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

Symbotic (NASDAQ:SYM) had its price objective lowered by research analysts at Needham & Company LLC from $46.00 to $35.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 45.83% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $60.00 price target on shares of Symbotic in a report on Tuesday, November 19th. TD Cowen increased their price target on Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday. The Goldman Sachs Group cut their price objective on Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a research report on Wednesday, July 31st. Craig Hallum decreased their target price on Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Symbotic in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $42.69.

Symbotic Stock Down 35.8 %

Symbotic stock opened at $24.00 on Wednesday. The business has a 50 day moving average price of $28.94 and a two-hundred day moving average price of $30.72. The stock has a market cap of $14.05 billion, a price-to-earnings ratio of -400.00 and a beta of 1.81. Symbotic has a 12 month low of $17.11 and a 12 month high of $59.82.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, hitting 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 firm had revenue of $576.77 million during the quarter, compared to analysts’ expectations of $470.24 million. During the same quarter last year, the company earned ($0.08) earnings per share. The company’s revenue for the quarter was up 47.2% compared to the same quarter last year. On average, analysts expect that Symbotic will post 0.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider William M. Boyd III sold 8,826 shares of the company’s stock in a transaction that occurred on 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total value of $660,896.16. Following the transaction, the chief financial officer now owns 34,188 shares of the company’s stock, valued at approximately $990,084.48. This trade represents a 40.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 49,878 shares of company stock valued at $1,378,056 over the last ninety days. Insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SYM. Vanguard Group Inc. boosted its holdings in shares of 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. Advisors Asset Management Inc. raised its position in Symbotic by 11.6% during the first quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock worth $123,000 after acquiring an additional 284 shares in the last quarter. California State Teachers Retirement System lifted its stake in Symbotic by 4.5% in the first quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock valued at $678,000 after acquiring an additional 654 shares during the last quarter. Comerica Bank grew its position in shares of Symbotic by 1,347.0% in the 1st quarter. Comerica Bank now owns 16,641 shares of the company’s stock valued at $749,000 after acquiring an additional 15,491 shares during the period. Finally, Virtu Financial LLC acquired a new position in shares of Symbotic during the 1st quarter worth about $770,000.

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.