Needham & Company LLC Lowers Symbotic (NASDAQ:SYM) Price Target to $35.00

Symbotic (NASDAQ:SYM) had its target price lowered by Needham & Company LLC from $46.00 to $35.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts have also weighed in on the stock. KeyCorp reiterated a “sector weight” rating on shares of Symbotic in a report on Wednesday. DA Davidson cut Symbotic from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $50.00 to $35.00 in a research note on Wednesday. Robert W. Baird cut their price target on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. Craig Hallum dropped their price objective 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. Finally, BWS Financial reaffirmed a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Symbotic Stock Down 35.8 %

Shares of Symbotic stock opened at $24.00 on Wednesday. Symbotic has a 12-month low of $17.11 and a 12-month high of $59.82. The stock has a market capitalization of $14.05 billion, a P/E ratio of -400.00 and a beta of 1.81. The company has a 50-day simple moving average of $28.96 and a 200 day simple moving average of $30.77.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.05. The company had revenue of $576.77 million for the quarter, compared to analyst estimates of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. Symbotic’s quarterly revenue was up 47.2% on a year-over-year basis. During the same period in the prior year, the business earned ($0.08) earnings per share. On average, equities analysts anticipate that Symbotic will post 0.2 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Todd Krasnow sold 2,000 shares of the stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $28.15, for a total value of $56,300.00. Following the sale, the director now directly owns 214,036 shares of the company’s stock, valued at approximately $6,025,113.40. This represents a 0.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Carol J. Hibbard sold 22,821 shares of the firm’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total transaction of $660,896.16. Following the completion of the transaction, the chief financial officer now directly owns 34,188 shares of the company’s stock, valued at approximately $990,084.48. The trade was a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 49,878 shares of company stock valued at $1,378,056 over the last ninety days. 38.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. 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 acquiring an additional 500 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new position in Symbotic during the 3rd quarter valued at about $49,000. RiverPark Advisors LLC raised its position in Symbotic by 147.1% during the 3rd quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock valued at $50,000 after purchasing an additional 1,211 shares during the last quarter. RFP Financial Group LLC lifted its holdings in Symbotic by 22.4% in the 2nd quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after buying an additional 310 shares during the period. Finally, Quest Partners LLC grew its position in shares of Symbotic by 19,307.7% in the 3rd quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock worth $62,000 after buying an additional 2,510 shares during 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.