Symbotic (NASDAQ:SYM) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

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

Several other analysts have also recently weighed in on SYM. Robert W. Baird reduced their price objective on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft lifted their target price on Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. BWS Financial reissued a “sell” rating and issued a $10.00 price target on shares of Symbotic in a research note on Friday, October 11th. Northland Securities upped their target price on Symbotic from $50.00 to $53.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $60.00 target price on shares of Symbotic in a research report on Friday, October 11th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.31.

Symbotic Stock Up 6.9 %

Shares of SYM stock opened at $38.79 on Tuesday. The firm has a market capitalization of $22.71 billion, a P/E ratio of -636.17 and a beta of 1.81. Symbotic has a twelve month low of $17.11 and a twelve month high of $59.82. The stock’s fifty day simple moving average is $28.08 and its 200 day simple moving average is $31.15.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data 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 the consensus estimate of $470.24 million. During the same quarter in the prior year, the firm posted ($0.08) earnings per share. The firm’s revenue was up 47.2% compared to the same quarter last year. As a group, equities research analysts expect that Symbotic will post 0.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other Symbotic news, 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 transaction of $660,896.16. Following the transaction, the chief financial officer now owns 34,188 shares in the company, valued at approximately $990,084.48. This represents a 40.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider William M. Boyd III sold 8,826 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $28.33, for a total transaction of $250,040.58. Following the completion of the transaction, the insider now directly owns 23,012 shares in the company, valued at $651,929.96. This trade represents a 27.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,878 shares of company stock worth $1,378,056. 38.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Symbotic

Hedge funds and other institutional investors have recently made changes to their positions in the business. Barclays PLC increased its holdings in Symbotic by 1,105.9% during the 3rd quarter. Barclays PLC now owns 9,346 shares of the company’s stock worth $228,000 after purchasing an additional 8,571 shares in the last quarter. TCW Group Inc. grew its holdings in Symbotic by 0.8% during the third quarter. TCW Group Inc. now owns 384,274 shares of the company’s stock worth $9,372,000 after buying an additional 3,075 shares in the last quarter. Sunbelt Securities Inc. raised its position in Symbotic by 161.6% in the 3rd quarter. Sunbelt Securities Inc. now owns 13,330 shares of the company’s stock valued at $325,000 after buying an additional 8,235 shares during the last quarter. First Dallas Securities Inc. lifted its stake in Symbotic by 61.2% during the 3rd quarter. First Dallas Securities Inc. now owns 32,400 shares of the company’s stock valued at $790,000 after acquiring an additional 12,300 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Symbotic by 10.2% during the 3rd quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock worth $12,290,000 after acquiring an additional 46,721 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.