Symbotic (NASDAQ:SYM) Price Target Cut to C$60.00 by Analysts at Needham & Company LLC

Symbotic (NASDAQ:SYM) had its target price reduced by Needham & Company LLC from C$75.00 to C$60.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock.

Several other brokerages also recently weighed in on SYM. The Goldman Sachs Group lowered their target price on shares of Symbotic from $54.00 to $45.00 and set a “sell” rating on the stock in a report on Tuesday, May 26th. Robert W. Baird set a $51.00 price target on shares of Symbotic in a report on Thursday, August 6th. Barclays reduced their price objective on shares of Symbotic from $44.00 to $38.00 and set an “underweight” rating for the company in a research report on Tuesday, September 8th. Zacks Research raised Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 5th. Finally, Weiss Ratings cut Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, September 4th. Seven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, Symbotic currently has an average rating of “Hold” and an average price target of $65.42.

Symbotic Price Performance

Shares of Symbotic stock opened at $41.60 on Tuesday. The firm’s fifty day simple moving average is $41.84 and its 200-day simple moving average is $47.59. The stock has a market capitalization of $25.16 billion, a price-to-earnings ratio of 462.22, a PEG ratio of 6.69 and a beta of 1.94. Symbotic has a 12 month low of $37.68 and a 12 month high of $87.88.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.04). Symbotic had a net margin of 0.48% and a return on equity of 1.40%. The company had revenue of $720.84 million for the quarter, compared to analysts’ expectations of $715.03 million. During the same period in the prior year, the company earned ($0.05) earnings per share. The firm’s revenue was up 21.7% on a year-over-year basis. Analysts anticipate that Symbotic will post 0.21 earnings per share for the current year.

Insider Activity at Symbotic

In related news, insider William Boyd, III sold 9,194 shares of Symbotic stock in a transaction on Monday, July 27th. The stock was sold at an average price of $41.04, for a total transaction of $377,321.76. Following the completion of the transaction, the insider directly owned 57,112 shares of the company’s stock, valued at approximately $2,343,876.48. The trade was a 13.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Izilda Martins sold 27,463 shares of Symbotic stock in a transaction on Monday, July 27th. The stock was sold at an average price of $40.80, for a total value of $1,120,490.40. Following the transaction, the chief financial officer directly owned 35,171 shares of the company’s stock, valued at $1,434,976.80. This trade represents a 43.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 88,085 shares of company stock worth $3,633,928. 8.16% of the stock is currently owned by company insiders.

Institutional Trading of Symbotic

Hedge funds have recently bought and sold shares of the company. Gordian Capital Singapore Pte Ltd acquired a new stake in Symbotic during the fourth quarter worth about $48,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in shares of Symbotic in the 4th quarter valued at about $55,000. HHM Wealth Advisors LLC lifted its stake in shares of Symbotic by 81,700.0% in the 1st quarter. HHM Wealth Advisors LLC now owns 1,636 shares of the company’s stock valued at $87,000 after purchasing an additional 1,634 shares in the last quarter. IAG Wealth Partners LLC lifted its stake in shares of Symbotic by 29.4% in the 1st quarter. IAG Wealth Partners LLC now owns 1,752 shares of the company’s stock valued at $93,000 after purchasing an additional 398 shares in the last quarter. Finally, IFP Advisors Inc grew its holdings in shares of Symbotic by 26.8% during the 4th quarter. IFP Advisors Inc now owns 1,922 shares of the company’s stock worth $114,000 after purchasing an additional 406 shares during the period.

About Symbotic

Symbotic Inc is an automation technology company that develops artificial intelligence-enabled robotics and software for large-scale warehouses and distribution centers. Its systems are designed to automate the movement, storage and retrieval of pallets and cases, helping customers manage inventory and improve the efficiency of supply-chain operations.

The company’s platform combines robotics, machine learning, warehouse-control software and automated storage systems. Symbotic’s technology can receive goods, organize inventory, retrieve products and assemble orders for shipment, supporting distribution operations for retail and grocery companies.

Symbotic was founded in 2006 and is headquartered in Wilmington, Massachusetts.