Needham & Company LLC Cuts Symbotic (NASDAQ:SYM) Price Target to C$60.00

Symbotic (NASDAQ:SYM) had its price target lowered by Needham & Company LLC from C$75.00 to C$60.00 in a research note issued to investors on Tuesday morning, Marketbeat.com reports. The firm currently has a buy rating on the stock.

Other equities analysts have also issued reports about the stock. Robert W. Baird set a $51.00 target price on shares of Symbotic in a research report on Thursday, August 6th. Zacks Research raised shares of Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 5th. Barclays dropped their price objective on shares of Symbotic from $44.00 to $38.00 and set an “underweight” rating for the company in a research report on Tuesday, September 8th. Weiss Ratings downgraded Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, September 4th. Finally, The Goldman Sachs Group decreased their price objective on Symbotic from $54.00 to $45.00 and set a “sell” rating on the stock in a research report on Tuesday, May 26th. Seven analysts have rated the stock with a Buy rating, four have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, Symbotic presently has a consensus rating of “Hold” and a consensus price target of $65.42.

Symbotic Stock Performance

Shares of NASDAQ:SYM opened at $44.61 on Tuesday. The business has a fifty day moving average of $41.93 and a 200-day moving average of $47.32. Symbotic has a twelve month low of $37.68 and a twelve month high of $87.88. The firm has a market cap of $26.98 billion, a PE ratio of 495.67, a price-to-earnings-growth ratio of 6.84 and a beta of 1.94.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.04). The company had revenue of $720.84 million for the quarter, compared to analyst estimates of $715.03 million. Symbotic had a return on equity of 1.40% and a net margin of 0.48%.The firm’s quarterly revenue was up 21.7% on a year-over-year basis. During the same quarter last year, the company earned ($0.05) EPS. On average, analysts anticipate that Symbotic will post 0.21 EPS for the current fiscal year.

Insider Activity at Symbotic

In other Symbotic news, CTO James Kuffner sold 3,952 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $40.59, for a total value of $160,411.68. Following the transaction, the chief technology officer directly owned 219,858 shares of the company’s stock, valued at approximately $8,924,036.22. This trade represents a 1.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $43.57, for a total transaction of $87,140.00. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 88,085 shares of company stock worth $3,633,928 over the last 90 days. Insiders own 8.16% of the company’s stock.

Institutional Trading of Symbotic

Institutional investors and hedge funds have recently made changes to their positions in the business. BlueCrest Capital Management Ltd acquired a new stake in shares of Symbotic during the second quarter worth $450,000. Engineers Gate Manager LP increased its holdings in Symbotic by 469.6% in the second quarter. Engineers Gate Manager LP now owns 56,930 shares of the company’s stock valued at $2,559,000 after purchasing an additional 46,936 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in Symbotic in the second quarter valued at about $188,000. NewEdge Advisors LLC lifted its stake in Symbotic by 18.6% in the second quarter. NewEdge Advisors LLC now owns 11,452 shares of the company’s stock valued at $515,000 after buying an additional 1,799 shares during the period. Finally, IFP Advisors Inc lifted its stake in Symbotic by 17.9% in the second quarter. IFP Advisors Inc now owns 7,203 shares of the company’s stock valued at $324,000 after buying an additional 1,092 shares during the period.

Symbotic Company Profile

Symbotic Inc is an automation technology company that develops artificial intelligence-enabled robotics and software for large-scale warehouses and distribution centers. Its systems are designed to automate the movement, storage and retrieval of pallets and cases, helping customers manage inventory and improve the efficiency of supply-chain operations.

The company’s platform combines robotics, machine learning, warehouse-control software and automated storage systems. Symbotic’s technology can receive goods, organize inventory, retrieve products and assemble orders for shipment, supporting distribution operations for retail and grocery companies.

Symbotic was founded in 2006 and is headquartered in Wilmington, Massachusetts.