Needham & Company LLC Cuts Symbotic (NASDAQ:SYM) Price Target to $35.00

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

Several other analysts have also recently commented on SYM. KeyCorp reiterated a “sector weight” rating on shares of Symbotic in a report on Wednesday. DA Davidson lowered shares of Symbotic from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $50.00 to $35.00 in a research note on Wednesday. Cantor Fitzgerald reissued an “overweight” rating and set a $60.00 target price on shares of Symbotic in a research note on Tuesday, November 19th. Northland Securities upped their price target on shares of Symbotic from $50.00 to $53.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Finally, Robert W. Baird lowered their price objective on Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Symbotic presently has a consensus rating of “Moderate Buy” and an average target price of $42.69.

Symbotic Price Performance

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

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

Insider Buying and Selling

In other news, insider William M. Boyd III sold 8,826 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $28.33, for a total value of $250,040.58. Following the transaction, the insider now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $18.75, for a total value of $37,500.00. Following the sale, the director now owns 214,036 shares of the company’s stock, valued at $4,013,175. This trade represents a 0.93 % 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 ninety days. Corporate insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Large investors have recently bought and sold shares of the stock. Baillie Gifford & Co. raised its holdings in shares of Symbotic by 32.0% in 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. Vanguard Group Inc. increased its stake in Symbotic by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after buying an additional 345,386 shares during the last quarter. Thematics Asset Management lifted its position in shares of Symbotic by 30.1% during the 3rd quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock worth $25,565,000 after buying an additional 242,661 shares in the last quarter. Exchange Traded Concepts LLC boosted its stake in shares of Symbotic by 76.8% in 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. Finally, Canada Pension Plan Investment Board grew its holdings in shares of Symbotic by 191.5% in the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after acquiring an additional 509,700 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.