Needham & Company LLC Cuts Symbotic (NASDAQ:SYM) Price Target to $40.00

Symbotic (NASDAQ:SYM) had its price objective cut by Needham & Company LLC from $54.00 to $40.00 in a report issued on Tuesday morning, Benzinga reports. They currently have a buy rating on the stock.

SYM has been the topic of several other reports. Robert W. Baird upped their target price on shares of Symbotic from $52.00 to $53.00 and gave the stock an outperform rating in a research report on Tuesday, May 7th. The Goldman Sachs Group lowered their target price on shares of Symbotic from $46.00 to $40.00 and set a neutral rating on the stock in a research report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Symbotic from $57.00 to $58.00 and gave the company a buy rating in a report on Tuesday, May 7th. Northland Securities upped their price target on shares of Symbotic from $55.00 to $60.00 and gave the company an outperform rating in a report on Wednesday, April 10th. Finally, Vertical Research initiated coverage on shares of Symbotic in a report on Tuesday, July 23rd. They issued a hold rating and a $45.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $43.23.

Symbotic Stock Down 3.7 %

Shares of Symbotic stock opened at $23.70 on Tuesday. The company’s 50-day simple moving average is $36.25 and its 200-day simple moving average is $40.82. Symbotic has a 52-week low of $22.54 and a 52-week high of $62.37. The firm has a market cap of $13.86 billion, a price-to-earnings ratio of -98.75 and a beta of 1.86.

Symbotic (NASDAQ:SYM) last issued its earnings results on Monday, July 29th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.04). Symbotic had a positive return on equity of 5.05% and a negative net margin of 1.03%. The company had revenue of $491.86 million for the quarter, compared to analyst estimates of $464.56 million. During the same quarter in the previous year, the company posted ($0.07) earnings per share. The company’s quarterly revenue was up 57.7% compared to the same quarter last year. Equities research analysts anticipate that Symbotic will post -0.04 EPS for the current year.

Insider Activity at Symbotic

In related news, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $40.92, for a total transaction of $81,840.00. Following the transaction, the director now owns 214,036 shares of the company’s stock, valued at $8,758,353.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $40.92, for a total transaction of $81,840.00. Following the transaction, the director now owns 214,036 shares of the company’s stock, valued at $8,758,353.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder David A. Ladensohn sold 50,000 shares of the stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $40.89, for a total transaction of $2,044,500.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 150,107 shares of company stock valued at $5,950,707. Company insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Large investors have recently bought and sold shares of the stock. SG Americas Securities LLC acquired a new stake in shares of Symbotic in the fourth quarter worth $136,000. Stonegate Investment Group LLC acquired a new stake in shares of Symbotic in the fourth quarter worth $318,000. Colonial River Wealth Management LLC acquired a new stake in shares of Symbotic in the fourth quarter worth $232,000. Arizona State Retirement System acquired a new stake in shares of Symbotic in the fourth quarter worth $232,000. Finally, TFC Financial Management Inc. increased its position in shares of Symbotic by 97.1% in the fourth quarter. TFC Financial Management Inc. now owns 1,226 shares of the company’s stock worth $63,000 after acquiring an additional 604 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.