Symbotic (NASDAQ:SYM) Price Target Raised to $46.00 at Needham & Company LLC

Symbotic (NASDAQ:SYM) had its price target boosted by Needham & Company LLC from $40.00 to $46.00 in a research report released on Tuesday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other brokerages also recently commented on SYM. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Vertical Research initiated coverage on Symbotic in a report on Tuesday, July 23rd. They issued a “hold” rating and a $45.00 price target for the company. TD Cowen dropped their price objective on Symbotic from $55.00 to $43.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Robert W. Baird reduced their target price on Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 price target on shares of Symbotic in a research note on Friday, October 11th. One equities 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.31.

Symbotic Price Performance

Symbotic stock opened at $36.36 on Tuesday. The business has a 50 day simple moving average of $27.76 and a 200-day simple moving average of $31.11. Symbotic has a 12 month low of $17.11 and a 12 month high of $59.82. The stock has a market capitalization of $21.29 billion, a PE ratio of -605.17 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Monday, November 18th. The company reported $0.05 EPS for the quarter, hitting analysts’ consensus estimates of $0.05. The company had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. Symbotic’s quarterly revenue was up 47.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.08) EPS. As a group, equities research analysts anticipate that Symbotic will post 0.33 EPS for the current year.

Insider Transactions at Symbotic

In other news, Director Todd Krasnow sold 2,000 shares of the stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $28.15, for a total transaction of $56,300.00. Following the transaction, the director now owns 214,036 shares of the company’s stock, valued at approximately $6,025,113.40. This trade represents a 0.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Michael David Dunn sold 5,266 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $23.81, for a total value of $125,383.46. Following the sale, the insider now owns 85,224 shares in the company, valued at $2,029,183.44. The trade was a 5.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 49,878 shares of company stock worth $1,378,056 in the last three months. 38.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Symbotic

A number of hedge funds have recently added to or reduced their stakes in SYM. Baillie Gifford & Co. grew its holdings 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 valued at $343,192,000 after purchasing an additional 3,410,050 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in Symbotic by 191.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after purchasing an additional 509,700 shares during the period. Exchange Traded Concepts LLC grew its stake in Symbotic by 76.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after buying an additional 379,726 shares during the last quarter. Vanguard Group Inc. grew its stake in Symbotic by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after buying an additional 345,386 shares during the last quarter. Finally, Millennium Management LLC increased its position in Symbotic by 6,694.5% in the second quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock worth $11,801,000 after buying an additional 330,709 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.