Symbotic (NASDAQ:SYM) Receives Overweight Rating from Cantor Fitzgerald

Symbotic (NASDAQ:SYM)‘s stock had its “overweight” rating reaffirmed by research analysts at Cantor Fitzgerald in a note issued to investors on Tuesday,Benzinga reports. They currently have a $60.00 price target on the stock. Cantor Fitzgerald’s target price would suggest a potential upside of 65.24% from the stock’s current price.

Other research analysts have also issued research reports about the company. The Goldman Sachs Group cut their price objective on Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Robert W. Baird lowered their price objective on Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. Citigroup reduced their target price on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Finally, Needham & Company LLC upped their target price on Symbotic from $40.00 to $46.00 and gave the company a “buy” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $44.31.

Symbotic Price Performance

Shares of NASDAQ:SYM opened at $36.31 on Tuesday. Symbotic has a 1 year low of $17.11 and a 1 year high of $59.82. The stock’s 50-day moving average is $27.42 and its 200 day moving average is $31.08. The company has a market cap of $21.26 billion, a PE ratio of -605.17 and a beta of 1.81.

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. Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The company had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. During the same quarter in the prior year, the business posted ($0.08) EPS. The firm’s quarterly revenue was up 47.2% compared to the same quarter last year. Analysts expect that Symbotic will post -0.08 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Michael David Dunn sold 5,266 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $23.81, for a total value of $125,383.46. Following the sale, the insider now owns 85,224 shares in the company, valued at approximately $2,029,183.44. This represents a 5.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Carol J. Hibbard sold 22,821 shares of the business’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total transaction of $660,896.16. Following the sale, the chief financial officer now directly owns 34,188 shares of the company’s stock, valued at approximately $990,084.48. This represents a 40.03 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 49,878 shares of company stock valued at $1,378,056. Company insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

A number of institutional investors have recently modified their holdings of SYM. Barclays PLC increased its stake in shares of Symbotic by 1,105.9% in the third quarter. Barclays PLC now owns 9,346 shares of the company’s stock valued at $228,000 after purchasing an additional 8,571 shares during the period. TCW Group Inc. increased its stake in shares of Symbotic by 0.8% in the third quarter. TCW Group Inc. now owns 384,274 shares of the company’s stock valued at $9,372,000 after purchasing an additional 3,075 shares during the period. Sunbelt Securities Inc. increased its stake in shares of Symbotic by 161.6% in the third quarter. Sunbelt Securities Inc. now owns 13,330 shares of the company’s stock valued at $325,000 after purchasing an additional 8,235 shares during the period. First Dallas Securities Inc. increased its stake in shares of Symbotic by 61.2% in the third quarter. First Dallas Securities Inc. now owns 32,400 shares of the company’s stock valued at $790,000 after purchasing an additional 12,300 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Symbotic by 10.2% during the third quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock valued at $12,290,000 after acquiring an additional 46,721 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.