Symbotic (NASDAQ:SYM) PT Lowered to $40.00 at Needham & Company LLC

Symbotic (NASDAQ:SYM) had its price target cut by Needham & Company LLC from $54.00 to $40.00 in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have a buy rating on the stock.

Other analysts also recently issued research reports about the company. William Blair reaffirmed a market perform rating on shares of Symbotic in a research note on Friday, May 10th. Robert W. Baird boosted their price objective on Symbotic from $52.00 to $53.00 and gave the company an outperform rating in a research report on Tuesday, May 7th. Craig Hallum raised their target price on shares of Symbotic from $55.00 to $60.00 and gave the stock a buy rating in a report on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Symbotic from $57.00 to $58.00 and gave the company a buy rating in a report on Tuesday, May 7th. Finally, BWS Financial began coverage on shares of Symbotic in a report on Monday, July 22nd. They set a sell rating and a $10.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $43.23.

Symbotic Price Performance

NASDAQ SYM opened at $24.61 on Tuesday. Symbotic has a 52 week low of $24.21 and a 52 week high of $62.37. The stock has a fifty day moving average of $36.60 and a 200-day moving average of $40.95.

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

Insider Transactions at Symbotic

In other news, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $35.49, for a total transaction of $70,980.00. Following the completion of the sale, the director now directly owns 2,000 shares in the company, valued at approximately $70,980. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $35.49, for a total value of $70,980.00. Following the sale, the director now owns 2,000 shares of the company’s stock, valued at approximately $70,980. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Janet L. Cohen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $43.26, for a total value of $1,081,500.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 150,107 shares of company stock valued at $5,950,707. 38.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp bought a new position in shares of Symbotic during the fourth quarter worth about $26,000. RiverPark Advisors LLC bought a new position in Symbotic during the first quarter worth $37,000. Pingora Partners LLC acquired a new position in Symbotic in the fourth quarter valued at $51,000. Global Retirement Partners LLC boosted its position in Symbotic by 166.7% during the first quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock valued at $48,000 after acquiring an additional 660 shares during the last quarter. Finally, TFC Financial Management Inc. grew its holdings in Symbotic by 97.1% during the 4th quarter. TFC Financial Management Inc. now owns 1,226 shares of the company’s stock worth $63,000 after acquiring an additional 604 shares during the period.

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.