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

Symbotic (NASDAQ:SYM)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $54.00 target price on the stock. Needham & Company LLC’s price target would suggest a potential upside of 28.76% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. The Goldman Sachs Group lowered their price target on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating for the company in a research report on Tuesday, February 6th. Robert W. Baird lowered their target price on shares of Symbotic from $54.00 to $52.00 and set an “outperform” rating for the company in a report on Tuesday, February 6th. KeyCorp cut their price target on Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 6th. Northland Securities lifted their price objective on Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. Finally, DA Davidson upgraded Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Wednesday, February 7th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $54.08.

Symbotic Stock Performance

Shares of SYM opened at $41.94 on Tuesday. The firm has a market capitalization of $24.20 billion, a price-to-earnings ratio of -155.33 and a beta of 1.97. Symbotic has a 52 week low of $23.58 and a 52 week high of $64.14. The business’s fifty day moving average price is $43.01 and its two-hundred day moving average price is $44.19.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Monday, February 5th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $368.45 million during the quarter, compared to analyst estimates of $370.28 million. Symbotic had a negative return on equity of 35.06% and a negative net margin of 1.39%. As a group, research analysts forecast that Symbotic will post -0.03 EPS for the current year.

Insiders Place Their Bets

In other Symbotic news, major shareholder David A. Ladensohn sold 2,085,296 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $39.69, for a total transaction of $82,765,398.24. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, major shareholder David A. Ladensohn sold 2,085,296 shares of the stock in a transaction on Monday, February 26th. The shares were sold at an average price of $39.69, for a total transaction of $82,765,398.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Merline Saintil sold 3,135 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $44.74, for a total transaction of $140,259.90. Following the completion of the sale, the director now directly owns 62,312 shares in the company, valued at $2,787,838.88. The disclosure for this sale can be found here. Insiders sold 7,110,447 shares of company stock worth $275,410,529 over the last ninety days. 38.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SYM. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Symbotic by 8.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,875 shares of the company’s stock valued at $250,000 after buying an additional 400 shares during the last quarter. Natixis Advisors L.P. boosted its position in Symbotic by 4.3% during the fourth quarter. Natixis Advisors L.P. now owns 10,983 shares of the company’s stock valued at $563,000 after purchasing an additional 456 shares during the last quarter. Van ECK Associates Corp bought a new position in Symbotic in the fourth quarter valued at approximately $26,000. Bourne Lent Asset Management Inc. increased its position in shares of Symbotic by 1.0% during the 4th quarter. Bourne Lent Asset Management Inc. now owns 58,260 shares of the company’s stock worth $2,990,000 after purchasing an additional 600 shares during the last quarter. Finally, TFC Financial Management Inc. raised its stake in shares of Symbotic by 97.1% during the 4th quarter. TFC Financial Management Inc. now owns 1,226 shares of the company’s stock worth $63,000 after purchasing an additional 604 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.