Symbotic’s (SYM) “Buy” Rating Reiterated at Citigroup

Citigroup restated their buy rating on shares of Symbotic (NASDAQ:SYM) in a research note released on Monday, MarketBeat.com reports. They currently have a $37.00 target price on the stock.

Other equities analysts have also issued research reports about the company. Needham & Company LLC decreased their price target on Symbotic from $46.00 to $35.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 target price on shares of Symbotic in a report on Tuesday, November 19th. Craig Hallum lowered shares of Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price target on the stock. in a report on Wednesday, November 27th. DA Davidson raised shares of Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price objective for the company in a research note on Wednesday, January 8th. Finally, KeyCorp reissued a “sector weight” rating on shares of Symbotic in a research note on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Symbotic has an average rating of “Hold” and a consensus price target of $39.86.

Symbotic Trading Up 6.5 %

NASDAQ:SYM opened at $26.77 on Monday. The company has a 50-day moving average of $28.06 and a 200-day moving average of $27.56. Symbotic has a twelve month low of $17.11 and a twelve month high of $52.20. The firm has a market cap of $15.73 billion, a price-to-earnings ratio of -446.17 and a beta of 1.76.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The firm had revenue of $576.77 million for the quarter, compared to analyst estimates of $470.24 million. During the same quarter in the previous year, the business posted ($0.08) earnings per share. The firm’s quarterly revenue was up 47.2% compared to the same quarter last year. On average, research analysts forecast that Symbotic will post 0.12 earnings per share for the current year.

Insider Transactions at Symbotic

In related news, insider Michael David Dunn sold 63,867 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $30.08, for a total value of $1,921,119.36. Following the completion of the sale, the insider now directly owns 24,055 shares in the company, valued at approximately $723,574.40. This represents a 72.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider William M. Boyd III sold 8,826 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $28.33, for a total value of $250,040.58. Following the transaction, the insider now owns 23,012 shares in the company, valued at approximately $651,929.96. This trade represents a 27.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 111,844 shares of company stock valued at $3,268,431 in the last three months. Corporate insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. 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 worth $27,281,000 after purchasing an additional 509,700 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Symbotic by 10.2% during the 3rd quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock worth $12,290,000 after buying an additional 46,721 shares during the period. Sanctuary Advisors LLC acquired a new position in Symbotic in the 3rd quarter valued at $1,029,000. Capital Market Strategies LLC bought a new position in Symbotic in the 4th quarter worth $802,000. Finally, Baillie Gifford & Co. lifted its position in Symbotic by 32.0% during the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after acquiring an additional 3,410,050 shares during the last quarter.

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.