Symbotic's (SYM) Overweight Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Symbotic (NASDAQ:SYM - Free Report) in a research report report published on Tuesday,Benzinga reports. The brokerage currently has a $60.00 price objective on the stock.

A number of other research firms have also recently weighed in on SYM. Northland Securities lifted their target price on shares of Symbotic from $50.00 to $53.00 and gave the company an "outperform" rating in a research note on Tuesday. Citigroup cut their target price on Symbotic from $62.00 to $49.00 and set a "buy" rating for the company in a research report on Tuesday, July 30th. Craig Hallum lowered their price target on Symbotic from $54.00 to $45.00 and set a "buy" rating on the stock in a report on Tuesday, July 30th. The Goldman Sachs Group cut their price objective on shares of Symbotic from $40.00 to $30.00 and set a "neutral" rating for the company in a report on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Symbotic from $58.00 to $59.00 and gave the stock a "buy" rating in a research report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Symbotic has a consensus rating of "Moderate Buy" and a consensus price target of $44.31.

Symbotic Price Performance

Shares of NASDAQ:SYM traded up $8.46 during midday trading on Tuesday, hitting $39.02. The company had a trading volume of 10,119,509 shares, compared to its average volume of 1,609,969. Symbotic has a 12-month low of $17.11 and a 12-month high of $59.82. The company has a fifty day moving average of $27.00 and a two-hundred day moving average of $31.09. The company has a market cap of $22.85 billion, a price-to-earnings ratio of -205.37 and a beta of 1.81.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, hitting analysts' consensus estimates of $0.05. The business had revenue of $576.77 million during the quarter, compared to analysts' expectations of $470.24 million. Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The business's quarterly revenue was up 47.2% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.08) earnings per share. Research analysts expect that Symbotic will post -0.08 earnings per share for the current fiscal year.

Insider Activity at Symbotic

In other news, insider William M. Boyd III sold 8,826 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $28.33, for a total value of $250,040.58. Following the sale, the insider now directly owns 23,012 shares in the company, valued at approximately $651,929.96. This represents a 27.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Carol J. Hibbard sold 22,821 shares of the business's stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total value of $660,896.16. Following the transaction, the chief financial officer now owns 34,188 shares of the company's stock, valued at approximately $990,084.48. The trade was a 40.03 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,878 shares of company stock worth $1,378,056. Company insiders own 38.30% of the company's stock.

Institutional Investors Weigh In On Symbotic

Several large investors have recently added to or reduced their stakes in SYM. Swiss National Bank raised its stake in shares of Symbotic by 3.4% during the first quarter. Swiss National Bank now owns 33,000 shares of the company's stock valued at $1,485,000 after acquiring an additional 1,100 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp bought a new stake in Symbotic during the 1st quarter valued at $12,219,000. Vanguard Group Inc. lifted its holdings in shares of Symbotic by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company's stock worth $109,189,000 after buying an additional 345,386 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Symbotic during the 1st quarter worth $352,000. Finally, Natixis Investment Managers International purchased a new position in shares of Symbotic during the first quarter valued at $90,000.

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.