Needham & Company LLC Increases Symbotic (NASDAQ:SYM) Price Target to $46.00

Symbotic (NASDAQ:SYM) had its target price upped by equities researchers at Needham & Company LLC from $40.00 to $46.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 26.69% from the company’s current price.

Other analysts have also recently issued research reports about the stock. KeyCorp reduced their price target on shares of Symbotic from $55.00 to $40.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 30th. Vertical Research began coverage on shares of Symbotic in a research report on Tuesday, July 23rd. They set a “hold” rating and a $45.00 price target on the stock. Craig Hallum reduced their price target on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. BWS Financial reissued a “sell” rating and set a $10.00 price target on shares of Symbotic in a research report on Friday, October 11th. Finally, Citigroup reduced their price target on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $44.31.

Symbotic Price Performance

SYM opened at $36.31 on Tuesday. The firm has a fifty day moving average price of $27.42 and a 200 day moving average price of $31.08. Symbotic has a 1 year low of $17.11 and a 1 year high of $59.82. The stock has a market cap of $21.26 billion, a P/E ratio of -605.17 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last released its earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.05. Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The business had revenue of $576.77 million during the quarter, compared to analyst estimates of $470.24 million. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. The company’s revenue for the quarter was up 47.2% compared to the same quarter last year. Equities analysts expect that Symbotic will post -0.08 EPS for the current year.

Insider Transactions at Symbotic

In related news, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $18.75, for a total transaction of $37,500.00. Following the transaction, the director now directly owns 214,036 shares of the company’s stock, valued at approximately $4,013,175. The trade was a 0.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider William M. Boyd III sold 8,826 shares of the business’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 directly 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 disclosure for this sale can be found here. In the last quarter, insiders sold 49,878 shares of company stock worth $1,378,056. 38.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC lifted its stake in shares of Symbotic by 1,105.9% in the 3rd quarter. Barclays PLC now owns 9,346 shares of the company’s stock worth $228,000 after acquiring an additional 8,571 shares during the period. TCW Group Inc. raised its holdings in shares of Symbotic by 0.8% during the third quarter. TCW Group Inc. now owns 384,274 shares of the company’s stock valued at $9,372,000 after acquiring an additional 3,075 shares during the period. Sunbelt Securities Inc. raised its holdings in shares of Symbotic by 161.6% during the third quarter. Sunbelt Securities Inc. now owns 13,330 shares of the company’s stock valued at $325,000 after acquiring an additional 8,235 shares during the period. First Dallas Securities Inc. raised its holdings in shares of Symbotic by 61.2% during the third quarter. First Dallas Securities Inc. now owns 32,400 shares of the company’s stock valued at $790,000 after acquiring an additional 12,300 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Symbotic by 10.2% during 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 during the period.

About Symbotic

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.