Symbotic (NASDAQ:SYM) Receives Buy Rating from Citigroup

Citigroup reaffirmed their buy rating on shares of Symbotic (NASDAQ:SYM) in a research report report published on Monday morning, Marketbeat.com reports. Citigroup currently has a $37.00 price target on the stock.

Several other brokerages also recently commented on SYM. UBS Group lowered their target price on Symbotic from $40.00 to $32.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. William Blair reissued a “market perform” rating on shares of Symbotic in a research note on Thursday, December 5th. TD Cowen boosted their target price on Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. DA Davidson raised Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 target price for the company in a research note on Wednesday, January 8th. Finally, Northland Securities boosted their target price on Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Symbotic currently has a consensus rating of “Hold” and a consensus target price of $39.86.

Symbotic Stock Performance

SYM opened at $24.47 on Monday. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $52.20. The company has a market capitalization of $14.37 billion, a P/E ratio of -407.83 and a beta of 1.76. The stock has a fifty day moving average of $28.24 and a 200-day moving average of $27.64.

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

Insider Activity at Symbotic

In related news, Director Merline Saintil sold 5,250 shares of the company’s stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $28.70, for a total value of $150,675.00. Following the sale, the director now directly owns 74,562 shares in the company, valued at $2,139,929.40. This represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $24.04, for a total value of $48,080.00. Following the completion of the transaction, the director now directly owns 214,036 shares in the company, valued at approximately $5,145,425.44. This trade represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 111,844 shares of company stock worth $3,268,431 over the last ninety days. Insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Institutional investors have recently added to or reduced their stakes in the business. Canada Pension Plan Investment Board raised its position in shares of 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 raised its position in shares of Symbotic by 10.2% during the third quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock worth $12,290,000 after purchasing an additional 46,721 shares during the period. Sanctuary Advisors LLC acquired a new position in shares of Symbotic during the third quarter worth approximately $1,029,000. Capital Market Strategies LLC acquired a new position in shares of Symbotic during the fourth quarter worth approximately $802,000. Finally, Baillie Gifford & Co. raised its position in shares of Symbotic by 32.0% during the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after purchasing an additional 3,410,050 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.