Symbotic (NASDAQ:SYM) Given New $35.00 Price Target at Needham & Company LLC

Symbotic (NASDAQ:SYM) had its target price cut by Needham & Company LLC from $46.00 to $35.00 in a report issued on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also issued reports on SYM. Craig Hallum decreased their target price on Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. BWS Financial reiterated a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a report on Tuesday, November 19th. Robert W. Baird dropped their price objective on Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. Citigroup dropped their price target on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Finally, The Goldman Sachs Group decreased their price objective on Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Symbotic currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

Symbotic Stock Up 12.1 %

Shares of NASDAQ:SYM opened at $26.90 on Wednesday. The business has a fifty day moving average of $28.97 and a two-hundred day moving average of $30.51. The stock has a market cap of $15.75 billion, a P/E ratio of -448.33 and a beta of 1.81. Symbotic has a 52-week low of $17.11 and a 52-week high of $58.58.

Symbotic (NASDAQ:SYM) last issued its earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.05. Symbotic had a positive return on equity of 6.54% and a negative net margin of 0.32%. The company had revenue of $576.77 million during the quarter, compared to analysts’ expectations of $470.24 million. During the same period in the prior year, the business earned ($0.08) EPS. The firm’s quarterly revenue was up 47.2% on a year-over-year basis. On average, equities analysts anticipate that Symbotic will post 0.2 earnings per share for the current year.

Insiders Place Their Bets

In other 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 value of $56,300.00. Following the completion of the transaction, the director now directly owns 214,036 shares of the company’s stock, valued at $6,025,113.40. The trade was a 0.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Carol J. Hibbard sold 22,821 shares of the company’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total value of $660,896.16. Following the completion of the transaction, the chief financial officer now owns 34,188 shares of the company’s stock, valued at $990,084.48. The trade was a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 49,878 shares of company stock worth $1,378,056. 38.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

Several institutional investors and hedge funds have recently added to or reduced their stakes in SYM. Baillie Gifford & Co. increased its stake in Symbotic by 32.0% during the third 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 increased its stake in Symbotic by 191.5% during the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after acquiring an additional 509,700 shares during the last quarter. Exchange Traded Concepts LLC increased its stake in Symbotic by 76.8% during the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after acquiring an additional 379,726 shares during the last quarter. Vanguard Group Inc. increased its stake in Symbotic by 16.6% during the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after acquiring an additional 345,386 shares during the last quarter. Finally, Millennium Management LLC boosted its position in shares of 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.