Cantor Fitzgerald Reiterates Overweight Rating for Symbotic (NASDAQ:SYM)

Cantor Fitzgerald reaffirmed their overweight rating on shares of Symbotic (NASDAQ:SYM) in a report issued on Friday morning, Benzinga reports. Cantor Fitzgerald currently has a $60.00 target price on the stock.

A number of other research firms have also commented on SYM. Vertical Research began coverage on shares of Symbotic in a research report on Tuesday, July 23rd. They set a hold rating and a $45.00 price target for the company. Deutsche Bank Aktiengesellschaft upped their target price on Symbotic from $58.00 to $59.00 and gave the stock a buy rating in a research note on Tuesday, July 30th. BWS Financial reaffirmed a sell rating and issued a $10.00 price target on shares of Symbotic in a report on Friday, September 27th. Robert W. Baird cut their price objective on Symbotic from $53.00 to $41.00 and set an outperform rating for the company in a report on Wednesday, July 31st. Finally, KeyCorp decreased their price objective on shares of Symbotic from $55.00 to $40.00 and set an overweight rating on the stock in a research report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Symbotic has a consensus rating of Moderate Buy and an average price target of $43.23.

Symbotic Stock Performance

NASDAQ:SYM opened at $29.93 on Friday. Symbotic has a 52-week low of $17.11 and a 52-week high of $59.82. The business’s fifty day moving average is $22.42 and its 200 day moving average is $33.39. The firm has a market cap of $17.53 billion, a price-to-earnings ratio of -157.53 and a beta of 1.84.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, July 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). The firm had revenue of $491.86 million during the quarter, compared to analysts’ expectations of $464.56 million. Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The company’s quarterly revenue was up 57.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.07) earnings per share. Equities analysts predict that Symbotic will post -0.08 EPS for the current fiscal year.

Insider Activity

In related news, insider Michael David Dunn sold 1,895 shares of Symbotic stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $36.56, for a total value of $69,281.20. Following the transaction, the insider now owns 77,326 shares in the company, valued at $2,827,038.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider William M. Boyd III sold 8,826 shares of the stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $38.71, for a total transaction of $341,654.46. Following the completion of the sale, the insider now owns 23,012 shares of the company’s stock, valued at approximately $890,794.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael David Dunn sold 1,895 shares of Symbotic stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $36.56, for a total transaction of $69,281.20. Following the completion of the transaction, the insider now directly owns 77,326 shares in the company, valued at approximately $2,827,038.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 36,987 shares of company stock valued at $986,559. Corporate insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

A number of large investors have recently added to or reduced their stakes in SYM. RiverPark Advisors LLC bought a new position in shares of Symbotic during the first quarter valued at about $37,000. RFP Financial Group LLC increased its holdings in Symbotic by 21.2% during the 1st quarter. RFP Financial Group LLC now owns 1,382 shares of the company’s stock valued at $62,000 after purchasing an additional 242 shares during the period. Quarry LP bought a new position in Symbotic during the 2nd quarter valued at approximately $65,000. Natixis Investment Managers International purchased a new stake in Symbotic in the 1st quarter worth approximately $90,000. Finally, Sandia Investment Management LP bought a new stake in shares of Symbotic in the 1st quarter worth approximately $112,000.

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.