Needham & Company LLC Cuts Symbotic (NASDAQ:SYM) Price Target to $32.00

Symbotic (NASDAQ:SYM) had its price objective decreased by equities research analysts at Needham & Company LLC from $35.00 to $32.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 19.61% from the stock’s current price.

SYM has been the topic of several other research reports. TD Cowen lifted their price objective on Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. UBS Group decreased their price target on Symbotic from $40.00 to $32.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. Northland Securities boosted their price target on Symbotic from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. KeyCorp reaffirmed a “sector weight” rating on shares of Symbotic in a research note on Wednesday, November 27th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a research note on Thursday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $38.33.

Symbotic Price Performance

Shares of SYM stock traded down $4.17 during trading on Thursday, reaching $26.75. The company had a trading volume of 4,717,171 shares, compared to its average volume of 2,566,918. The firm’s 50 day simple moving average is $27.11 and its two-hundred day simple moving average is $26.82. The company has a market capitalization of $15.72 billion, a PE ratio of -444.62, a PEG ratio of 7.29 and a beta of 1.79. Symbotic has a one year low of $17.11 and a one year high of $50.40.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Wednesday, February 5th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. Analysts forecast that Symbotic will post 0.13 earnings per share for the current year.

Insider Activity at Symbotic

In other Symbotic news, insider Michael David Dunn sold 63,867 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $30.08, for a total value of $1,921,119.36. Following the completion of the transaction, the insider now directly owns 24,055 shares of the company’s stock, valued at approximately $723,574.40. The trade was a 72.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Carol J. Hibbard sold 4,055 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $30.70, for a total value of $124,488.50. Following the completion of the transaction, the chief financial officer now directly owns 44,386 shares of the company’s stock, valued at approximately $1,362,650.20. The trade was a 8.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 94,007 shares of company stock worth $2,827,909. 0.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. IFP Advisors Inc boosted its position in Symbotic by 58.2% during the fourth quarter. IFP Advisors Inc now owns 1,368 shares of the company’s stock valued at $32,000 after purchasing an additional 503 shares during the last quarter. Castleview Partners LLC boosted its position in Symbotic by 50.0% during 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 last quarter. Private Trust Co. NA acquired a new position in Symbotic during the fourth quarter valued at approximately $47,000. Arcadia Investment Management Corp MI acquired a new position in Symbotic during the third quarter valued at approximately $49,000. Finally, RiverPark Advisors LLC boosted its position in Symbotic by 147.1% during the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock valued at $50,000 after purchasing an additional 1,211 shares during the last quarter.

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.