Symbotic’s (SYM) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Symbotic (NASDAQ:SYM) in a research note published on Friday,Benzinga reports. The firm currently has a $35.00 target price on the stock.

A number of other equities analysts have also recently issued reports on the stock. TD Cowen raised their target price on shares of Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. KeyCorp reissued a “sector weight” rating on shares of Symbotic in a report on Wednesday, November 27th. William Blair restated a “market perform” rating on shares of Symbotic in a research note on Thursday, December 5th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 target price on shares of Symbotic in a research note on Tuesday, November 19th. Finally, UBS Group lowered their price target on shares of Symbotic from $40.00 to $32.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $38.73.

Symbotic Trading Down 6.5 %

Shares of NASDAQ SYM opened at $29.76 on Friday. Symbotic has a twelve month low of $17.11 and a twelve month high of $52.20. The business has a 50 day simple moving average of $27.96 and a 200-day simple moving average of $27.55.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Monday, November 18th. The company reported $0.05 EPS for the quarter, hitting analysts’ consensus estimates of $0.05. The firm had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The firm’s revenue was up 47.2% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.08) earnings per share. Research analysts predict that Symbotic will post 0.12 earnings per share for the current fiscal year.

Insider Activity at Symbotic

In other Symbotic news, insider Michael David Dunn sold 1,715 shares of the business’s stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $28.77, for a total value of $49,340.55. Following the sale, the insider now directly owns 87,922 shares in the company, valued at approximately $2,529,515.94. The trade was a 1.91 % 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 this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.04, for a total transaction of $48,080.00. Following the completion of the sale, the director now directly owns 214,036 shares of the company’s stock, valued at $5,145,425.44. The trade was a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 111,844 shares of company stock worth $3,268,431 over the last quarter. 38.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Canada Pension Plan Investment Board lifted its position in shares of Symbotic by 191.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after acquiring an additional 509,700 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Symbotic by 10.2% during the third quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock valued at $12,290,000 after purchasing an additional 46,721 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Symbotic in the 3rd quarter valued at $1,029,000. Capital Market Strategies LLC acquired a new position in shares of Symbotic in the 4th quarter valued at $802,000. Finally, Baillie Gifford & Co. increased its stake in Symbotic by 32.0% in the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after purchasing an additional 3,410,050 shares in 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.