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

Cantor Fitzgerald reaffirmed their overweight rating on shares of Symbotic (NASDAQ:SYM) in a research report released on Tuesday morning,Benzinga reports. They currently have a $60.00 target price on the stock.

SYM has been the topic of several other reports. Citigroup dropped their target price on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Vertical Research began coverage on shares of Symbotic in a report on Tuesday, July 23rd. They set a “hold” rating and a $45.00 price objective on the stock. Northland Securities upped their target price on shares of Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday. BWS Financial reissued a “sell” rating and issued a $10.00 price target on shares of Symbotic in a research note on Friday, October 11th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Symbotic presently has a consensus rating of “Moderate Buy” and an average target price of $44.31.

Symbotic Price Performance

Shares of NASDAQ SYM opened at $36.36 on Tuesday. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $59.82. The firm has a market capitalization of $21.29 billion, a P/E ratio of -605.17 and a beta of 1.81. The company’s 50 day simple moving average is $27.76 and its 200 day simple moving average is $31.11.

Symbotic (NASDAQ:SYM) last released its earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, meeting the consensus estimate of $0.05. The firm had revenue of $576.77 million for the quarter, compared to analyst estimates of $470.24 million. Symbotic had a positive return on equity of 6.54% and a negative net margin of 0.32%. The company’s quarterly revenue was up 47.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.08) earnings per share. Sell-side analysts expect that Symbotic will post 0.33 EPS for the current fiscal year.

Insider Buying and Selling

In other Symbotic news, insider Michael David Dunn sold 1,715 shares of the company’s stock in a transaction on Thursday, October 24th. The stock was 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Carol J. Hibbard sold 22,821 shares of Symbotic stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total value of $660,896.16. Following the completion of the transaction, the chief financial officer now owns 34,188 shares in the company, valued at approximately $990,084.48. This represents a 40.03 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 49,878 shares of company stock valued at $1,378,056. 38.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Castleview Partners LLC lifted its position in shares of Symbotic by 50.0% in the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after purchasing an additional 500 shares during the period. RFP Financial Group LLC raised its stake in Symbotic by 22.4% during the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after buying an additional 310 shares during the last quarter. Quarry LP acquired a new position in Symbotic in the second quarter valued at $65,000. Arcadia Investment Management Corp MI bought a new stake in Symbotic during the third quarter valued at $49,000. Finally, Natixis Investment Managers International acquired a new stake in Symbotic during the 1st quarter worth about $90,000.

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.