Symbotic (NASDAQ:SYM) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Symbotic (NASDAQ:SYM) in a report published on Tuesday, Benzinga reports. They currently have a $54.00 price objective on the stock.

SYM has been the topic of a number of other research reports. Northland Securities lifted their price target on shares of Symbotic from $55.00 to $60.00 and gave the company an outperform rating in a research report on Wednesday, April 10th. Cantor Fitzgerald restated an overweight rating and issued a $60.00 price objective on shares of Symbotic in a research note on Tuesday, February 6th. The Goldman Sachs Group cut their target price on shares of Symbotic from $51.00 to $44.00 and set a neutral rating for the company in a research note on Tuesday, February 6th. William Blair restated a market perform rating on shares of Symbotic in a report on Tuesday, February 6th. Finally, Robert W. Baird reduced their target price on shares of Symbotic from $54.00 to $52.00 and set an outperform rating for the company in a research note on Tuesday, February 6th. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $55.77.

Symbotic Price Performance

Shares of SYM opened at $46.50 on Tuesday. The business’s 50-day moving average is $43.12 and its 200-day moving average is $44.22. The company has a market capitalization of $26.83 billion, a price-to-earnings ratio of -172.22 and a beta of 1.97. Symbotic has a fifty-two week low of $23.58 and a fifty-two week high of $64.14.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Monday, February 5th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.03. The business had revenue of $368.45 million for the quarter, compared to analysts’ expectations of $370.28 million. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. Equities research analysts expect that Symbotic will post -0.03 earnings per share for the current fiscal year.

Insider Buying and Selling at Symbotic

In related news, insider Michael David Dunn sold 2,000 shares of the stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $40.00, for a total transaction of $80,000.00. Following the completion of the transaction, the insider now owns 72,032 shares in the company, valued at $2,881,280. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Michael David Dunn sold 2,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $40.00, for a total value of $80,000.00. Following the completion of the transaction, the insider now directly owns 72,032 shares of the company’s stock, valued at $2,881,280. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Richard B. Cohen sold 5,000,000 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $38.32, for a total transaction of $191,600,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,110,447 shares of company stock worth $275,410,529. Corporate insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SYM. Van ECK Associates Corp acquired a new position in shares of Symbotic in the fourth quarter valued at approximately $26,000. RiverPark Advisors LLC bought a new stake in Symbotic in the 1st quarter valued at $37,000. Providence Capital Advisors LLC acquired a new position in Symbotic in the 3rd quarter valued at $33,000. Pingora Partners LLC acquired a new stake in shares of Symbotic during the fourth quarter worth $51,000. Finally, Global Retirement Partners LLC lifted its holdings in shares of Symbotic by 166.7% during the first quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock worth $48,000 after buying an additional 660 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.