Symbotic’s (SYM) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Symbotic (NASDAQ:SYM) in a research report released on Tuesday, Benzinga reports. Needham & Company LLC currently has a $54.00 price objective on the stock.

A number of other equities research analysts have also issued reports on the company. Robert W. Baird dropped their target price on Symbotic from $54.00 to $52.00 and set an outperform rating on the stock in a research report on Tuesday, February 6th. KeyCorp cut their price objective on Symbotic from $63.00 to $55.00 and set an overweight rating for the company in a report on Tuesday, February 6th. Northland Securities raised their target price on shares of 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 target on shares of Symbotic from $51.00 to $44.00 and set a neutral rating on the stock in a research report on Tuesday, February 6th. Finally, DA Davidson raised shares of Symbotic from a neutral rating to a buy rating and set a $50.00 price objective for the company in a research report on Wednesday, February 7th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Symbotic has a consensus rating of Moderate Buy and a consensus price target of $55.69.

Symbotic Stock Performance

SYM opened at $44.75 on Tuesday. The firm’s fifty day moving average is $43.40 and its two-hundred day moving average is $44.25. The firm has a market cap of $25.82 billion, a PE ratio of -165.74 and a beta of 1.97. Symbotic has a twelve month low of $23.58 and a twelve month high of $64.14.

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

Insider Buying and Selling at Symbotic

In other Symbotic news, Director Merline Saintil sold 3,135 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $44.74, for a total transaction of $140,259.90. Following the sale, the director now directly owns 62,312 shares of the company’s stock, valued at $2,787,838.88. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Symbotic news, major shareholder David A. Ladensohn sold 2,085,296 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $39.69, for a total value of $82,765,398.24. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Merline Saintil sold 3,135 shares of Symbotic stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $44.74, for a total value of $140,259.90. Following the sale, the director now directly owns 62,312 shares of the company’s stock, valued at $2,787,838.88. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,110,447 shares of company stock valued at $275,410,529. 38.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SYM. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in shares of Symbotic during the 1st quarter valued at $12,219,000. RFP Financial Group LLC raised its position in shares of Symbotic by 21.2% in the 1st quarter. RFP Financial Group LLC now owns 1,382 shares of the company’s stock valued at $62,000 after purchasing an additional 242 shares during the last quarter. Blair William & Co. IL boosted its stake in Symbotic by 418.1% in the 1st quarter. Blair William & Co. IL now owns 33,365 shares of the company’s stock worth $1,501,000 after purchasing an additional 26,925 shares in the last quarter. Avantax Advisory Services Inc. grew its position in Symbotic by 48.0% during the 1st quarter. Avantax Advisory Services Inc. now owns 9,737 shares of the company’s stock worth $438,000 after purchasing an additional 3,160 shares during the last quarter. Finally, Swiss National Bank increased its stake in Symbotic by 3.4% during the 1st quarter. Swiss National Bank now owns 33,000 shares of the company’s stock valued at $1,485,000 after purchasing an additional 1,100 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.