th quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock worth $37,000 after purchasing an additional 249 shares during the period.

Symbotic Company Profile

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.