Symbotic’s (SYM) “Overweight” Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Symbotic (NASDAQ:SYM) in a research note issued to investors on Thursday,Benzinga reports. Cantor Fitzgerald currently has a $60.00 target price on the stock.

Several other brokerages have also recently weighed in on SYM. The Goldman Sachs Group lowered their target price on Symbotic from $34.00 to $28.00 and set a “neutral” rating on the stock in a report on Wednesday, December 4th. UBS Group decreased their price target on Symbotic from $40.00 to $32.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. DA Davidson upgraded shares of Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price objective on the stock in a report on Wednesday, January 8th. TD Cowen increased their target price 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. Finally, Craig Hallum lowered shares of Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price objective on the stock. in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $38.73.

Symbotic Price Performance

Shares of SYM opened at $31.38 on Thursday. The business’s 50 day simple moving average is $27.98 and its 200-day simple moving average is $27.35. Symbotic has a 1 year low of $17.11 and a 1 year high of $52.20. The stock has a market capitalization of $18.43 billion, a price-to-earnings ratio of -523.00, a price-to-earnings-growth ratio of 8.26 and a beta of 1.76.

Symbotic (NASDAQ:SYM) last issued its earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.05. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. The business had revenue of $576.77 million during the quarter, compared to analyst estimates of $470.24 million. During the same period in the previous year, the company posted ($0.08) EPS. Symbotic’s revenue was up 47.2% on a year-over-year basis. On average, sell-side analysts expect that Symbotic will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Todd Krasnow sold 2,000 shares of the stock in a transaction on Monday, November 4th. The shares were sold at an average price of $28.15, for a total transaction of $56,300.00. Following the completion of the sale, the director now directly owns 214,036 shares in the company, valued at $6,025,113.40. This represents a 0.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael David Dunn sold 5,365 shares of Symbotic stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $24.60, for a total value of $131,979.00. Following the completion of the sale, the insider now owns 31,860 shares of the company’s stock, valued at approximately $783,756. The trade was a 14.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 117,993 shares of company stock worth $3,490,555 in the last ninety days. 38.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Symbotic

Several large investors have recently made changes to their positions in SYM. Geode Capital Management LLC boosted its holdings in shares of Symbotic by 10.2% in the third quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock worth $12,290,000 after acquiring an additional 46,721 shares during the period. Sanctuary Advisors LLC bought a new position in shares of Symbotic in the third quarter valued at approximately $1,029,000. Capital Market Strategies LLC purchased a new position in Symbotic during the fourth quarter valued at approximately $802,000. Baillie Gifford & Co. boosted its holdings in Symbotic by 32.0% in the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after purchasing an additional 3,410,050 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Symbotic by 10.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 219,074 shares of the company’s stock worth $5,343,000 after buying an additional 20,469 shares in 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.