Symbotic (NASDAQ:SYM) Price Target Cut to $29.00 by Analysts at Citigroup

Symbotic (NASDAQ:SYM) had its price target lowered by Citigroup from $37.00 to $29.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts also recently commented on SYM. Needham & Company LLC dropped their price objective on Symbotic from $35.00 to $32.00 and set a “buy” rating on the stock in a research note on Thursday, February 6th. The Goldman Sachs Group cut their target price on shares of Symbotic from $25.00 to $18.00 and set a “neutral” rating for the company in a research note on Thursday, April 10th. Oppenheimer initiated coverage on shares of Symbotic in a research report on Wednesday, January 15th. They issued an “outperform” rating and a $35.00 price target on the stock. UBS Group reduced their price objective on Symbotic from $32.00 to $30.00 and set a “neutral” rating for the company in a research note on Tuesday, February 25th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 target price on shares of Symbotic in a research report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Symbotic presently has a consensus rating of “Hold” and a consensus price target of $37.20.

Symbotic Stock Down 1.1 %

SYM stock opened at $20.41 on Monday. The company has a 50-day simple moving average of $22.72 and a 200 day simple moving average of $26.35. The company has a market capitalization of $12.01 billion, a P/E ratio of -291.53, a PEG ratio of 6.48 and a beta of 1.86. Symbotic has a fifty-two week low of $16.32 and a fifty-two week high of $48.98.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Wednesday, February 5th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. Symbotic had a negative net margin of 0.38% and a positive return on equity of 5.11%. Equities analysts anticipate that Symbotic will post 0.13 EPS for the current year.

Insider Buying and Selling at Symbotic

In other Symbotic news, insider Michael David Dunn sold 3,635 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $33.28, for a total value of $120,972.80. Following the transaction, the insider now owns 24,272 shares in the company, valued at $807,772.16. The trade was a 13.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Carol J. Hibbard sold 4,055 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $30.70, for a total value of $124,488.50. Following the sale, the chief financial officer now directly owns 44,386 shares of the company’s stock, valued at $1,362,650.20. This trade represents a 8.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 73,117 shares of company stock worth $2,020,354. 0.60% of the stock is currently owned by company insiders.

Institutional Trading of Symbotic

Several large investors have recently added to or reduced their stakes in SYM. IFP Advisors Inc lifted its stake in shares of Symbotic by 58.2% in the 4th quarter. IFP Advisors Inc now owns 1,368 shares of the company’s stock valued at $32,000 after purchasing an additional 503 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Symbotic by 1,812.2% in the first quarter. GAMMA Investing LLC now owns 1,415 shares of the company’s stock worth $29,000 after buying an additional 1,341 shares during the last quarter. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Symbotic during the 4th quarter worth about $47,000. Private Trust Co. NA acquired a new position in shares of Symbotic during the 4th quarter valued at about $47,000. Finally, Jones Financial Companies Lllp raised its stake in shares of Symbotic by 154.1% in the 4th quarter. Jones Financial Companies Lllp now owns 2,457 shares of the company’s stock valued at $58,000 after acquiring an additional 1,490 shares in the last quarter.

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.