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

Symbotic (NASDAQ:SYM)‘s stock had its “overweight” rating restated by equities researchers at Cantor Fitzgerald in a report released on Tuesday, Benzinga reports. They presently have a $60.00 price target on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 105.97% from the stock’s previous close.

A number of other equities analysts have also issued reports on the company. Robert W. Baird raised their price target on Symbotic from $52.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday, May 7th. William Blair restated a “market perform” rating on shares of Symbotic in a research note on Friday, May 10th. Needham & Company LLC lowered their target price on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Symbotic from $57.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Finally, Northland Securities boosted their price target on Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Symbotic has an average rating of “Moderate Buy” and an average target price of $50.43.

Symbotic Stock Down 18.2 %

SYM traded down $6.50 during trading on Tuesday, hitting $29.13. 2,676,218 shares of the stock were exchanged, compared to its average volume of 1,380,910. Symbotic has a 1-year low of $26.02 and a 1-year high of $64.14. The stock has a fifty day moving average price of $37.58 and a two-hundred day moving average price of $41.27. The firm has a market capitalization of $17.03 billion, a P/E ratio of -121.37 and a beta of 1.87.

Symbotic (NASDAQ:SYM) last announced its 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). Symbotic had a negative net margin of 1.27% and a positive return on equity of 5.27%. The business had revenue of $491.86 million during the quarter, compared to analyst estimates of $464.56 million. During the same period in the previous year, the firm earned ($0.07) earnings per share. The business’s revenue was up 57.7% compared to the same quarter last year. Analysts predict that Symbotic will post -0.03 EPS for the current year.

Insider Buying and Selling

In related news, insider William M. Boyd III sold 8,826 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $38.71, for a total value of $341,654.46. Following the transaction, the insider now owns 23,012 shares in the company, valued at $890,794.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider William M. Boyd III sold 8,826 shares of the stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $38.71, for a total value of $341,654.46. Following the completion of the sale, the insider now owns 23,012 shares in the company, valued at $890,794.52. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael David Dunn sold 1,895 shares of the business’s stock in a transaction on Wednesday, July 24th. The stock was 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 owns 77,326 shares in the company, valued at approximately $2,827,038.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 152,107 shares of company stock valued at $6,030,707. 38.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

Several institutional investors and hedge funds have recently made changes to their positions in the company. RFP Financial Group LLC boosted its holdings in Symbotic by 21.2% in 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 during the period. Advisors Asset Management Inc. lifted its position in shares of Symbotic by 11.6% in the 1st quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock worth $123,000 after buying an additional 284 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Symbotic by 8.9% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,875 shares of the company’s stock valued at $250,000 after buying an additional 400 shares during the last quarter. Natixis Advisors L.P. lifted its holdings in Symbotic by 4.3% in the fourth quarter. Natixis Advisors L.P. now owns 10,983 shares of the company’s stock worth $563,000 after acquiring an additional 456 shares during the last quarter. Finally, Van ECK Associates Corp acquired a new position in Symbotic in the fourth quarter valued at approximately $26,000.

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.