Needham & Company LLC Issues Positive Forecast for Symbotic (NASDAQ:SYM) Stock Price

Symbotic (NASDAQ:SYM - Free Report) had its price objective raised by Needham & Company LLC from $40.00 to $46.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other analysts have also recently issued reports about the stock. KeyCorp reduced their target price on shares of Symbotic from $55.00 to $40.00 and set an "overweight" rating for the company in a research note on Tuesday, July 30th. Northland Securities raised their price objective on Symbotic from $50.00 to $53.00 and gave the stock an "outperform" rating in a research note on Tuesday. The Goldman Sachs Group cut their price objective on Symbotic from $40.00 to $30.00 and set a "neutral" rating for the company in a report on Wednesday, July 31st. Craig Hallum lowered their target price 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, Citigroup decreased their price objective on shares of Symbotic from $62.00 to $49.00 and set a "buy" rating for the company in a research report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $44.54.

Symbotic Price Performance

NASDAQ:SYM traded up $8.49 during trading hours on Tuesday, reaching $39.05. 9,810,711 shares of the company were exchanged, compared to its average volume of 1,608,623. The firm has a market cap of $22.87 billion, a price-to-earnings ratio of -209.47 and a beta of 1.81. The stock has a 50 day simple moving average of $27.00 and a 200 day simple moving average of $31.09. Symbotic has a 52-week low of $17.11 and a 52-week high of $59.82.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, meeting the consensus estimate of $0.05. The business had revenue of $576.77 million for the quarter, compared to analyst estimates of $470.24 million. Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The company's revenue was up 47.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.08) EPS. On average, analysts predict that Symbotic will post -0.08 EPS for the current fiscal year.

Insider Transactions at Symbotic

In related news, CFO Carol J. Hibbard sold 22,821 shares of Symbotic stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total value of $660,896.16. Following the transaction, the chief financial officer now directly owns 34,188 shares of the company's stock, valued at $990,084.48. This trade represents a 40.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Todd Krasnow sold 2,000 shares of the firm's stock in a transaction on Monday, November 4th. The shares were sold at an average price of $28.15, for a total value of $56,300.00. Following the completion of the sale, the director now directly owns 214,036 shares in the company, valued at approximately $6,025,113.40. This represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 49,878 shares of company stock valued at $1,378,056. 38.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Symbotic

Several institutional investors and hedge funds have recently modified their holdings of SYM. Baillie Gifford & Co. raised its stake 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 in the last quarter. Canada Pension Plan Investment Board grew its holdings in Symbotic by 191.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company's stock worth $27,281,000 after acquiring an additional 509,700 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in shares of Symbotic by 76.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company's stock valued at $21,317,000 after purchasing an additional 379,726 shares during the last quarter. Vanguard Group Inc. boosted its position in Symbotic by 16.6% during the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company's stock valued at $109,189,000 after acquiring an additional 345,386 shares during the last quarter. Finally, Millennium Management LLC boosted its position in shares of Symbotic by 6,694.5% during the 2nd quarter. Millennium Management LLC now owns 335,649 shares of the company's stock valued at $11,801,000 after purchasing an additional 330,709 shares in 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.