Abacus FCF Advisors LLC Invests $3.11 Million in Symbotic Inc. $SYM

Key Points

• Abacus FCF Advisors acquired 69,160 Symbotic shares worth approximately $3.11 million during the second quarter, while several other institutional investors also increased or initiated positions.
• Symbotic insiders sold 114,644 shares valued at roughly $5.12 million over the past 90 days; the CFO’s sale was related to tax withholding on vested equity awards.
• Analyst views remain mixed, with an average “Hold” rating and a $65.92 price target. Symbotic’s latest quarter delivered 21.7% year-over-year revenue growth to $720.84 million but missed earnings expectations, reporting $0.09 EPS versus $0.13 forecast.

Abacus FCF Advisors LLC bought a new stake in Symbotic Inc. (NASDAQ:SYM - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 69,160 shares of the company's stock, valued at approximately $3,109,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SYM. Parkside Financial Bank & Trust boosted its holdings in Symbotic by 100.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 536 shares of the company's stock worth $32,000 after purchasing an additional 268 shares during the period. Quarry LP bought a new stake in shares of Symbotic during the 4th quarter valued at about $36,000. Parallel Advisors LLC raised its stake in Symbotic by 67.3% during the fourth quarter. Parallel Advisors LLC now owns 619 shares of the company's stock worth $37,000 after acquiring an additional 249 shares during the period. Gordian Capital Singapore Pte Ltd bought a new position in Symbotic in the fourth quarter worth about $48,000. Finally, NewEdge Advisors LLC boosted its stake in Symbotic by 81.5% in the second quarter. NewEdge Advisors LLC now owns 1,276 shares of the company's stock valued at $50,000 after acquiring an additional 573 shares during the period.

Insider Buying and Selling at Symbotic

In related news, CFO Izilda P. Martins sold 27,463 shares of the business's stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $40.80, for a total transaction of $1,120,490.40. Following the sale, the chief financial officer owned 35,171 shares of the company's stock, valued at $1,434,976.80. The trade was a 43.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Todd Krasnow sold 19,655 shares of Symbotic stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $53.73, for a total value of $1,056,063.15. Following the transaction, the director directly owned 177,036 shares in the company, valued at approximately $9,512,144.28. The trade was a 9.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 114,644 shares of company stock valued at $5,122,225. 8.16% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently commented on SYM. Needham & Company LLC reaffirmed a "buy" rating and set a $75.00 target price on shares of Symbotic in a report on Thursday, August 6th. The Goldman Sachs Group lowered their price objective on Symbotic from $54.00 to $45.00 and set a "sell" rating for the company in a research note on Tuesday, May 26th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Symbotic in a research report on Friday, August 7th. Robert W. Baird set a $51.00 price objective on shares of Symbotic in a report on Thursday, August 6th. Finally, Zacks Research upgraded shares of Symbotic from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 5th. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $65.92.

Symbotic Stock Performance

Shares of SYM opened at $42.02 on Thursday. The firm has a market capitalization of $25.41 billion, a price-to-earnings ratio of 466.89, a price-to-earnings-growth ratio of 5.44 and a beta of 1.94. Symbotic Inc. has a one year low of $38.19 and a one year high of $87.88. The stock's fifty day moving average is $42.07 and its 200-day moving average is $49.47.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.04). The company had revenue of $720.84 million during the quarter, compared to analyst estimates of $715.03 million. Symbotic had a return on equity of 1.40% and a net margin of 0.48%.The business's revenue for the quarter was up 21.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.05) EPS. Analysts forecast that Symbotic Inc. will post 0.25 EPS for the current fiscal year.

Symbotic Profile

Symbotic Inc NASDAQ: SYM is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.

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