Symbotic (NASDAQ:SYM) Given New $17.00 Price Target at Needham & Company LLC

Symbotic (NASDAQ:SYMGet Rating) had its price objective cut by Needham & Company LLC from $21.00 to $17.00 in a research note published on Tuesday morning, MarketBeat reports. They currently have a buy rating on the stock.

Several other analysts have also issued reports on the stock. The Goldman Sachs Group dropped their target price on shares of Symbotic from $19.00 to $13.00 and set a neutral rating on the stock in a research report on Tuesday, October 11th. Citigroup lowered their price objective on Symbotic from $21.00 to $16.00 and set a buy rating on the stock in a report on Tuesday. Northland Securities increased their target price on Symbotic from $16.00 to $20.00 in a report on Tuesday, August 2nd. Raymond James raised their target price on Symbotic from $18.00 to $23.00 and gave the company an outperform rating in a research report on Tuesday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Symbotic from $19.00 to $22.00 and gave the stock a buy rating in a research report on Tuesday, August 2nd. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $18.73.

Symbotic Stock Performance

Symbotic stock opened at $10.77 on Tuesday. The company has a fifty day moving average of $11.66. Symbotic has a 1 year low of $8.75 and a 1 year high of $28.48.

Institutional Trading of Symbotic

Several large investors have recently added to or reduced their stakes in the stock. SB Global Advisers Ltd purchased a new position in shares of Symbotic during the 2nd quarter worth $219,400,000. Saba Capital Management L.P. increased its position in Symbotic by 458.4% during the third quarter. Saba Capital Management L.P. now owns 2,791,828 shares of the company’s stock worth $27,779,000 after purchasing an additional 2,291,828 shares during the last quarter. Navis Wealth Advisors LLC acquired a new stake in Symbotic during the second quarter worth about $8,067,000. Vanguard Group Inc. purchased a new position in Symbotic during the third quarter worth about $1,523,000. Finally, BlackRock Inc. boosted its holdings in Symbotic by 325.5% in the 3rd quarter. BlackRock Inc. now owns 170,213 shares of the company’s stock valued at $1,958,000 after purchasing an additional 130,213 shares during the last quarter.

Symbotic Company Profile

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Symbotic Inc, an automation technology company, provides robotics and technology to improve efficiency for retailers and wholesalers in the United States. It offers The Symbotic System, a full-service warehouse automation system that reduces costs, improves efficiency, and maximizes inventory. The company is based in Wilmington, Massachusetts.

Further Reading

Analyst Recommendations for Symbotic (NASDAQ:SYM)

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