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

Cantor Fitzgerald reissued their overweight rating on shares of Symbotic (NASDAQ:SYM) in a research note released on Thursday,Benzinga reports. The brokerage currently has a $60.00 price target on the stock.

Several other brokerages also recently commented on SYM. KeyCorp restated a “sector weight” rating on shares of Symbotic in a research report on Wednesday, November 27th. BWS Financial reaffirmed a “sell” rating and issued a $10.00 target price on shares of Symbotic in a research report on Tuesday. TD Cowen upped their price target on Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. The Goldman Sachs Group decreased their price objective on Symbotic from $34.00 to $28.00 and set a “neutral” rating for the company in a research report on Wednesday, December 4th. Finally, UBS Group dropped their target price on Symbotic from $40.00 to $32.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $38.73.

Symbotic Price Performance

SYM opened at $33.50 on Thursday. The business has a fifty day simple moving average of $27.87 and a 200-day simple moving average of $27.42. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $52.20.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.05. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. The firm had revenue of $576.77 million for the quarter, compared to analysts’ expectations of $470.24 million. During the same quarter last year, the business posted ($0.08) EPS. Symbotic’s revenue was up 47.2% on a year-over-year basis. As a group, equities analysts expect that Symbotic will post 0.13 EPS for the current year.

Insider Transactions at Symbotic

In other Symbotic news, CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total transaction of $660,896.16. Following the transaction, the chief financial officer now owns 34,188 shares in the company, valued at $990,084.48. This trade represents a 40.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider William M. Boyd III sold 8,826 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $28.33, for a total transaction of $250,040.58. Following the completion of the sale, the insider now owns 23,012 shares of the company’s stock, valued at $651,929.96. The trade was a 27.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 117,993 shares of company stock worth $3,490,555 in the last 90 days. 38.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SYM. Intergy Private Wealth LLC acquired a new position in Symbotic during the 4th quarter worth $310,000. Hunter Associates Investment Management LLC increased its stake in shares of Symbotic by 6.8% in the fourth quarter. Hunter Associates Investment Management LLC now owns 67,413 shares of the company’s stock worth $1,599,000 after purchasing an additional 4,320 shares during the period. SG Americas Securities LLC acquired a new position in shares of Symbotic during the 4th quarter worth about $559,000. Bourne Lent Asset Management Inc. boosted its stake in Symbotic by 34.8% during the 4th quarter. Bourne Lent Asset Management Inc. now owns 87,210 shares of the company’s stock valued at $2,068,000 after purchasing an additional 22,500 shares during the period. Finally, MCF Advisors LLC acquired a new stake in Symbotic in the 4th quarter valued at approximately $85,000.

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.