Symbotic (NASDAQ:SYM) Earns “Buy” Rating from Needham & Company LLC

Symbotic (NASDAQ:SYM)‘s stock had its “buy” rating reissued by Needham & Company LLC in a report issued on Friday,Benzinga reports. They presently have a $35.00 price target on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 17.61% from the company’s previous close.

A number of other equities analysts have also recently weighed in on SYM. TD Cowen raised their price objective on Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. BWS Financial reissued a “sell” rating and set a $10.00 price target on shares of Symbotic in a research note on Tuesday, November 19th. Northland Securities boosted their price objective on shares of Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. KeyCorp reaffirmed a “sector weight” rating on shares of Symbotic in a report on Wednesday, November 27th. Finally, The Goldman Sachs Group lowered their price target on shares of Symbotic from $34.00 to $28.00 and set a “neutral” rating for the company in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $38.73.

Symbotic Stock Down 6.5 %

NASDAQ:SYM opened at $29.76 on Friday. Symbotic has a twelve month low of $17.11 and a twelve month high of $52.20. The stock has a market cap of $17.48 billion, a P/E ratio of -496.00 and a beta of 1.76. The business’s 50-day moving average price is $27.96 and its two-hundred day moving average price is $27.49.

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

Insider Activity at Symbotic

In other news, insider William M. Boyd III sold 8,826 shares of the 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 completion of the transaction, the insider now owns 23,012 shares of the company’s stock, valued at approximately $651,929.96. This represents a 27.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Carol J. Hibbard sold 22,821 shares of Symbotic stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total value 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 represents a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 111,844 shares of company stock worth $3,268,431 over the last quarter. Corporate insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Canada Pension Plan Investment Board grew its stake in shares of Symbotic by 191.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after buying an additional 509,700 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Symbotic by 10.2% in 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 during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Symbotic in the 3rd quarter worth about $1,029,000. Capital Market Strategies LLC bought a new position in Symbotic in the 4th quarter worth about $802,000. Finally, Baillie Gifford & Co. grew its position in Symbotic by 32.0% during 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 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.