UBS Group Cuts Symbotic (NASDAQ:SYM) Price Target to $32.00

Symbotic (NASDAQ:SYM) had its target price cut by research analysts at UBS Group from $40.00 to $32.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. UBS Group’s target price points to a potential upside of 29.50% from the stock’s previous close.

SYM has been the topic of several other reports. Northland Securities raised their target price on Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. DA Davidson lowered Symbotic from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $50.00 to $35.00 in a research report on Wednesday, November 27th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a research note on Tuesday, November 19th. William Blair reissued a “market perform” rating on shares of Symbotic in a research report on Thursday, December 5th. Finally, TD Cowen raised their target price on shares of Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $41.79.

Symbotic Price Performance

Shares of SYM opened at $24.71 on Friday. The firm has a market cap of $14.52 billion, a P/E ratio of -411.83 and a beta of 1.73. Symbotic has a 1 year low of $17.11 and a 1 year high of $52.20. The stock has a 50 day simple moving average of $28.62 and a two-hundred day simple moving average of $28.09.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting the consensus estimate of $0.05. The business had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The firm’s revenue for the quarter was up 47.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.08) earnings per share. On average, equities analysts anticipate that Symbotic will post 0.12 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Michael David Dunn sold 63,867 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $30.08, for a total value of $1,921,119.36. Following the completion of the sale, the insider now directly owns 24,055 shares of the company’s stock, valued at $723,574.40. This represents a 72.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Carol J. Hibbard sold 22,821 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total value of $660,896.16. Following the sale, the chief financial officer now directly owns 34,188 shares in the company, valued at approximately $990,084.48. This represents a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 104,479 shares of company stock worth $3,088,372. Company insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SYM. Bank of New York Mellon Corp raised its stake in Symbotic by 9.6% during the second quarter. Bank of New York Mellon Corp now owns 80,707 shares of the company’s stock valued at $2,838,000 after purchasing an additional 7,058 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Symbotic by 21.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,309 shares of the company’s stock valued at $222,000 after acquiring an additional 1,130 shares during the last quarter. Commonwealth Equity Services LLC grew its position in Symbotic by 51.1% in the second quarter. Commonwealth Equity Services LLC now owns 30,996 shares of the company’s stock worth $1,090,000 after acquiring an additional 10,477 shares in the last quarter. Van ECK Associates Corp increased its stake in Symbotic by 109.5% during the second quarter. Van ECK Associates Corp now owns 2,723 shares of the company’s stock worth $96,000 after acquiring an additional 1,423 shares during the last quarter. Finally, Arizona State Retirement System increased its stake in Symbotic by 114.3% during the second quarter. Arizona State Retirement System now owns 9,863 shares of the company’s stock worth $347,000 after acquiring an additional 5,261 shares during the last quarter.

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.