Symbotic (NASDAQ:SYM) Given Overweight Rating at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Symbotic (NASDAQ:SYM) in a research report report published on Thursday,Benzinga reports. Cantor Fitzgerald currently has a $60.00 price objective on the stock.

A number of other equities analysts also recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $35.00 price target on shares of Symbotic in a research note on Friday, January 17th. Oppenheimer assumed coverage on Symbotic in a research report on Wednesday, January 15th. They issued an “outperform” rating and a $35.00 target price on the stock. KeyCorp reiterated a “sector weight” rating on shares of Symbotic in a report on Wednesday, November 27th. Northland Securities increased their price objective on Symbotic from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Finally, William Blair reiterated a “market perform” rating on shares of Symbotic in a research note on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $38.33.

Symbotic Trading Down 15.9 %

Shares of Symbotic stock opened at $25.99 on Thursday. Symbotic has a 1 year low of $17.11 and a 1 year high of $50.40. The stock has a 50-day moving average price of $27.11 and a 200 day moving average price of $26.82. The company has a market cap of $15.27 billion, a P/E ratio of -433.17, a P/E/G ratio of 7.29 and a beta of 1.79.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Wednesday, February 5th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. On average, equities analysts forecast that Symbotic will post 0.13 earnings per share for the current fiscal year.

Insider Activity

In other Symbotic news, insider Michael David Dunn sold 5,365 shares of the firm’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $24.60, for a total value of $131,979.00. Following the sale, the insider now directly owns 31,860 shares in the company, valued at $783,756. This trade represents a 14.41 % 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 4,055 shares of the business’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $30.70, for a total transaction of $124,488.50. Following the transaction, the chief financial officer now owns 44,386 shares in the company, valued at approximately $1,362,650.20. The trade was a 8.37 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 94,007 shares of company stock valued at $2,827,909. 0.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Symbotic

Several institutional investors and hedge funds have recently added to or reduced their stakes in SYM. Castleview Partners LLC lifted its position in shares of Symbotic by 50.0% in the 3rd 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. IFP Advisors Inc lifted its position in Symbotic by 58.2% in the fourth quarter. IFP Advisors Inc now owns 1,368 shares of the company’s stock worth $32,000 after purchasing an additional 503 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Symbotic by 8.5% during the second quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock worth $304,000 after buying an additional 679 shares in the last quarter. Van ECK Associates Corp increased its holdings in Symbotic by 28.4% in the 3rd quarter. Van ECK Associates Corp now owns 3,497 shares of the company’s stock valued at $85,000 after buying an additional 774 shares during the period. Finally, National Bank of Canada FI increased its holdings in Symbotic by 36.8% in the 3rd quarter. National Bank of Canada FI now owns 3,557 shares of the company’s stock valued at $87,000 after buying an additional 957 shares during the period.

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.