Symbotic (NASDAQ:SYM) Price Target Cut to $35.00 by Analysts at Needham & Company LLC

Symbotic (NASDAQ:SYM) had its price target lowered by Needham & Company LLC from $46.00 to $35.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 59.96% from the company’s current price.

A number of other brokerages have also recently weighed in on SYM. BWS Financial restated a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a report on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft upped their price objective on Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Robert W. Baird reduced their price objective on Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. The Goldman Sachs Group lowered their target price on Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a research note on Wednesday, July 31st. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Symbotic in a research report on Wednesday. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Symbotic presently has an average rating of “Moderate Buy” and a consensus target price of $44.23.

Symbotic Trading Down 41.5 %

SYM traded down $15.53 on Wednesday, hitting $21.88. 12,979,695 shares of the company’s stock were exchanged, compared to its average volume of 1,664,857. The stock has a market cap of $12.81 billion, a price-to-earnings ratio of -364.67 and a beta of 1.81. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $59.82. The firm has a 50-day moving average price of $28.98 and a 200-day moving average price of $30.82.

Symbotic (NASDAQ:SYM) last issued its 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 6.54% and a negative net margin of 0.32%. The company had revenue of $576.77 million during the quarter, compared to analysts’ expectations of $470.24 million. During the same period in the prior year, the business earned ($0.08) EPS. The firm’s quarterly revenue was up 47.2% on a year-over-year basis. On average, equities analysts predict that Symbotic will post 0.2 EPS for the current year.

Insider Transactions at Symbotic

In other news, insider William M. Boyd III sold 8,826 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $28.33, for a total transaction of $250,040.58. Following the sale, the insider now owns 23,012 shares of the company’s stock, valued at $651,929.96. The trade was a 27.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total value of $37,500.00. Following the completion of the transaction, the director now directly owns 214,036 shares of the company’s stock, valued at $4,013,175. The trade was a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 49,878 shares of company stock worth $1,378,056 over the last ninety days. 38.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Symbotic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. lifted its position in shares of Symbotic by 11.6% in the first quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock valued at $123,000 after acquiring an additional 284 shares in the last quarter. RFP Financial Group LLC raised its stake in Symbotic by 22.4% in the 2nd quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after purchasing an additional 310 shares during the last quarter. Castleview Partners LLC lifted its holdings in Symbotic by 50.0% in the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after purchasing an additional 500 shares in the last quarter. California State Teachers Retirement System boosted its stake in shares of Symbotic by 4.5% during the 1st 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 during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Symbotic by 8.5% during the second quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock worth $304,000 after buying an additional 679 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.