Symbotic (NASDAQ:SYM) Receives Overweight Rating from Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Symbotic (NASDAQ:SYM) in a research report report published on Friday morning, Benzinga reports. They currently have a $60.00 target price on the stock.

A number of other research firms have also recently issued reports on SYM. BWS Financial reissued a sell rating and set a $10.00 target price on shares of Symbotic in a research note on Friday, September 27th. Deutsche Bank Aktiengesellschaft increased their target price on Symbotic from $58.00 to $59.00 and gave the stock a buy rating in a report on Tuesday, July 30th. Needham & Company LLC decreased their price objective on shares of Symbotic from $54.00 to $40.00 and set a buy rating for the company in a research report on Tuesday, July 30th. The Goldman Sachs Group dropped their target price on shares of Symbotic from $40.00 to $30.00 and set a neutral rating on the stock in a report on Wednesday, July 31st. Finally, TD Cowen reduced their price target on Symbotic from $55.00 to $43.00 and set a buy rating for the company in a report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $43.23.

Symbotic Trading Up 8.8 %

NASDAQ SYM opened at $29.93 on Friday. Symbotic has a 12 month low of $17.11 and a 12 month high of $59.82. The stock has a 50-day simple moving average of $22.30 and a 200 day simple moving average of $33.62. The company has a market capitalization of $17.50 billion, a PE ratio of -124.71 and a beta of 1.84.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, July 29th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). The firm had revenue of $491.86 million during the quarter, compared to analyst estimates of $464.56 million. Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The business’s revenue was up 57.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.07) earnings per share. As a group, sell-side analysts predict that Symbotic will post -0.08 earnings per share for the current fiscal year.

Insider Transactions at Symbotic

In other news, insider Michael David Dunn sold 1,895 shares of Symbotic stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $36.56, for a total value of $69,281.20. Following the transaction, the insider now owns 77,326 shares in the company, valued at approximately $2,827,038.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Michael David Dunn sold 1,895 shares of Symbotic stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $36.56, for a total transaction of $69,281.20. Following the sale, the insider now directly owns 77,326 shares of the company’s stock, valued at approximately $2,827,038.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Todd Krasnow sold 17,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $21.46, for a total transaction of $364,820.00. Following the completion of the sale, the director now owns 214,036 shares in the company, valued at $4,593,212.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,987 shares of company stock valued at $1,066,559. Company insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. bought a new stake in Symbotic in the first quarter valued at approximately $426,752,000. Canada Pension Plan Investment Board boosted its position in Symbotic by 191.5% during the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after acquiring an additional 509,700 shares during the last quarter. Exchange Traded Concepts LLC boosted its position in shares of Symbotic by 76.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after purchasing an additional 379,726 shares in the last quarter. Vanguard Group Inc. grew its stake in Symbotic by 16.6% during the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after purchasing an additional 345,386 shares during the period. Finally, Zevenbergen Capital Investments LLC lifted its stake in Symbotic by 1,826.2% in the first quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock valued at $16,253,000 after buying an additional 342,417 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.