Symbotic’s (SYM) Overweight Rating Reaffirmed at Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Symbotic (NASDAQ:SYMFree Report) in a research note published on Tuesday morning, Benzinga reports. Cantor Fitzgerald currently has a $60.00 price objective on the stock.

A number of other research firms have also recently commented on SYM. William Blair reiterated a market perform rating on shares of Symbotic in a research note on Tuesday. KeyCorp lowered their target price on Symbotic from $63.00 to $55.00 and set an overweight rating on the stock in a research note on Tuesday. Needham & Company LLC lowered their target price on Symbotic from $58.00 to $54.00 and set a buy rating on the stock in a research note on Tuesday. Finally, The Goldman Sachs Group lifted their target price on Symbotic from $36.00 to $40.00 and gave the stock a neutral rating in a research note on Tuesday, November 21st. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $52.85.

View Our Latest Analysis on Symbotic

Symbotic Trading Down 23.6 %

Shares of NASDAQ:SYM opened at $37.91 on Tuesday. The stock’s fifty day simple moving average is $48.47 and its two-hundred day simple moving average is $42.73. Symbotic has a 1-year low of $14.14 and a 1-year high of $64.14. The stock has a market cap of $21.12 billion, a PE ratio of -140.41 and a beta of 2.02.

Symbotic (NASDAQ:SYMGet Free Report) last issued its quarterly earnings data on Monday, November 20th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.02). Symbotic had a negative net margin of 1.39% and a negative return on equity of 138.28%. The company had revenue of $391.89 million for the quarter, compared to the consensus estimate of $306.89 million. During the same quarter last year, the business posted ($0.10) earnings per share. Symbotic’s revenue was up 60.3% on a year-over-year basis. On average, sell-side analysts forecast that Symbotic will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $50.49, for a total value of $100,980.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Symbotic news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $50.49, for a total transaction of $100,980.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Rollin L. Ford sold 9,015 shares of Symbotic stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $52.58, for a total value of $474,008.70. Following the transaction, the director now directly owns 65,000 shares of the company’s stock, valued at approximately $3,417,700. The disclosure for this sale can be found here. In the last 90 days, insiders sold 491,306 shares of company stock valued at $24,187,258. 38.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Softbank Group CORP. grew its holdings in Symbotic by 1,000.0% during the 1st quarter. Softbank Group CORP. now owns 22,000,000 shares of the company’s stock valued at $502,480,000 after buying an additional 20,000,000 shares in the last quarter. Frontier Capital Management Co. LLC boosted its position in shares of Symbotic by 202.3% during the 1st quarter. Frontier Capital Management Co. LLC now owns 1,041,144 shares of the company’s stock valued at $23,780,000 after acquiring an additional 696,727 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Symbotic by 25.4% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 714,897 shares of the company’s stock valued at $30,520,000 after acquiring an additional 144,668 shares during the last quarter. Raymond James & Associates boosted its position in shares of Symbotic by 15.4% during the 4th quarter. Raymond James & Associates now owns 579,876 shares of the company’s stock valued at $29,765,000 after acquiring an additional 77,388 shares during the last quarter. Finally, BlackRock Inc. boosted its position in shares of Symbotic by 54.1% during the 1st quarter. BlackRock Inc. now owns 508,933 shares of the company’s stock valued at $11,624,000 after acquiring an additional 178,589 shares during the last quarter.

Symbotic Company Profile

(Get Free Report)

Symbotic Inc, an automation technology company, provides robotics and technology to improve efficiency for retailers and wholesalers in the United States. The company offers Symbotic system, an end-to-end warehouse automation system for product distribution. It also designs, assemblies, and installs modular inventory management systems and performs configuration of embedded software.

Further Reading

Analyst Recommendations for Symbotic (NASDAQ:SYM)

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