Needham & Company LLC Cuts Symbotic (NASDAQ:SYM) Price Target to $40.00

Symbotic (NASDAQ:SYM) had its target price decreased by Needham & Company LLC from $54.00 to $40.00 in a research note published on Tuesday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Other research analysts have also issued research reports about the company. BWS Financial assumed coverage on Symbotic in a research report on Monday, July 22nd. They issued a sell rating and a $10.00 price target for the company. Deutsche Bank Aktiengesellschaft lifted their price target on Symbotic from $57.00 to $58.00 and gave the stock a buy rating in a research report on Tuesday, May 7th. Robert W. Baird boosted their target price on Symbotic from $52.00 to $53.00 and gave the company an outperform rating in a research report on Tuesday, May 7th. Northland Securities boosted their target price on Symbotic from $55.00 to $60.00 and gave the company an outperform rating in a research report on Wednesday, April 10th. Finally, The Goldman Sachs Group dropped their target price on Symbotic from $46.00 to $40.00 and set a neutral rating for the company in a research report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $43.23.

Symbotic Stock Down 3.7 %

Shares of Symbotic stock opened at $23.70 on Tuesday. The firm has a market cap of $13.86 billion, a price-to-earnings ratio of -98.75 and a beta of 1.86. The business has a 50-day moving average price of $36.25 and a 200-day moving average price of $40.82. Symbotic has a twelve month low of $22.54 and a twelve month high of $62.37.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Monday, July 29th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.04). The company had revenue of $491.86 million during the quarter, compared to analysts’ expectations of $464.56 million. Symbotic had a positive return on equity of 5.05% and a negative net margin of 1.03%. The company’s revenue was up 57.7% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.07) EPS. On average, equities analysts expect that Symbotic will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $40.92, for a total value of $81,840.00. Following the completion of the transaction, the director now owns 214,036 shares of the company’s stock, valued at $8,758,353.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Symbotic news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $40.92, for a total value of $81,840.00. Following the transaction, the director now directly owns 214,036 shares of the company’s stock, valued at $8,758,353.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael David Dunn sold 1,200 shares of Symbotic stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $44.02, for a total transaction of $52,824.00. Following the completion of the transaction, the insider now directly owns 70,832 shares in the company, valued at $3,118,024.64. The disclosure for this sale can be found here. Insiders sold 150,107 shares of company stock valued at $5,950,707 over the last 90 days. Corporate insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Institutional investors and hedge funds have recently bought and sold shares of the company. Blair William & Co. IL grew its holdings in shares of Symbotic by 418.1% during the first quarter. Blair William & Co. IL now owns 33,365 shares of the company’s stock valued at $1,501,000 after buying an additional 26,925 shares during the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Symbotic during the fourth quarter valued at $1,669,000. Seven Eight Capital LP purchased a new stake in shares of Symbotic during the fourth quarter valued at $2,568,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Symbotic during the fourth quarter valued at $2,302,000. Finally, BOCHK Asset Management Ltd purchased a new stake in shares of Symbotic during the fourth quarter valued at $3,208,000.

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.