Symbotic (NASDAQ:SYM) Rating Reiterated by Needham & Company LLC

Symbotic (NASDAQ:SYM)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a research report issued on Tuesday, Benzinga reports. They presently have a $54.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 11.66% from the stock’s previous close.

A number of other equities analysts have also commented on the stock. The Goldman Sachs Group decreased their price objective on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating for the company in a research note on Tuesday, February 6th. DA Davidson raised Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Wednesday, February 7th. William Blair restated a “market perform” rating on shares of Symbotic in a research report on Tuesday, February 6th. Northland Securities upped their target price on Symbotic from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price target on shares of Symbotic in a report on Tuesday, February 6th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $55.69.

Symbotic Stock Up 4.0 %

Shares of NASDAQ SYM opened at $48.36 on Tuesday. Symbotic has a 52-week low of $23.58 and a 52-week high of $64.14. The stock has a market capitalization of $27.91 billion, a price-to-earnings ratio of -179.11 and a beta of 1.97. The stock’s fifty day simple moving average is $43.30 and its 200 day simple moving average is $44.25.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Monday, February 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.03. Symbotic had a negative return on equity of 35.06% and a negative net margin of 1.39%. The firm had revenue of $368.45 million for the quarter, compared to the consensus estimate of $370.28 million. As a group, analysts anticipate that Symbotic will post -0.03 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder David A. Ladensohn sold 2,085,296 shares of Symbotic stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $39.69, for a total value of $82,765,398.24. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Symbotic news, insider Michael David Dunn sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $40.00, for a total value of $80,000.00. Following the sale, the insider now owns 72,032 shares of the company’s stock, valued at approximately $2,881,280. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder David A. Ladensohn sold 2,085,296 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $39.69, for a total value of $82,765,398.24. The disclosure for this sale can be found here. Insiders sold 7,110,447 shares of company stock valued at $275,410,529 over the last 90 days. 38.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Symbotic

Institutional investors and hedge funds have recently bought and sold shares of the stock. Baillie Gifford & Co. acquired a new stake in Symbotic in the 1st quarter worth $426,752,000. Vanguard Group Inc. lifted its stake in shares of Symbotic by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 2,081,034 shares of the company’s stock valued at $106,819,000 after buying an additional 40,699 shares during the period. 1832 Asset Management L.P. grew its position in Symbotic by 189.5% during the fourth quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock worth $54,174,000 after buying an additional 690,900 shares in the last quarter. Raymond James & Associates increased its stake in Symbotic by 6.3% during the first quarter. Raymond James & Associates now owns 616,391 shares of the company’s stock valued at $27,738,000 after acquiring an additional 36,515 shares during the period. Finally, First Trust Advisors LP raised its holdings in Symbotic by 44.0% in the 4th quarter. First Trust Advisors LP now owns 510,237 shares of the company’s stock valued at $26,190,000 after acquiring an additional 155,828 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.