Symbotic (NASDAQ:SYM) Given New $29.00 Price Target at Citigroup

Symbotic (NASDAQ:SYM) had its price objective lowered by research analysts at Citigroup from $37.00 to $29.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s target price points to a potential upside of 42.09% from the stock’s previous close.

A number of other brokerages have also recently weighed in on SYM. BWS Financial restated a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a research note on Wednesday, April 2nd. Northland Securities increased their price objective on Symbotic from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. The Goldman Sachs Group dropped their target price on shares of Symbotic from $25.00 to $18.00 and set a “neutral” rating on the stock in a research report on Thursday. 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. Finally, UBS Group cut their price objective on shares of Symbotic from $32.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, February 25th. One equities research 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 has an average rating of “Hold” and a consensus price target of $37.20.

Symbotic Stock Performance

Shares of SYM stock traded down $0.22 on Monday, reaching $20.41. 1,261,985 shares of the company’s stock traded hands, compared to its average volume of 1,935,770. The company has a market capitalization of $12.01 billion, a P/E ratio of -291.53, a price-to-earnings-growth ratio of 6.48 and a beta of 1.86. Symbotic has a 12-month low of $16.32 and a 12-month high of $48.98. The business’s 50 day moving average price is $22.93 and its two-hundred day moving average price is $26.39.

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 0.38% and a positive return on equity of 5.11%. Research analysts predict that Symbotic will post 0.13 earnings per share for the current year.

Insider Activity at Symbotic

In related news, Director Rollin L. Ford sold 28,740 shares of the stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $26.02, for a total transaction of $747,814.80. Following the completion of the transaction, the director now directly owns 10,447 shares in the company, valued at approximately $271,830.94. This trade represents a 73.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael David Dunn sold 3,635 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $33.28, for a total value of $120,972.80. Following the completion of the sale, the insider now owns 24,272 shares in the company, valued at $807,772.16. The trade was a 13.03 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 73,117 shares of company stock worth $2,020,354. 0.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Symbotic

Several institutional investors and hedge funds have recently added to or reduced their stakes in SYM. HighTower Advisors LLC increased its position in shares of Symbotic by 9.5% during the 3rd quarter. HighTower Advisors LLC now owns 23,338 shares of the company’s stock worth $568,000 after purchasing an additional 2,033 shares during the last quarter. State Street Corp raised its position in Symbotic by 2.6% during the third quarter. State Street Corp now owns 319,235 shares of the company’s stock worth $7,786,000 after acquiring an additional 7,990 shares in the last quarter. National Bank of Canada FI lifted its stake in Symbotic by 36.8% in the third quarter. National Bank of Canada FI now owns 3,557 shares of the company’s stock valued at $87,000 after acquiring an additional 957 shares during the last quarter. Barclays PLC grew its position in shares of Symbotic by 1,105.9% in the 3rd quarter. Barclays PLC now owns 9,346 shares of the company’s stock valued at $228,000 after acquiring an additional 8,571 shares during the period. Finally, M&T Bank Corp increased its stake in shares of Symbotic by 15.9% during the 3rd quarter. M&T Bank Corp now owns 14,650 shares of the company’s stock worth $357,000 after purchasing an additional 2,015 shares during 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.