Needham & Company LLC Issues Pessimistic Forecast for Symbotic (NASDAQ:SYM) Stock Price

Symbotic (NASDAQ:SYM) had its target price decreased by investment analysts at Needham & Company LLC from $35.00 to $32.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price would suggest a potential upside of 21.35% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Northland Securities increased their target price on shares of Symbotic from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. DA Davidson raised shares of Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price objective for the company in a report on Wednesday, January 8th. KeyCorp reiterated a “sector weight” rating on shares of Symbotic in a research note on Wednesday, November 27th. BWS Financial restated a “sell” rating and set a $10.00 price target on shares of Symbotic in a research report on Tuesday, January 21st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a research report on Thursday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Symbotic has a consensus rating of “Hold” and a consensus price target of $38.33.

Symbotic Trading Up 1.5 %

NASDAQ SYM opened at $26.37 on Thursday. Symbotic has a 1-year low of $17.11 and a 1-year high of $50.40. The company has a market capitalization of $15.49 billion, a price-to-earnings ratio of -439.50, a PEG ratio of 7.29 and a beta of 1.79. The stock’s 50 day moving average is $27.15 and its two-hundred day moving average is $26.82.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Wednesday, February 5th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. On average, analysts predict that Symbotic will post 0.13 earnings per share for the current year.

Insider Buying and Selling at Symbotic

In related news, CFO Carol J. Hibbard sold 4,055 shares of the company’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $30.70, for a total value of $124,488.50. Following the completion of the sale, the chief financial officer now owns 44,386 shares in the company, valued at approximately $1,362,650.20. This represents a 8.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Michael David Dunn sold 3,635 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $33.28, for a total value of $120,972.80. Following the completion of the transaction, the insider now directly owns 24,272 shares in the company, valued at $807,772.16. The trade was a 13.03 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 94,007 shares of company stock worth $2,827,909. Company insiders own 0.60% of the company’s stock.

Institutional Trading of Symbotic

Institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC lifted its holdings in Symbotic by 10.2% during the third quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock worth $12,290,000 after acquiring an additional 46,721 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Symbotic during the third quarter worth about $1,029,000. Capital Market Strategies LLC bought a new position in shares of Symbotic during the 4th quarter valued at about $802,000. Baillie Gifford & Co. grew its position in shares of Symbotic by 32.0% in the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after purchasing an additional 3,410,050 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Symbotic by 10.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 219,074 shares of the company’s stock worth $5,343,000 after purchasing an additional 20,469 shares in the last quarter.

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.