Symbotic's (SYM) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Symbotic (NASDAQ:SYM - Free Report) in a research note released on Tuesday, Benzinga reports. Needham & Company LLC currently has a $54.00 price target on the stock.

A number of other equities analysts have also recently issued reports on SYM. KeyCorp lowered their target price on Symbotic from $63.00 to $55.00 and set an overweight rating for the company in a report on Tuesday, February 6th. Robert W. Baird cut their target price on Symbotic from $54.00 to $52.00 and set an outperform rating on the stock in a research note on Tuesday, February 6th. The Goldman Sachs Group decreased their price target 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. William Blair reissued a market perform rating on shares of Symbotic in a research report on Tuesday, February 6th. Finally, DA Davidson raised shares of Symbotic from a neutral rating to a buy rating and set a $50.00 target price for the company in a research report on Wednesday, February 7th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Symbotic has a consensus rating of Moderate Buy and an average price target of $55.77.

Symbotic Stock Performance

NASDAQ SYM traded up $4.56 during trading hours on Tuesday, reaching $46.50. 3,984,939 shares of the company's stock were exchanged, compared to its average volume of 1,424,522. The company has a market capitalization of $26.83 billion, a price-to-earnings ratio of -172.22 and a beta of 1.97. The company's 50-day moving average is $43.12 and its two-hundred day moving average is $44.22. Symbotic has a one year low of $23.58 and a one year high of $64.14.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly earnings results on Monday, February 5th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.03. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. The company had revenue of $368.45 million during the quarter, compared to analysts' expectations of $370.28 million. Research analysts predict that Symbotic will post -0.03 earnings per share for the current fiscal year.

Insider Activity at Symbotic

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 stock was sold at an average price of $39.69, for a total transaction of $82,765,398.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Richard B. Cohen sold 5,000,000 shares of the business's stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $38.32, for a total transaction of $191,600,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder David A. Ladensohn sold 2,085,296 shares of the 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. In the last ninety days, insiders sold 7,110,447 shares of company stock worth $275,410,529. Insiders own 38.30% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Symbotic by 8.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,875 shares of the company's stock valued at $250,000 after acquiring an additional 400 shares during the period. Natixis Advisors L.P. boosted its holdings in Symbotic by 4.3% in the 4th quarter. Natixis Advisors L.P. now owns 10,983 shares of the company's stock valued at $563,000 after purchasing an additional 456 shares during the period. Van ECK Associates Corp acquired a new position in shares of Symbotic during the 4th quarter worth approximately $26,000. Bourne Lent Asset Management Inc. increased its holdings in shares of Symbotic by 1.0% during the fourth quarter. Bourne Lent Asset Management Inc. now owns 58,260 shares of the company's stock worth $2,990,000 after purchasing an additional 600 shares during the period. Finally, TFC Financial Management Inc. raised its position in shares of Symbotic by 97.1% in the fourth quarter. TFC Financial Management Inc. now owns 1,226 shares of the company's stock valued at $63,000 after buying an additional 604 shares in the last quarter.

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.