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

Symbotic (NASDAQ:SYM - Get Free Report) had its price objective lowered by research analysts at Needham & Company LLC from $35.00 to $32.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's price objective would indicate a potential upside of 13.52% from the stock's current price.

A number of other research firms have also commented on SYM. DA Davidson upgraded shares of Symbotic from a "neutral" rating to a "buy" rating and set a $35.00 price target on the stock in a research report on Wednesday, January 8th. Citigroup reissued a "buy" rating and issued a $37.00 target price on shares of Symbotic in a report on Monday, January 13th. Craig Hallum cut Symbotic from a "buy" rating to a "hold" rating and set a $25.00 price target for the company. in a report on Wednesday, November 27th. William Blair reiterated a "market perform" rating on shares of Symbotic in a research report on Thursday, December 5th. Finally, KeyCorp restated a "sector weight" rating on shares of Symbotic in a report on Wednesday, November 27th. One research 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. Based on data from MarketBeat, Symbotic has a consensus rating of "Hold" and an average target price of $38.33.

Symbotic Stock Up 6.9 %

SYM stock traded up $1.82 during midday trading on Thursday, hitting $28.19. 3,506,564 shares of the company traded hands, compared to its average volume of 2,697,896. The business has a 50 day simple moving average of $27.13 and a 200-day simple moving average of $26.57. Symbotic has a twelve month low of $17.11 and a twelve month high of $50.40. The stock has a market capitalization of $16.56 billion, a price-to-earnings ratio of -402.66, a price-to-earnings-growth ratio of 6.45 and a beta of 1.79.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings data 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 5.11% and a negative net margin of 0.38%. Equities research analysts forecast that Symbotic will post 0.13 EPS for the current year.

Insiders Place Their Bets

In other Symbotic news, CFO Carol J. Hibbard sold 4,055 shares of the company's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $30.70, for a total transaction of $124,488.50. Following the sale, the chief financial officer now directly owns 44,386 shares of the company's stock, valued at approximately $1,362,650.20. This represents a 8.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.04, for a total transaction of $48,080.00. Following the completion of the transaction, the director now directly owns 214,036 shares of the company's stock, valued at approximately $5,145,425.44. This trade represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 94,007 shares of company stock valued at $2,827,909 in the last three months. 0.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Symbotic

A number of hedge funds have recently made changes to their positions in SYM. Baillie Gifford & Co. lifted its position in Symbotic by 32.0% during the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company's stock worth $343,192,000 after acquiring an additional 3,410,050 shares during the last quarter. Thematics Asset Management boosted its stake in shares of Symbotic by 30.1% in the third quarter. Thematics Asset Management now owns 1,048,170 shares of the company's stock valued at $25,565,000 after buying an additional 242,661 shares during the period. Raymond James Financial Inc. acquired a new stake in Symbotic during the fourth quarter worth approximately $20,754,000. Exchange Traded Concepts LLC increased its stake in Symbotic by 76.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company's stock worth $21,317,000 after acquiring an additional 379,726 shares during the period. Finally, TCW Group Inc. raised its holdings in Symbotic by 51.7% in the 4th quarter. TCW Group Inc. now owns 582,955 shares of the company's stock valued at $13,822,000 after acquiring an additional 198,681 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.