Citigroup Reiterates Buy Rating for Symbotic (NASDAQ:SYM)

Citigroup reiterated their buy rating on shares of Symbotic (NASDAQ:SYM) in a research note released on Monday, Marketbeat.com reports. The brokerage currently has a $37.00 price objective on the stock.

A number of other research analysts also recently issued reports on the company. Craig Hallum downgraded Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price objective for the company. in a research note on Wednesday, November 27th. Needham & Company LLC reduced their price objective on Symbotic from $46.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. DA Davidson upgraded Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price objective for the company in a research note on Wednesday, January 8th. KeyCorp restated a “sector weight” rating on shares of Symbotic in a research note on Wednesday, November 27th. Finally, TD Cowen lifted their price objective on Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $39.86.

Symbotic Trading Down 4.4 %

NASDAQ SYM opened at $24.47 on Monday. The firm has a market capitalization of $14.37 billion, a P/E ratio of -407.83 and a beta of 1.76. The business has a fifty day simple moving average of $28.24 and a 200 day simple moving average of $27.64. Symbotic has a 12 month low of $17.11 and a 12 month high of $52.20.

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

Insider Buying and Selling

In other news, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $24.04, for a total transaction of $48,080.00. Following the completion of the transaction, the director now owns 214,036 shares of the company’s stock, valued at approximately $5,145,425.44. The trade was a 0.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael David Dunn sold 1,715 shares of the firm’s stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $28.77, for a total transaction of $49,340.55. Following the completion of the sale, the insider now directly owns 87,922 shares in the company, valued at $2,529,515.94. This represents a 1.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 111,844 shares of company stock valued at $3,268,431. Company insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SYM. Capital Market Strategies LLC bought a new stake in Symbotic in the 4th quarter worth approximately $802,000. 1ST Source Bank bought a new stake in Symbotic in the 3rd quarter worth approximately $488,000. Sanctuary Advisors LLC bought a new stake in Symbotic in the 3rd quarter worth approximately $1,029,000. Barclays PLC lifted its position in Symbotic by 1,105.9% in the 3rd quarter. Barclays PLC now owns 9,346 shares of the company’s stock worth $228,000 after buying an additional 8,571 shares during the last quarter. Finally, TCW Group Inc. lifted its position in Symbotic by 0.8% in the 3rd quarter. TCW Group Inc. now owns 384,274 shares of the company’s stock worth $9,372,000 after buying an additional 3,075 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.