Symbotic (NASDAQ:SYM) Price Target Raised to $57.00

Key Points

• Needham & Company LLC raised Symbotic's price target from $32.00 to $57.00, indicating a potential upside of 5.14% from its previous close while maintaining a "buy" rating on the stock.
• Several analysts have provided mixed ratings on Symbotic, with Goldman Sachs lowering its target to $18.00, while Oppenheimer increased theirs to $59.00.
• Symbotic's most recent quarterly earnings report showed a revenue increase of 25.9% year-over-year, but it missed earnings expectations, reporting a loss of ($0.05) per share.

Symbotic (NASDAQ:SYM - Free Report) had its price target hoisted by Needham & Company LLC from $32.00 to $57.00 in a research report report published on Thursday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Other analysts have also recently issued reports about the company. The Goldman Sachs Group reduced their price target on Symbotic from $25.00 to $18.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Citigroup reiterated a "buy" rating on shares of Symbotic in a research report on Monday, July 14th. Oppenheimer increased their target price on shares of Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft lowered shares of Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price objective on the stock. in a research note on Friday, July 18th. Finally, Arete cut shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price target on the stock. in a research report on Friday, July 25th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $42.69.

Symbotic Stock Performance

Shares of SYM stock traded up $1.51 during trading on Thursday, hitting $55.72. The company had a trading volume of 1,504,413 shares, compared to its average volume of 1,984,655. The firm has a market capitalization of $32.85 billion, a P/E ratio of -795.10, a price-to-earnings-growth ratio of 65.52 and a beta of 2.06. Symbotic has a one year low of $16.32 and a one year high of $64.16. The stock's 50-day moving average price is $42.59 and its 200 day moving average price is $30.64.

Symbotic (NASDAQ:SYM - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.08). Symbotic had a negative return on equity of 2.07% and a negative net margin of 0.38%. The company had revenue of $592.12 million for the quarter, compared to analyst estimates of $533.55 million. During the same period last year, the company posted ($0.02) earnings per share. The business's revenue for the quarter was up 25.9% compared to the same quarter last year. On average, research analysts anticipate that Symbotic will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Carol J. Hibbard sold 6,293 shares of the company's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $55.42, for a total transaction of $348,758.06. Following the sale, the chief financial officer owned 61,971 shares of the company's stock, valued at approximately $3,434,432.82. This represents a 9.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Daniela L. Rus sold 11,705 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $59.00, for a total transaction of $690,595.00. Following the completion of the sale, the director owned 11,024 shares in the company, valued at $650,416. This represents a 51.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 118,241 shares of company stock valued at $5,756,164. Corporate insiders own 0.60% of the company's stock.

Institutional Trading of Symbotic

Several hedge funds have recently added to or reduced their stakes in SYM. LPL Financial LLC lifted its stake in shares of Symbotic by 31.5% in the 4th quarter. LPL Financial LLC now owns 43,167 shares of the company's stock valued at $1,023,000 after purchasing an additional 10,341 shares during the period. JPMorgan Chase & Co. grew its stake in Symbotic by 100.6% in the fourth quarter. JPMorgan Chase & Co. now owns 17,349 shares of the company's stock worth $411,000 after purchasing an additional 3,110,075 shares during the period. Geode Capital Management LLC lifted its position in Symbotic by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 505,114 shares of the company's stock valued at $11,981,000 after buying an additional 1,356 shares during the period. Invesco Ltd. lifted its position in Symbotic by 25.9% during the fourth quarter. Invesco Ltd. now owns 727,890 shares of the company's stock valued at $17,258,000 after buying an additional 149,918 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Symbotic during the 4th quarter valued at $20,754,000.

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.