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

Symbotic (NASDAQ:SYM)‘s stock had its “overweight” rating reiterated by Cantor Fitzgerald in a report released on Thursday,Benzinga reports. They presently have a $60.00 price target on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 127.53% from the stock’s previous close.

Several other research analysts have also recently weighed in on the company. Oppenheimer initiated coverage on Symbotic in a research note on Wednesday, January 15th. They set an “outperform” rating and a $35.00 target price for the company. Raymond James lowered Symbotic from an “outperform” rating to a “market perform” rating in a research report on Thursday. UBS Group decreased their price target on Symbotic from $40.00 to $32.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Northland Securities increased their price objective on Symbotic from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Finally, 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Symbotic currently has a consensus rating of “Hold” and an average price target of $38.33.

Symbotic Price Performance

Shares of NASDAQ SYM opened at $26.37 on Thursday. Symbotic has a 1-year low of $17.11 and a 1-year high of $50.40. The business’s fifty day moving average price is $27.15 and its two-hundred day moving average price is $26.82. The firm has a market capitalization of $15.49 billion, a PE ratio of -439.50, a P/E/G ratio of 7.29 and a beta of 1.79.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Wednesday, February 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.01. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. Equities research analysts expect that Symbotic will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Symbotic

In other news, CFO Carol J. Hibbard sold 4,055 shares of Symbotic stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $30.70, for a total transaction of $124,488.50. Following the sale, the chief financial officer now owns 44,386 shares of the company’s stock, valued at approximately $1,362,650.20. This trade represents a 8.37 % decrease in their position. 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 1,971 shares of Symbotic stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $30.00, for a total value of $59,130.00. Following the sale, the insider now directly owns 22,301 shares in the company, valued at $669,030. The trade was a 8.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 94,007 shares of company stock valued at $2,827,909 in the last 90 days. 0.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Symbotic

Several hedge funds and other institutional investors have recently modified their holdings of the stock. HighTower Advisors LLC lifted its position in shares of Symbotic by 13.0% during the 4th quarter. HighTower Advisors LLC now owns 26,371 shares of the company’s stock worth $625,000 after buying an additional 3,033 shares during the period. Amundi raised its position in Symbotic by 30.0% in the 4th quarter. Amundi now owns 47,199 shares of the company’s stock valued at $1,119,000 after purchasing an additional 10,895 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Symbotic by 146.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,832 shares of the company’s stock valued at $91,000 after purchasing an additional 2,275 shares during the last quarter. Raymond James Financial Inc. bought a new position in Symbotic in the 4th quarter valued at $20,754,000. Finally, M&T Bank Corp raised its position in Symbotic by 23.5% in the 4th quarter. M&T Bank Corp now owns 18,095 shares of the company’s stock valued at $429,000 after purchasing an additional 3,445 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.