Citigroup Lowers Symbotic (NASDAQ:SYM) Price Target to $29.00

Symbotic (NASDAQ:SYM - Get Free Report) had its price target cut by research analysts at Citigroup from $37.00 to $29.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Citigroup's price target suggests a potential upside of 42.09% from the stock's previous close.

SYM has been the subject of several other research reports. BWS Financial reissued a "sell" rating and issued a $10.00 price target on shares of Symbotic in a research report on Wednesday, April 2nd. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $60.00 price target on shares of Symbotic in a research report on Thursday, February 6th. DA Davidson upgraded shares of Symbotic from a "neutral" rating to a "buy" rating and set a $35.00 price target for the company in a research note on Wednesday, January 8th. UBS Group reduced their price objective on shares of Symbotic from $32.00 to $30.00 and set a "neutral" rating on the stock in a report on Tuesday, February 25th. Finally, Raymond James lowered Symbotic from an "outperform" rating to a "market perform" rating in a report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Symbotic presently has an average rating of "Hold" and a consensus target price of $37.20.

Symbotic Stock Up 0.8 %

SYM stock traded up $0.16 during mid-day trading on Monday, hitting $20.41. 633,784 shares of the company were exchanged, compared to its average volume of 1,937,588. The business has a fifty day simple moving average of $22.17 and a 200-day simple moving average of $26.22. The firm has a market capitalization of $12.01 billion, a P/E ratio of -291.53, a PEG ratio of 6.48 and a beta of 1.86. Symbotic has a 12-month low of $16.32 and a 12-month high of $48.98.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings data on Wednesday, February 5th. The company reported ($0.03) earnings per share for the quarter, beating analysts' consensus estimates of ($0.04) by $0.01. Symbotic had a positive return on equity of 5.11% and a negative net margin of 0.38%. Research analysts predict that Symbotic will post 0.13 EPS for the current year.

Insider Buying and Selling at Symbotic

In related news, CFO Carol J. Hibbard sold 4,055 shares of the firm's stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $30.70, for a total value of $124,488.50. Following the completion of the transaction, the chief financial officer now directly owns 44,386 shares of the company's stock, valued at $1,362,650.20. This trade represents a 8.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael David Dunn sold 3,635 shares of the company's stock in a transaction on Friday, January 24th. The shares were sold at an average price of $33.28, for a total value of $120,972.80. Following the completion of the sale, the insider now directly owns 24,272 shares in the company, valued at $807,772.16. This trade represents a 13.03 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 62,663 shares of company stock valued at $1,653,063. 0.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Symbotic

Several hedge funds have recently bought and sold shares of SYM. Walmart Inc. purchased a new stake in Symbotic during the 4th quarter worth about $355,650,000. JPMorgan Chase & Co. raised its position in shares of Symbotic by 100.6% in the fourth quarter. JPMorgan Chase & Co. now owns 17,349 shares of the company's stock valued at $411,000 after buying an additional 3,110,075 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Symbotic by 41.3% during the fourth quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company's stock valued at $117,846,000 after buying an additional 1,452,627 shares during the period. Raymond James Financial Inc. acquired a new stake in Symbotic during the fourth quarter worth approximately $20,754,000. Finally, Hood River Capital Management LLC acquired a new position in Symbotic in the 4th quarter valued at $5,704,000.

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.