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

Symbotic (NASDAQ:SYM) had its price objective reduced by stock analysts at Needham & Company LLC from $46.00 to $35.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective points to a potential upside of 59.96% from the stock’s current price.

SYM has been the subject of a number of other research reports. The Goldman Sachs Group lowered their target price on Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a research note on Wednesday, July 31st. TD Cowen upped their target price on shares of Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 price target on shares of Symbotic in a research note on Tuesday, November 19th. Craig Hallum reduced their price target on Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Symbotic currently has a consensus rating of “Moderate Buy” and an average target price of $44.23.

Symbotic Stock Performance

SYM traded down $15.53 on Wednesday, reaching $21.88. 12,979,695 shares of the company’s stock were exchanged, compared to its average volume of 1,664,857. The company has a market cap of $12.81 billion, a price-to-earnings ratio of -364.67 and a beta of 1.81. Symbotic has a twelve month low of $17.11 and a twelve month high of $59.82. The company’s 50 day moving average is $28.98 and its 200-day moving average is $30.82.

Symbotic (NASDAQ:SYM) last issued its earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, meeting analysts’ consensus estimates of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. The business had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. During the same quarter last year, the firm posted ($0.08) EPS. The business’s revenue for the quarter was up 47.2% compared to the same quarter last year. Sell-side analysts forecast that Symbotic will post 0.2 EPS for the current year.

Insider Activity

In related news, insider William M. Boyd III sold 8,826 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $28.33, for a total value of $250,040.58. Following the completion of the transaction, the insider now owns 23,012 shares in the company, valued at $651,929.96. This represents a 27.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Carol J. Hibbard sold 22,821 shares of the business’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total transaction of $660,896.16. Following the sale, the chief financial officer now owns 34,188 shares in the company, valued at $990,084.48. This trade represents a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 49,878 shares of company stock valued at $1,378,056. Insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SYM. Baillie Gifford & Co. raised its holdings in Symbotic by 32.0% during the 3rd 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. Canada Pension Plan Investment Board grew its stake in Symbotic by 191.5% during the 2nd 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. Exchange Traded Concepts LLC increased its holdings 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 valued at $21,317,000 after purchasing an additional 379,726 shares during the period. Vanguard Group Inc. lifted its position in shares of Symbotic by 16.6% in the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after purchasing an additional 345,386 shares in the last quarter. Finally, Millennium Management LLC lifted its position in Symbotic by 6,694.5% in the 2nd 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 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.