Needham & Company LLC Cuts Symbotic (NASDAQ:SYM) Price Target to $32.00

Symbotic (NASDAQ:SYM) had its price objective lowered by stock analysts at Needham & Company LLC from $35.00 to $32.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target points to a potential upside of 19.61% from the company’s current price.

A number of other research analysts have also commented on the company. Raymond James lowered Symbotic from an “outperform” rating to a “market perform” rating in a report on Thursday. Northland Securities raised their price target on Symbotic from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Friday, January 17th. BWS Financial reissued a “sell” rating and set a $10.00 price target on shares of Symbotic in a report on Tuesday, January 21st. Citigroup reissued a “buy” rating and set a $37.00 price target on shares of Symbotic in a report on Monday, January 13th. Finally, The Goldman Sachs Group lowered their target price on Symbotic from $28.00 to $25.00 and set a “neutral” rating on the stock in a report on Thursday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Symbotic has a consensus rating of “Hold” and an average price target of $38.33.

Symbotic Stock Down 13.5 %

NASDAQ SYM traded down $4.17 during trading hours on Thursday, hitting $26.75. The company had a trading volume of 4,717,171 shares, compared to its average volume of 2,566,918. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $50.40. The business has a fifty day simple moving average of $27.11 and a 200-day simple moving average of $26.82. The firm has a market cap of $15.72 billion, a P/E ratio of -444.62, a price-to-earnings-growth ratio of 7.29 and a beta of 1.79.

Symbotic (NASDAQ:SYM) last issued its earnings results on Wednesday, February 5th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.01. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. Equities analysts forecast that Symbotic will post 0.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other Symbotic news, insider Michael David Dunn sold 1,971 shares of the firm’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $30.00, for a total transaction of $59,130.00. Following the completion of the sale, the insider now directly owns 22,301 shares in the company, valued at approximately $669,030. This trade represents a 8.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Carol J. Hibbard sold 4,055 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $30.70, for a total value of $124,488.50. Following the sale, the chief financial officer now owns 44,386 shares of the company’s stock, valued at $1,362,650.20. The trade was a 8.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 94,007 shares of company stock worth $2,827,909. 0.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Symbotic

Hedge funds and other institutional investors have recently made changes to their positions in the company. IFP Advisors Inc raised its stake in shares of Symbotic by 58.2% during the 4th quarter. IFP Advisors Inc now owns 1,368 shares of the company’s stock worth $32,000 after purchasing an additional 503 shares in the last quarter. Castleview Partners LLC raised its stake in shares of Symbotic by 50.0% during the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after purchasing an additional 500 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new stake in shares of Symbotic during the 3rd quarter worth about $49,000. Private Trust Co. NA purchased a new stake in shares of Symbotic during the 4th quarter worth about $47,000. Finally, RiverPark Advisors LLC raised its stake in shares of Symbotic by 147.1% during the 3rd quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock worth $50,000 after purchasing an additional 1,211 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.