Needham & Company LLC Has Lowered Expectations for Symbotic (NASDAQ:SYM) Stock Price

Symbotic (NASDAQ:SYM) had its target price lowered by equities researchers at Needham & Company LLC from $46.00 to $35.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price points to a potential upside of 45.83% from the company’s current price.

Several other research analysts have also recently weighed in on SYM. Citigroup lowered their price objective on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. TD Cowen lifted their price objective on shares of Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday. Northland Securities increased their target price on shares of Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Robert W. Baird dropped their price target on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. Finally, DA Davidson downgraded Symbotic from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $50.00 to $35.00 in a research report on Wednesday. One research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.69.

Symbotic Price Performance

Shares of SYM opened at $24.00 on Wednesday. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $59.82. The firm has a market capitalization of $14.05 billion, a PE ratio of -400.00 and a beta of 1.81. The company’s 50-day moving average is $28.94 and its 200-day moving average is $30.72.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $470.24 million. Symbotic had a positive return on equity of 6.54% and a negative net margin of 0.32%. The business’s revenue was up 47.2% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.08) earnings per share. Analysts predict that Symbotic will post 0.2 earnings per share for the current fiscal year.

Insider Transactions at Symbotic

In related news, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 214,036 shares in the company, valued at $6,025,113.40. This trade represents a 0.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 transaction, the chief financial officer now directly owns 34,188 shares of the company’s stock, valued at $990,084.48. The trade was a 40.03 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 49,878 shares of company stock valued at $1,378,056. Corporate insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Institutional investors have recently made changes to their positions in the stock. Baillie Gifford & Co. boosted 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 valued at $343,192,000 after acquiring an additional 3,410,050 shares during the last quarter. Canada Pension Plan Investment Board lifted its holdings in shares of 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. Exchange Traded Concepts LLC grew its holdings in shares of Symbotic by 76.8% during the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after buying an additional 379,726 shares during the last quarter. Vanguard Group Inc. boosted its stake in Symbotic by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after purchasing an additional 345,386 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in Symbotic by 6,694.5% during the second quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock worth $11,801,000 after buying 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.