Zacks Research Upgrades Symbotic (NASDAQ:SYM) to “Hold”

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

Several other analysts have also issued reports on the company. Barclays upped their target price on Symbotic from $41.00 to $42.00 and gave the stock an “underweight” rating in a report on Monday, January 12th. Cantor Fitzgerald upped their price target on shares of Symbotic from $60.00 to $82.00 and gave the company an “overweight” rating in a research note on Tuesday, November 25th. Deutsche Bank Aktiengesellschaft increased their price objective on Symbotic from $55.00 to $63.00 and gave the stock a “hold” rating in a research report on Tuesday, November 25th. Oppenheimer reiterated an “outperform” rating and issued a $83.00 price target on shares of Symbotic in a research report on Tuesday, November 25th. Finally, Wall Street Zen upgraded Symbotic from a “hold” rating to a “buy” rating in a research report on Saturday, February 7th. Six equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, Symbotic presently has an average rating of “Hold” and an average price target of $60.57.

Symbotic Stock Performance

NASDAQ:SYM traded down $1.92 during trading hours on Wednesday, hitting $53.16. The stock had a trading volume of 788,253 shares, compared to its average volume of 2,105,178. Symbotic has a one year low of $16.32 and a one year high of $87.88. The company has a market cap of $32.01 billion, a price-to-earnings ratio of -530.95, a P/E/G ratio of 7.20 and a beta of 2.13. The business’s 50 day moving average is $60.82 and its 200-day moving average is $60.57.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Wednesday, February 4th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.06). The business had revenue of $629.99 million for the quarter, compared to analyst estimates of $622.58 million. Symbotic had a negative return on equity of 1.88% and a negative net margin of 0.45%.The company’s revenue for the quarter was up 29.4% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.03) EPS. On average, sell-side analysts anticipate that Symbotic will post 0.13 EPS for the current fiscal year.

Insider Activity at Symbotic

In other news, Director Todd Krasnow sold 4,000 shares of Symbotic stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $53.73, for a total transaction of $214,920.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO James Kuffner sold 77,321 shares of the company’s stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $59.76, for a total transaction of $4,620,702.96. Following the completion of the transaction, the chief technology officer owned 144,982 shares of the company’s stock, valued at approximately $8,664,124.32. This trade represents a 34.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 7,204,212 shares of company stock worth $385,123,962 over the last 90 days. 8.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Symbotic

A number of institutional investors have recently modified their holdings of the company. Mercer Global Advisors Inc. ADV lifted its holdings in Symbotic by 32.2% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 8,435 shares of the company’s stock valued at $502,000 after buying an additional 2,056 shares during the period. NewEdge Advisors LLC lifted its stake in shares of Symbotic by 278.4% in the 4th quarter. NewEdge Advisors LLC now owns 9,711 shares of the company’s stock valued at $578,000 after purchasing an additional 7,145 shares during the period. Twinbeech Capital LP acquired a new position in shares of Symbotic in the 4th quarter valued at about $1,515,000. Polymer Capital Management US LLC bought a new stake in shares of Symbotic during the 4th quarter valued at about $279,000. Finally, Readystate Asset Management LP acquired a new stake in Symbotic during the fourth quarter worth approximately $470,000.

About Symbotic

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.