Symbotic’s (SYM) “Buy” Rating Reiterated at Needham & Company LLC

Symbotic (NASDAQ:SYM)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a report released on Friday,Benzinga reports. They currently have a $35.00 price objective on the stock. Needham & Company LLC’s price target would indicate a potential upside of 9.99% from the stock’s current price.

Other equities analysts have also issued reports about the stock. DA Davidson raised shares of Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price target for the company in a research report on Wednesday, January 8th. BWS Financial restated a “sell” rating and set a $10.00 target price on shares of Symbotic in a research report on Tuesday, November 19th. KeyCorp reaffirmed a “sector weight” rating on shares of Symbotic in a research report on Wednesday, November 27th. Northland Securities boosted their price objective on Symbotic from $50.00 to $53.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Finally, Craig Hallum lowered Symbotic from a “buy” rating to a “hold” rating and set a $25.00 target price on the stock. in a report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $39.53.

Symbotic Trading Up 18.9 %

NASDAQ:SYM opened at $31.82 on Friday. The company has a market capitalization of $18.69 billion, a P/E ratio of -530.33 and a beta of 1.76. Symbotic has a 12 month low of $17.11 and a 12 month high of $52.20. The firm has a fifty day simple moving average of $28.04 and a 200-day simple moving average of $27.59.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, hitting analysts’ consensus estimates of $0.05. The company had revenue of $576.77 million during the quarter, compared to analysts’ expectations of $470.24 million. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. The firm’s revenue was up 47.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.08) EPS. Equities analysts forecast that Symbotic will post 0.12 EPS for the current year.

Insider Activity

In other news, CFO Carol J. Hibbard sold 22,821 shares of Symbotic stock in a transaction that occurred on 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 directly owns 34,188 shares of the company’s stock, valued at $990,084.48. The trade was a 40.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Merline Saintil sold 5,250 shares of the stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $28.70, for a total value of $150,675.00. Following the completion of the transaction, the director now directly owns 74,562 shares of the company’s stock, valued at approximately $2,139,929.40. This represents a 6.58 % 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 90 days. 38.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Symbotic

A number of large investors have recently modified their holdings of SYM. Canada Pension Plan Investment Board boosted its position in Symbotic by 191.5% during the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after acquiring an additional 509,700 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Symbotic by 10.2% during the 3rd quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock worth $12,290,000 after purchasing an additional 46,721 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Symbotic in the third quarter valued at approximately $1,029,000. Capital Market Strategies LLC purchased a new position in shares of Symbotic during the 4th quarter worth $802,000. Finally, Baillie Gifford & Co. grew its holdings in shares of Symbotic by 32.0% in the third 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.

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.