Citigroup Reiterates “Buy” Rating for Symbotic (NASDAQ:SYM)

Symbotic (NASDAQ:SYM)‘s stock had its “buy” rating reaffirmed by analysts at Citigroup in a research note issued on Monday, MarketBeat Ratings reports. They presently have a $37.00 price objective on the stock. Citigroup’s price objective points to a potential upside of 47.23% from the company’s current price.

SYM has been the subject of a number of other reports. KeyCorp restated a “sector weight” rating on shares of Symbotic in a report on Wednesday, November 27th. BWS Financial reissued a “sell” rating and set a $10.00 target price on shares of Symbotic in a research note on Tuesday, November 19th. TD Cowen raised their price target on shares of Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Needham & Company LLC lowered their price objective on shares of Symbotic from $46.00 to $35.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 target price on shares of Symbotic in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $39.86.

Symbotic Trading Up 2.7 %

Shares of SYM opened at $25.13 on Monday. The company’s fifty day simple moving average is $28.15 and its 200-day simple moving average is $27.56. The company has a market cap of $14.76 billion, a P/E ratio of -418.83 and a beta of 1.76. Symbotic has a twelve month low of $17.11 and a twelve month high of $52.20.

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

Insider Activity

In other news, insider William M. Boyd III sold 8,826 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $28.33, for a total transaction of $250,040.58. Following the transaction, the insider now directly owns 23,012 shares of the company’s stock, valued at approximately $651,929.96. This represents a 27.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Michael David Dunn sold 1,715 shares of the firm’s stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $28.77, for a total value of $49,340.55. Following the completion of the sale, the insider now directly owns 87,922 shares of the company’s stock, valued at $2,529,515.94. The trade was a 1.91 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 111,844 shares of company stock worth $3,268,431. 38.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SYM. Canada Pension Plan Investment Board increased its holdings in shares of Symbotic by 191.5% during the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after acquiring an additional 509,700 shares in the last quarter. Geode Capital Management LLC boosted its stake in Symbotic by 10.2% in the 3rd quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock worth $12,290,000 after purchasing an additional 46,721 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in Symbotic during the 3rd quarter worth approximately $1,029,000. Capital Market Strategies LLC acquired a new position in Symbotic during the 4th quarter valued at approximately $802,000. Finally, Baillie Gifford & Co. raised its holdings in shares of Symbotic by 32.0% in the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after buying an additional 3,410,050 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.