Symbotic (NASDAQ:SYM) Rating Reiterated by Cantor Fitzgerald

Symbotic (NASDAQ:SYM)‘s stock had its “overweight” rating reiterated by stock analysts at Cantor Fitzgerald in a research note issued on Friday, Benzinga reports. They currently have a $60.00 price objective on the stock. Cantor Fitzgerald’s target price points to a potential upside of 100.47% from the company’s current price.

Several 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. Citigroup decreased their price target on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. BWS Financial reiterated a “sell” rating and set a $10.00 price objective on shares of Symbotic in a research note on Friday, September 27th. TD Cowen lowered their price objective on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Finally, Craig Hallum lowered their price objective on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. One equities 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’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $43.23.

Symbotic Trading Up 8.8 %

NASDAQ SYM opened at $29.93 on Friday. The company’s 50-day moving average price is $22.42 and its 200-day moving average price is $33.49. The stock has a market cap of $17.50 billion, a PE ratio of -124.71 and a beta of 1.84. Symbotic has a 12 month low of $17.11 and a 12 month high of $59.82.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Monday, July 29th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). The company had revenue of $491.86 million during the quarter, compared to the consensus estimate 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 revenue for the quarter was up 57.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.07) earnings per share. As a group, sell-side analysts forecast that Symbotic will post -0.08 earnings per share for the current year.

Insider Buying and Selling

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total value of $37,500.00. Following the completion of the transaction, the director now owns 214,036 shares of the company’s stock, valued at approximately $4,013,175. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Symbotic news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total value of $37,500.00. Following the completion of the transaction, the director now owns 214,036 shares of the company’s stock, valued at approximately $4,013,175. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $69,281.20. Following the completion of the transaction, the insider now directly owns 77,326 shares of the company’s stock, valued at $2,827,038.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,987 shares of company stock valued at $1,066,559 over the last 90 days. Insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. RiverPark Advisors LLC purchased a new stake in shares of Symbotic during the first quarter worth about $37,000. RFP Financial Group LLC increased its stake in shares of Symbotic by 21.2% during the first quarter. RFP Financial Group LLC now owns 1,382 shares of the company’s stock worth $62,000 after purchasing an additional 242 shares in the last quarter. Quarry LP purchased a new stake in shares of Symbotic during the second quarter worth about $65,000. Natixis Investment Managers International purchased a new stake in shares of Symbotic during the first quarter worth about $90,000. Finally, Sandia Investment Management LP purchased a new stake in shares of Symbotic during the first quarter worth about $112,000.

About Symbotic

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.