Symbotic (NASDAQ:SYM) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Symbotic (NASDAQ:SYM - Free Report) in a report published on Friday,Benzinga reports. Needham & Company LLC currently has a $35.00 price target on the stock.

Other analysts have also recently issued reports about the stock. KeyCorp restated a "sector weight" rating on shares of Symbotic in a research note on Wednesday, November 27th. Northland Securities boosted their target price on shares of Symbotic from $50.00 to $53.00 and gave the company an "outperform" rating in a report on Tuesday, November 19th. TD Cowen raised their price target on Symbotic from $43.00 to $50.00 and gave the stock a "buy" rating in a report on Tuesday, November 26th. UBS Group decreased their price objective on Symbotic from $40.00 to $32.00 and set a "neutral" rating on the stock in a research note on Friday, January 3rd. Finally, DA Davidson upgraded Symbotic from a "neutral" rating to a "buy" rating and set a $35.00 target price for the company in a research note on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $38.73.

Symbotic Stock Performance

NASDAQ SYM traded down $2.06 on Friday, hitting $29.76. 4,186,179 shares of the stock traded hands, compared to its average volume of 2,855,100. The business's fifty day moving average is $27.96 and its two-hundred day moving average is $27.55. Symbotic has a 12 month low of $17.11 and a 12 month high of $52.20. The firm has a market capitalization of $17.48 billion, a price-to-earnings ratio of -496.00 and a beta of 1.76.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting the consensus estimate of $0.05. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. The company had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. During the same quarter in the prior year, the company earned ($0.08) EPS. The firm's quarterly revenue was up 47.2% compared to the same quarter last year. Analysts expect that Symbotic will post 0.12 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Carol J. Hibbard sold 22,821 shares of the firm's stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total transaction of $660,896.16. Following the transaction, the chief financial officer now directly owns 34,188 shares of the company's stock, valued at approximately $990,084.48. This trade represents a 40.03 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michael David Dunn sold 5,365 shares of the business's stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $24.60, for a total value of $131,979.00. Following the completion of the sale, the insider now owns 31,860 shares of the company's stock, valued at $783,756. The trade was a 14.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,844 shares of company stock valued at $3,268,431 in the last quarter. Corporate insiders own 38.30% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Castleview Partners LLC boosted its stake in shares of 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. Quarry LP bought a new stake in Symbotic in the second quarter worth $65,000. Arcadia Investment Management Corp MI purchased a new stake in Symbotic during the third quarter valued at about $49,000. RiverPark Advisors LLC grew its stake in shares of Symbotic by 147.1% during the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company's stock valued at $50,000 after buying an additional 1,211 shares during the last quarter. Finally, Quest Partners LLC increased its holdings in shares of Symbotic by 19,307.7% in the third 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 period.

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.