Symbotic (NASDAQ:SYM) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Symbotic (NASDAQ:SYM) in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a $54.00 price objective on the stock.

SYM has been the subject of a number of other research reports. Northland Securities boosted their target price on Symbotic from $55.00 to $60.00 and gave the company an outperform rating in a research note on Wednesday, April 10th. The Goldman Sachs Group dropped their price objective on Symbotic from $51.00 to $44.00 and set a neutral rating for the company in a research note on Tuesday, February 6th. KeyCorp dropped their price target on shares of Symbotic from $63.00 to $55.00 and set an overweight rating for the company in a research report on Tuesday, February 6th. William Blair reiterated a market perform rating on shares of Symbotic in a report on Tuesday, February 6th. Finally, Cantor Fitzgerald restated an overweight rating and set a $60.00 price target on shares of Symbotic in a report on Tuesday, February 6th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $55.77.

Symbotic Stock Performance

SYM stock opened at $46.50 on Tuesday. Symbotic has a one year low of $23.58 and a one year high of $64.14. The company has a market capitalization of $26.83 billion, a PE ratio of -172.22 and a beta of 1.97. The company’s 50 day moving average price is $43.12 and its two-hundred day moving average price is $44.22.

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

Insider Activity

In other news, 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 sale, the director now owns 62,312 shares in the company, valued at approximately $2,787,838.88. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Merline Saintil sold 3,135 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $44.74, for a total value of $140,259.90. Following the sale, the director now owns 62,312 shares in the company, valued at approximately $2,787,838.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael David Dunn sold 2,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $40.00, for a total value of $80,000.00. Following the completion of the sale, the insider now directly owns 72,032 shares in the company, valued at $2,881,280. The disclosure for this sale can be found here. Insiders sold a total of 7,110,447 shares of company stock worth $275,410,529 in the last quarter. 38.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Symbotic

Several institutional investors and hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp purchased a new position in Symbotic in the 4th quarter worth about $26,000. Providence Capital Advisors LLC bought a new stake in shares of Symbotic in the third quarter worth approximately $33,000. RiverPark Advisors LLC purchased a new position in shares of Symbotic during the first quarter valued at approximately $37,000. Global Retirement Partners LLC lifted its position in Symbotic by 166.7% during the first quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock valued at $48,000 after purchasing an additional 660 shares during the period. Finally, Pingora Partners LLC purchased a new stake in Symbotic in the fourth quarter worth approximately $51,000.

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.