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

Symbotic (NASDAQ:SYM)‘s stock had its “overweight” rating restated by stock analysts at Cantor Fitzgerald in a report issued on Tuesday,Benzinga reports. They presently have a $60.00 target price on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 96.34% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Northland Securities raised their price target on Symbotic from $50.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday. BWS Financial reiterated a “sell” rating and set a $10.00 target price on shares of Symbotic in a research note on Friday, October 11th. TD Cowen reduced their target price on Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Citigroup reduced their target price on Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Finally, Vertical Research initiated coverage on Symbotic in a research note on Tuesday, July 23rd. They set a “hold” rating and a $45.00 target price for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $44.54.

Symbotic Stock Up 3.6 %

SYM stock opened at $30.56 on Tuesday. The business has a 50 day moving average price of $26.75 and a two-hundred day moving average price of $31.16. The company has a market cap of $17.90 billion, a price-to-earnings ratio of -160.84 and a beta of 1.81. Symbotic has a twelve month low of $17.11 and a twelve month high of $59.82.

Insider Transactions at Symbotic

In related news, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $28.15, for a total transaction of $56,300.00. Following the sale, the director now owns 214,036 shares in the company, valued at $6,025,113.40. The trade was a 0.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Carol J. Hibbard sold 22,821 shares of the business’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total value of $660,896.16. Following the sale, the chief financial officer now owns 34,188 shares in the company, valued at $990,084.48. This represents a 40.03 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 49,878 shares of company stock valued at $1,378,056. Corporate insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently bought and sold shares of SYM. Baillie Gifford & Co. grew 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. Canada Pension Plan Investment Board grew its position in shares of Symbotic by 191.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after buying an additional 509,700 shares during the last quarter. Exchange Traded Concepts LLC grew its position in shares of Symbotic by 76.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after buying an additional 379,726 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Symbotic by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after buying an additional 345,386 shares during the last quarter. Finally, Millennium Management LLC grew its position in shares of Symbotic by 6,694.5% in the 2nd quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock valued at $11,801,000 after buying an additional 330,709 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.