Needham & Company LLC Reiterates Buy Rating for Symbotic (NASDAQ:SYM)

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

SYM has been the subject of a number of other reports. Citigroup reiterated a "buy" rating and set a $37.00 price objective on shares of Symbotic in a report on Monday, January 13th. Oppenheimer initiated coverage on Symbotic in a research note on Wednesday. They issued an "outperform" rating and a $35.00 price target for the company. The Goldman Sachs Group decreased their price target on Symbotic from $34.00 to $28.00 and set a "neutral" rating for the company in a research note on Wednesday, December 4th. UBS Group decreased their price target on Symbotic from $40.00 to $32.00 and set a "neutral" rating for the company in a research note on Friday, January 3rd. Finally, Northland Securities raised their price target on Symbotic from $50.00 to $53.00 and gave the company an "outperform" rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $38.73.

Symbotic Price Performance

Shares of Symbotic stock traded down $2.06 during trading hours on Friday, hitting $29.76. The company's stock had a trading volume of 4,186,179 shares, compared to its average volume of 1,510,756. Symbotic has a 12 month low of $17.11 and a 12 month high of $52.20. The stock has a 50 day moving average of $27.96 and a 200 day moving average of $27.55. The company has a market capitalization of $17.48 billion, a PE ratio of -496.00 and a beta of 1.76.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) 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 period in the prior year, the company earned ($0.08) earnings per share. The company's revenue for the quarter was up 47.2% compared to the same quarter last year. Equities analysts expect that Symbotic will post 0.12 EPS for the current year.

Insider Activity at Symbotic

In other Symbotic news, insider William M. Boyd III sold 8,826 shares of Symbotic stock in a transaction on Monday, October 28th. The stock was sold at an average price of $28.33, for a total value of $250,040.58. Following the completion of the transaction, the insider now directly owns 23,012 shares of the company's stock, valued at $651,929.96. The trade was a 27.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael David Dunn sold 1,715 shares of Symbotic stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $28.77, for a total value of $49,340.55. Following the completion of the transaction, the insider now directly owns 87,922 shares of the company's stock, valued at $2,529,515.94. This represents a 1.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 111,844 shares of company stock worth $3,268,431 in the last ninety days. 38.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Symbotic

A number of institutional investors have recently modified their holdings of the business. Baillie Gifford & Co. raised its holdings in shares of Symbotic by 32.0% during the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company's stock worth $343,192,000 after buying an additional 3,410,050 shares in the last quarter. Thematics Asset Management raised its holdings in shares of Symbotic by 30.1% during the 3rd quarter. Thematics Asset Management now owns 1,048,170 shares of the company's stock worth $25,565,000 after buying an additional 242,661 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in Symbotic by 76.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company's stock worth $21,317,000 after purchasing an additional 379,726 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in Symbotic by 191.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company's stock worth $27,281,000 after purchasing an additional 509,700 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Symbotic by 10.2% in the 3rd quarter. Geode Capital Management LLC now owns 503,758 shares of the company's stock worth $12,290,000 after purchasing an additional 46,721 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.