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

Symbotic (NASDAQ:SYM) had its price objective decreased by Needham & Company LLC from $46.00 to $35.00 in a research report released on Wednesday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other equities research analysts have also recently issued reports on SYM. Citigroup lowered their price objective on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. The Goldman Sachs Group dropped their price target on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. TD Cowen increased their target price on Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, DA Davidson cut Symbotic from a “buy” rating to a “neutral” rating and reduced their price target for the company from $50.00 to $35.00 in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $42.69.

Symbotic Stock Up 12.1 %

SYM opened at $26.90 on Wednesday. Symbotic has a twelve month low of $17.11 and a twelve month high of $58.58. The company’s 50-day moving average price is $28.97 and its two-hundred day moving average price is $30.61. The stock has a market cap of $15.75 billion, a price-to-earnings ratio of -448.33 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Monday, November 18th. The company reported $0.05 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 business had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. During the same quarter in the prior year, the business earned ($0.08) earnings per share. Symbotic’s revenue for the quarter was up 47.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Symbotic will post 0.2 earnings per share for the current year.

Insider Activity at Symbotic

In other news, insider Michael David Dunn sold 5,266 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $23.81, for a total value of $125,383.46. Following the completion of the transaction, the insider now directly owns 85,224 shares in the company, valued at approximately $2,029,183.44. This represents a 5.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total value of $37,500.00. Following the transaction, the director now directly owns 214,036 shares in the company, valued at approximately $4,013,175. This represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 49,878 shares of company stock valued at $1,378,056 over the last three months. 38.30% of the stock is owned by corporate insiders.

Institutional Trading of Symbotic

Several hedge funds and other institutional investors have recently bought and sold shares of SYM. Castleview Partners LLC lifted its holdings in shares of Symbotic by 50.0% in the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after acquiring an additional 500 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new position in Symbotic in the 3rd quarter worth $49,000. RiverPark Advisors LLC lifted its stake in Symbotic by 147.1% in the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock worth $50,000 after purchasing an additional 1,211 shares during the last quarter. RFP Financial Group LLC boosted its position in Symbotic by 22.4% during the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after buying an additional 310 shares during the period. Finally, Quest Partners LLC grew its stake in shares of Symbotic by 19,307.7% during the third quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock valued at $62,000 after buying an additional 2,510 shares during 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.