Needham & Company LLC Reaffirms Buy Rating for Symbotic (NASDAQ:SYM)

Symbotic (NASDAQ:SYM)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a research note issued on Friday,Benzinga reports. They presently have a $35.00 target price on the stock. Needham & Company LLC’s target price points to a potential upside of 9.99% from the stock’s current price.

Several other analysts have also recently issued reports on SYM. UBS Group decreased their target price on shares of Symbotic from $40.00 to $32.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. The Goldman Sachs Group decreased their price objective on Symbotic from $34.00 to $28.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 4th. KeyCorp reiterated a “sector weight” rating on shares of Symbotic in a report on Wednesday, November 27th. William Blair restated a “market perform” rating on shares of Symbotic in a research report on Thursday, December 5th. Finally, Craig Hallum cut shares of Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price objective on the stock. in a research report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $39.53.

Symbotic Price Performance

NASDAQ SYM opened at $31.82 on Friday. Symbotic has a 1-year low of $17.11 and a 1-year high of $52.20. The business has a 50 day simple moving average of $28.04 and a two-hundred day simple moving average of $27.59. The stock has a market capitalization of $18.69 billion, a PE ratio of -530.33 and a beta of 1.76.

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

Insider Buying and Selling

In other news, insider William M. Boyd III sold 8,826 shares of the business’s stock in a transaction 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 completion of the transaction, the insider now directly owns 23,012 shares of the company’s stock, valued at approximately $651,929.96. The trade was a 27.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael David Dunn sold 63,867 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $30.08, for a total value of $1,921,119.36. Following the sale, the insider now directly owns 24,055 shares in the company, valued at approximately $723,574.40. The trade was a 72.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,844 shares of company stock valued at $3,268,431 over the last three months. 38.30% of the stock is owned by company insiders.

Institutional Trading of Symbotic

Hedge funds have recently modified their holdings of the company. Baillie Gifford & Co. raised its stake in shares of 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 acquiring an additional 3,410,050 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in Symbotic by 191.5% in the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after purchasing an additional 509,700 shares during the last quarter. Exchange Traded Concepts LLC increased its position in shares of Symbotic by 76.8% during the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after purchasing an additional 379,726 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Symbotic by 6,694.5% during the 2nd quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock valued at $11,801,000 after purchasing an additional 330,709 shares during the last quarter. Finally, Thematics Asset Management boosted its position in shares of Symbotic by 30.1% in the 3rd quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock worth $25,565,000 after purchasing an additional 242,661 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.