Ameriprise Financial Inc. Trims Stake in Symbotic Inc. (NASDAQ:SYM)

Ameriprise Financial Inc. reduced its stake in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 58.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 41,930 shares of the company's stock after selling 57,932 shares during the period. Ameriprise Financial Inc.'s holdings in Symbotic were worth $994,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Walmart Inc. acquired a new stake in Symbotic in the fourth quarter worth $355,650,000. PDT Partners LLC purchased a new stake in Symbotic in the 4th quarter valued at $1,127,000. Northern Trust Corp raised its holdings in shares of Symbotic by 23.7% in the fourth quarter. Northern Trust Corp now owns 110,148 shares of the company's stock valued at $2,612,000 after purchasing an additional 21,077 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of Symbotic during the 4th quarter worth approximately $1,053,000. Finally, Hood River Capital Management LLC bought a new stake in Symbotic during the fourth quarter worth $5,704,000.

Wall Street Analysts Forecast Growth

SYM has been the subject of several research reports. Cantor Fitzgerald reissued an "overweight" rating and set a $60.00 price objective on shares of Symbotic in a report on Thursday, February 6th. Needham & Company LLC dropped their price objective on Symbotic from $35.00 to $32.00 and set a "buy" rating for the company in a research note on Thursday, February 6th. UBS Group cut their price target on shares of Symbotic from $32.00 to $30.00 and set a "neutral" rating for the company in a research note on Tuesday, February 25th. BWS Financial restated a "sell" rating and issued a $10.00 target price on shares of Symbotic in a research report on Wednesday, April 2nd. Finally, Citigroup lowered their price target on shares of Symbotic from $37.00 to $29.00 and set a "buy" rating for the company in a research note on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Symbotic has a consensus rating of "Hold" and a consensus price target of $37.20.

Symbotic Stock Up 0.5%

Shares of SYM traded up $0.14 during trading hours on Tuesday, reaching $29.48. 718,942 shares of the company traded hands, compared to its average volume of 1,934,172. Symbotic Inc. has a 12 month low of $16.32 and a 12 month high of $41.76. The company's fifty day moving average price is $23.32 and its two-hundred day moving average price is $25.45. The company has a market capitalization of $17.38 billion, a price-to-earnings ratio of -421.08, a price-to-earnings-growth ratio of 6.48 and a beta of 1.85.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). Symbotic had a positive return on equity of 5.11% and a negative net margin of 0.38%. The firm had revenue of $549.65 million during the quarter, compared to the consensus estimate of $522.36 million. During the same quarter last year, the company posted ($0.07) EPS. Symbotic's revenue for the quarter was up 39.7% compared to the same quarter last year. On average, analysts expect that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Buying and Selling

In related news, insider William M. Boyd III sold 2,455 shares of the business's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $22.31, for a total value of $54,771.05. Following the completion of the transaction, the insider now directly owns 39,659 shares in the company, valued at $884,792.29. The trade was a 5.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniela L. Rus sold 1,000 shares of Symbotic stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $30.00, for a total value of $30,000.00. Following the completion of the sale, the director now owns 27,435 shares of the company's stock, valued at $823,050. The trade was a 3.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 43,056 shares of company stock worth $1,028,601 in the last 90 days. Insiders own 0.60% of the company's stock.

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.