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

Symbotic (NASDAQ:SYM) had its price objective lowered by Citigroup from $37.00 to $29.00 in a report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price would suggest a potential upside of 39.69% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Northland Securities boosted their price target on Symbotic from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. UBS Group decreased their target price on shares of Symbotic from $32.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, February 25th. DA Davidson upgraded shares of Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price target on the stock in a report on Wednesday, January 8th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a report on Thursday, February 6th. Finally, The Goldman Sachs Group cut their target price on Symbotic from $25.00 to $18.00 and set a “neutral” rating on the stock in a report on Thursday, April 10th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Symbotic presently has an average rating of “Hold” and an average price target of $37.20.

Symbotic Stock Up 1.7 %

SYM stock opened at $20.76 on Monday. The company has a 50 day moving average of $22.62 and a two-hundred day moving average of $26.31. The company has a market cap of $12.22 billion, a price-to-earnings ratio of -296.53, 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) last announced its quarterly earnings data on Wednesday, February 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.01. Symbotic had a positive return on equity of 5.11% and a negative net margin of 0.38%. On average, research analysts anticipate that Symbotic will post 0.13 EPS for the current year.

Insider Transactions at Symbotic

In other news, CFO Carol J. Hibbard sold 4,055 shares of Symbotic stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $30.70, for a total transaction of $124,488.50. Following the sale, the chief financial officer now owns 44,386 shares of the company’s stock, valued at approximately $1,362,650.20. This trade represents a 8.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael David Dunn sold 3,635 shares of the business’s stock in a transaction that occurred 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 sale, the insider now owns 24,272 shares in the company, valued at approximately $807,772.16. This represents a 13.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 73,117 shares of company stock worth $2,020,354. 0.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Symbotic

A number of institutional investors have recently bought and sold shares of the business. IFP Advisors Inc lifted its holdings in shares of Symbotic by 58.2% during the 4th quarter. IFP Advisors Inc now owns 1,368 shares of the company’s stock worth $32,000 after acquiring an additional 503 shares during the period. GAMMA Investing LLC raised its position in Symbotic by 1,812.2% in the first quarter. GAMMA Investing LLC now owns 1,415 shares of the company’s stock worth $29,000 after purchasing an additional 1,341 shares in the last quarter. Ulland Investment Advisors LLC bought a new position in Symbotic during the first quarter worth about $31,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in Symbotic during the fourth quarter valued at approximately $47,000. Finally, Private Trust Co. NA bought a new stake in shares of Symbotic in the 4th quarter valued at approximately $47,000.

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.