Symbotic (NASDAQ:SYM) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Symbotic (NASDAQ:SYM) had its price objective raised by Needham & Company LLC from $40.00 to $46.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other analysts have also recently commented on SYM. TD Cowen reduced their price target on Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 target price on shares of Symbotic in a report on Friday, October 11th. Northland Securities lifted their price target on Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday. The Goldman Sachs Group lowered their price objective on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. Finally, 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 report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $44.31.

Symbotic Stock Up 27.7 %

NASDAQ:SYM opened at $39.02 on Tuesday. The company has a market capitalization of $22.85 billion, a PE ratio of -205.37 and a beta of 1.81. The stock’s 50 day moving average price is $27.00 and its 200 day moving average price is $31.09. Symbotic has a 52-week low of $17.11 and a 52-week high of $59.82.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.05. Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The firm had revenue of $576.77 million for the quarter, compared to analysts’ expectations of $470.24 million. During the same quarter in the previous year, the firm posted ($0.08) EPS. The firm’s revenue for the quarter was up 47.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Symbotic will post -0.08 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Monday, November 4th. The stock was sold at an average price of $28.15, for a total value of $56,300.00. Following the transaction, the director now owns 214,036 shares in the company, valued at approximately $6,025,113.40. This trade represents a 0.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Carol J. Hibbard sold 22,821 shares of the company’s 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 sale, the chief financial officer now owns 34,188 shares of the company’s stock, 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. In the last ninety days, insiders have sold 49,878 shares of company stock valued at $1,378,056. Insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

A number of institutional investors have recently modified their holdings of SYM. Advisors Asset Management Inc. lifted 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 valued at $123,000 after buying an additional 284 shares in the last quarter. RFP Financial Group LLC lifted its position in Symbotic by 22.4% during the 2nd quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after acquiring an additional 310 shares in the last quarter. Castleview Partners LLC raised its stake in shares of Symbotic by 50.0% during the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after purchasing an additional 500 shares during the period. California State Teachers Retirement System lifted its position in shares of Symbotic by 4.5% during the first quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock worth $678,000 after purchasing an additional 654 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Symbotic by 8.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock valued at $304,000 after purchasing an additional 679 shares in 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.