Symbotic (NASDAQ:SYM) Given New $46.00 Price Target at Needham & Company LLC

Symbotic (NASDAQ:SYM) had its price target hoisted by equities research analysts at Needham & Company LLC from $40.00 to $46.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price would suggest a potential upside of 50.52% from the company’s previous close.

SYM has been the topic of a number of other reports. Citigroup cut their price target on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Vertical Research initiated coverage on Symbotic in a report on Tuesday, July 23rd. They issued a “hold” rating and a $45.00 target price for the company. BWS Financial restated a “sell” rating and set a $10.00 price objective on shares of Symbotic in a report on Friday, October 11th. KeyCorp cut their target price on Symbotic from $55.00 to $40.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 30th. Finally, The Goldman Sachs Group cut their price objective on Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $44.54.

Symbotic Stock Up 3.6 %

NASDAQ:SYM opened at $30.56 on Tuesday. The stock’s 50-day simple moving average is $26.75 and its 200 day simple moving average is $31.16. The firm has a market capitalization of $17.90 billion, a PE ratio of -160.84 and a beta of 1.81. Symbotic has a twelve month low of $17.11 and a twelve month high of $59.82.

Insiders Place Their Bets

In other news, CFO Carol J. Hibbard sold 22,821 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The stock was 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 in the company, valued at $990,084.48. The trade was a 40.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $23.96, for a total value of $47,920.00. Following the completion of the sale, the director now directly owns 2,000 shares in the company, valued at approximately $47,920. The trade was a 50.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,878 shares of company stock valued at $1,378,056. Company insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Castleview Partners LLC raised its position in Symbotic by 50.0% in the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after purchasing an additional 500 shares during the period. RFP Financial Group LLC increased its position in shares of Symbotic by 22.4% during the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after acquiring an additional 310 shares during the period. Quarry LP purchased a new stake in shares of Symbotic during the second quarter worth $65,000. Arcadia Investment Management Corp MI purchased a new stake in shares of Symbotic during the third quarter worth $49,000. Finally, Natixis Investment Managers International purchased a new stake in shares of Symbotic during the first quarter worth $90,000.

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.