Symbotic’s (SYM) “Buy” Rating Reaffirmed at Needham & Company LLC

Symbotic (NASDAQ:SYM)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a research note issued to investors on Friday,Benzinga reports. They currently have a $35.00 price target on the stock. Needham & Company LLC’s target price would indicate a potential upside of 17.61% from the stock’s previous close.

SYM has been the topic of a number of other research reports. TD Cowen increased their price objective on shares of Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. BWS Financial reissued a “sell” rating and set a $10.00 price target on shares of Symbotic in a report on Tuesday, November 19th. Craig Hallum downgraded Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price target for the company. in a research note on Wednesday, November 27th. UBS Group reduced their price objective on Symbotic from $40.00 to $32.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. Finally, KeyCorp reissued a “sector weight” rating on shares of Symbotic in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $38.73.

Symbotic Price Performance

SYM stock opened at $29.76 on Friday. Symbotic has a 1-year low of $17.11 and a 1-year high of $52.20. The stock has a market capitalization of $17.48 billion, a P/E ratio of -496.00 and a beta of 1.76. The business has a fifty day moving average price of $27.96 and a 200-day moving average price of $27.49.

Symbotic (NASDAQ:SYM) last issued its earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.05. The business had revenue of $576.77 million during the quarter, compared to analyst estimates of $470.24 million. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. Symbotic’s revenue was up 47.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.08) EPS. As a group, analysts anticipate that Symbotic will post 0.12 earnings per share for the current year.

Insider Transactions at Symbotic

In other Symbotic news, CFO Carol J. Hibbard sold 22,821 shares of the business’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 $990,084.48. The trade was a 40.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael David Dunn sold 1,715 shares of the firm’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $28.77, for a total transaction of $49,340.55. Following the completion of the sale, the insider now owns 87,922 shares of the company’s stock, valued at $2,529,515.94. This trade represents a 1.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 111,844 shares of company stock valued at $3,268,431 in the last ninety days. Corporate insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board grew its stake in shares of Symbotic by 191.5% during the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after buying an additional 509,700 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Symbotic by 10.2% in the third quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock valued at $12,290,000 after acquiring an additional 46,721 shares in the last quarter. Sanctuary Advisors LLC bought a new position in Symbotic during the 3rd quarter worth about $1,029,000. Capital Market Strategies LLC purchased a new stake in shares of Symbotic in the 4th quarter worth approximately $802,000. Finally, Baillie Gifford & Co. lifted its holdings 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 buying an additional 3,410,050 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.