Symbotic (NASDAQ:SYM) Trading 2.9% Higher Following Analyst Upgrade

Symbotic Inc. (NASDAQ:SYM) traded up 2.9% during mid-day trading on Wednesday after Deutsche Bank Aktiengesellschaft raised their price target on the stock from $57.00 to $58.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Symbotic traded as high as $48.14 and last traded at $47.84. 540,680 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 1,413,479 shares. The stock had previously closed at $46.50.

Several other research analysts also recently commented on SYM. Cantor Fitzgerald reissued an “overweight” rating and set a $60.00 price target on shares of Symbotic in a research note on Tuesday, February 6th. William Blair reiterated a “market perform” rating on shares of Symbotic in a report on Tuesday, February 6th. DA Davidson upgraded Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 target price for the company in a report on Wednesday, February 7th. Northland Securities boosted their price objective on Symbotic from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. Finally, KeyCorp cut their target price on shares of Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, February 6th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Symbotic has an average rating of “Moderate Buy” and an average price target of $55.77.

Insider Transactions at Symbotic

In related news, insider Richard B. Cohen sold 5,000,000 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $38.32, for a total value of $191,600,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Richard B. Cohen sold 5,000,000 shares of Symbotic stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $38.32, for a total transaction of $191,600,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder David A. Ladensohn sold 2,085,296 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $39.69, for a total value of $82,765,398.24. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,110,447 shares of company stock valued at $275,410,529. Corporate insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

A number of large investors have recently made changes to their positions in SYM. Baillie Gifford & Co. bought a new position in Symbotic in the first quarter valued at about $426,752,000. 1832 Asset Management L.P. boosted its holdings in shares of Symbotic by 189.5% in the fourth quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock worth $54,174,000 after buying an additional 690,900 shares during the last quarter. Zevenbergen Capital Investments LLC grew its position in Symbotic by 1,826.2% during the first quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock valued at $16,253,000 after buying an additional 342,417 shares during the period. Coatue Management LLC purchased a new stake in Symbotic during the fourth quarter valued at approximately $11,088,000. Finally, Hodges Capital Management Inc. bought a new position in Symbotic in the third quarter worth approximately $5,740,000.

Symbotic Trading Up 2.9 %

The firm has a market cap of $27.62 billion, a PE ratio of -177.19 and a beta of 1.97. The company’s 50 day moving average price is $43.12 and its two-hundred day moving average price is $44.22.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Monday, February 5th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.03. The business had revenue of $368.45 million during the quarter, compared to analysts’ expectations of $370.28 million. Symbotic had a negative return on equity of 35.06% and a negative net margin of 1.39%. Equities research analysts expect that Symbotic Inc. will post -0.03 earnings per share for the current fiscal year.

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.