Symbotic (NASDAQ:SYM) Price Target Lowered to $29.00 at Citigroup

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

SYM has been the subject of a number of other reports. UBS Group decreased their target price 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. The Goldman Sachs Group reduced their price target on shares of Symbotic from $25.00 to $18.00 and set a “neutral” rating for the company in a research report on Thursday. Needham & Company LLC dropped their target price on shares of Symbotic from $35.00 to $32.00 and set a “buy” rating for the company in a report on Thursday, February 6th. Northland Securities raised their target price on Symbotic from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Finally, Raymond James cut shares of Symbotic from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $37.20.

Symbotic Stock Performance

Symbotic stock traded down $0.22 during trading hours on Monday, hitting $20.41. The company had a trading volume of 1,261,985 shares, compared to its average volume of 1,935,770. The firm has a market cap of $12.01 billion, a P/E ratio of -291.53, a P/E/G ratio of 6.48 and a beta of 1.86. The company has a 50-day moving average price of $22.93 and a two-hundred day moving average price of $26.39. Symbotic has a 1 year low of $16.32 and a 1 year high of $48.98.

Symbotic (NASDAQ:SYM) last posted its earnings results on Wednesday, February 5th. The company reported ($0.03) EPS for the quarter, beating 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%. As a group, equities research analysts anticipate that Symbotic will post 0.13 EPS for the current year.

Insiders Place Their Bets

In other Symbotic news, insider Michael David Dunn sold 3,635 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $33.28, for a total transaction 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 transaction of $124,488.50. Following the completion of the transaction, the chief financial officer now owns 44,386 shares in the company, valued at approximately $1,362,650.20. The trade was a 8.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 73,117 shares of company stock worth $2,020,354 in the last quarter. 0.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

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