Needham & Company LLC Issues Pessimistic Forecast for Symbotic (NASDAQ:SYM) Stock Price

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

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

Symbotic Trading Down 1.3%

SYM stock opened at $41.60 on Tuesday. The business’s fifty day moving average price is $41.84 and its 200 day moving average price is $47.59. Symbotic has a 12-month low of $37.68 and a 12-month high of $87.88. The company has a market capitalization of $25.16 billion, a PE ratio of 462.22, a P/E/G ratio of 6.69 and a beta of 1.94.

Symbotic (NASDAQ:SYM) last announced its earnings results on Wednesday, August 5th. The company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). The firm had revenue of $720.84 million for the quarter, compared to analysts’ expectations of $715.03 million. Symbotic had a net margin of 0.48% and a return on equity of 1.40%. The business’s revenue was up 21.7% compared to the same quarter last year. During the same quarter last year, the business earned ($0.05) earnings per share. Research analysts predict that Symbotic will post 0.21 EPS for the current fiscal year.

Insider Buying and Selling at Symbotic

In other Symbotic news, CTO James Kuffner sold 3,952 shares of the firm’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $40.59, for a total value of $160,411.68. Following the sale, the chief technology officer directly owned 219,858 shares in the company, valued at $8,924,036.22. This trade represents a 1.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider William M. Boyd III sold 9,194 shares of Symbotic stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $41.04, for a total value of $377,321.76. Following the sale, the insider directly owned 57,112 shares of the company’s stock, valued at $2,343,876.48. This trade represents a 13.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 88,085 shares of company stock worth $3,633,928. 8.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Symbotic

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlueCrest Capital Management Ltd acquired a new position in Symbotic in the second quarter valued at approximately $450,000. Engineers Gate Manager LP lifted its position in shares of Symbotic by 469.6% during the 2nd quarter. Engineers Gate Manager LP now owns 56,930 shares of the company’s stock worth $2,559,000 after buying an additional 46,936 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of Symbotic during the 2nd quarter worth approximately $188,000. NewEdge Advisors LLC boosted its holdings in shares of Symbotic by 18.6% in the 2nd quarter. NewEdge Advisors LLC now owns 11,452 shares of the company’s stock valued at $515,000 after buying an additional 1,799 shares in the last quarter. Finally, IFP Advisors Inc grew its position in shares of Symbotic by 17.9% in the 2nd quarter. IFP Advisors Inc now owns 7,203 shares of the company’s stock valued at $324,000 after buying an additional 1,092 shares during the last quarter.

Symbotic Company Profile

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.