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

Cantor Fitzgerald reaffirmed their overweight rating on shares of Symbotic (NASDAQ:SYM) in a report issued on Tuesday,Benzinga reports. They currently have a $60.00 price objective on the stock.

A number of other equities research analysts have also recently weighed in on the stock. Vertical Research began coverage on shares of Symbotic in a report on Tuesday, July 23rd. They issued a “hold” rating and a $45.00 price objective on the stock. Needham & Company LLC upped their price objective on shares of Symbotic from $40.00 to $46.00 and gave the stock a “buy” rating in a report on Tuesday. KeyCorp upped their price objective on shares of Symbotic from $40.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday. Robert W. Baird cut their price objective on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. Finally, Craig Hallum cut their price target on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a 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 given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $44.31.

Symbotic Trading Up 6.9 %

Shares of NASDAQ:SYM opened at $38.79 on Tuesday. The company has a market cap of $22.71 billion, a price-to-earnings ratio of -636.17 and a beta of 1.81. The company has a 50-day moving average price of $28.08 and a 200-day moving average price of $31.15. Symbotic has a 12 month low of $17.11 and a 12 month high of $59.82.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, November 18th. The company reported $0.05 EPS for the quarter, meeting the consensus estimate of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. The firm had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. During the same period in the prior year, the firm posted ($0.08) earnings per share. The company’s quarterly revenue was up 47.2% compared to the same quarter last year. As a group, research analysts forecast that Symbotic will post 0.33 EPS for the current fiscal year.

Insider Activity

In related news, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total value of $37,500.00. Following the completion of the transaction, the director now directly owns 214,036 shares in the company, valued at $4,013,175. The trade was a 0.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at 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 transaction of $660,896.16. Following the completion of the transaction, the chief financial officer now owns 34,188 shares of the company’s stock, valued at approximately $990,084.48. This represents a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 49,878 shares of company stock valued at $1,378,056 in the last ninety days. Insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Large investors have recently made changes to their positions in the company. Castleview Partners LLC raised its position in Symbotic by 50.0% during the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after acquiring an additional 500 shares during the period. Arcadia Investment Management Corp MI acquired a new position in Symbotic during the third quarter worth $49,000. RiverPark Advisors LLC raised its position in Symbotic by 147.1% during the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock worth $50,000 after acquiring an additional 1,211 shares during the period. RFP Financial Group LLC raised its position in Symbotic by 22.4% during the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after acquiring an additional 310 shares during the period. Finally, Quest Partners LLC raised its position in Symbotic by 19,307.7% during the third quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock worth $62,000 after acquiring an additional 2,510 shares during the period.

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.