Symbotic (NASDAQ:SYM) Cut to "Market Perform" at Raymond James

Raymond James cut shares of Symbotic (NASDAQ:SYM - Free Report) from an outperform rating to a market perform rating in a research note issued to investors on Thursday morning, Marketbeat Ratings reports.

A number of other analysts have also commented on the company. BWS Financial restated a "sell" rating and issued a $10.00 price target on shares of Symbotic in a report on Tuesday, January 21st. Citigroup reaffirmed a "buy" rating and set a $37.00 price target on shares of Symbotic in a research report on Monday, January 13th. UBS Group lowered their price objective on shares of Symbotic from $40.00 to $32.00 and set a "neutral" rating on the stock in a report on Friday, January 3rd. The Goldman Sachs Group reduced their target price on shares of Symbotic from $34.00 to $28.00 and set a "neutral" rating for the company in a report on Wednesday, December 4th. 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 note on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $38.33.

Symbotic Stock Up 1.5 %

NASDAQ SYM traded up $0.38 during trading on Thursday, reaching $26.37. 2,795,304 shares of the stock traded hands, compared to its average volume of 2,745,813. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $50.40. The firm has a market cap of $15.49 billion, a price-to-earnings ratio of -376.66, a price-to-earnings-growth ratio of 6.45 and a beta of 1.79. The stock's 50-day moving average price is $27.13 and its 200 day moving average price is $26.64.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly earnings data on Wednesday, February 5th. The company reported ($0.03) EPS for the quarter, beating analysts' consensus estimates of ($0.04) by $0.01. Symbotic had a negative net margin of 0.38% and a positive return on equity of 5.11%. Analysts anticipate that Symbotic will post 0.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Carol J. Hibbard sold 4,055 shares of Symbotic stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $30.70, for a total transaction of $124,488.50. Following the completion of the sale, the chief financial officer now owns 44,386 shares of the company's stock, valued at approximately $1,362,650.20. This trade represents a 8.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael David Dunn sold 5,365 shares of the company's stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $24.60, for a total transaction of $131,979.00. Following the completion of the transaction, the insider now owns 31,860 shares in the company, valued at $783,756. This trade represents a 14.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 94,007 shares of company stock valued at $2,827,909 over the last ninety days. 0.60% of the stock is currently owned by company insiders.

Institutional Trading of Symbotic

Institutional investors have recently bought and sold shares of the business. Castleview Partners LLC raised its position in shares of Symbotic by 50.0% in the third quarter. Castleview Partners LLC now owns 1,500 shares of the company's stock valued at $37,000 after buying an additional 500 shares in the last quarter. IFP Advisors Inc raised its holdings in Symbotic by 58.2% in the 4th quarter. IFP Advisors Inc now owns 1,368 shares of the company's stock valued at $32,000 after acquiring an additional 503 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Symbotic by 8.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company's stock valued at $304,000 after acquiring an additional 679 shares during the period. Van ECK Associates Corp grew its holdings in shares of Symbotic by 28.4% during the 3rd quarter. Van ECK Associates Corp now owns 3,497 shares of the company's stock worth $85,000 after purchasing an additional 774 shares in the last quarter. Finally, National Bank of Canada FI increased its position in shares of Symbotic by 36.8% in the third quarter. National Bank of Canada FI now owns 3,557 shares of the company's stock worth $87,000 after purchasing an additional 957 shares during the period.

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.