Baird Financial Group Inc. Increases Stake in Symbotic Inc. $SYM

Key Points

• Baird Financial Group Inc. increased its stake in Symbotic Inc. by 36.5%, holding 79,644 shares worth $1.61 million as of the latest disclosure.
• Several hedge funds, including ARK Investment Management and Canada Pension Plan Investment Board, have also significantly increased their stakes in Symbotic during the first quarter.
• Analysts have given mixed ratings on Symbotic, with six providing a "Buy" rating and twelve a "Hold" rating, while the stock has a consensus target price of $43.44.

Baird Financial Group Inc. lifted its stake in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 36.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 79,644 shares of the company's stock after buying an additional 21,304 shares during the quarter. Baird Financial Group Inc.'s holdings in Symbotic were worth $1,610,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Canada Pension Plan Investment Board bought a new stake in Symbotic during the first quarter worth about $4,968,000. ARK Investment Management LLC boosted its stake in Symbotic by 106.9% during the first quarter. ARK Investment Management LLC now owns 393,293 shares of the company's stock worth $7,948,000 after acquiring an additional 203,226 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Symbotic by 931.7% during the fourth quarter. Janus Henderson Group PLC now owns 179,516 shares of the company's stock worth $4,256,000 after acquiring an additional 162,116 shares in the last quarter. Raymond James Financial Inc. boosted its stake in Symbotic by 12.1% during the first quarter. Raymond James Financial Inc. now owns 980,922 shares of the company's stock worth $19,824,000 after acquiring an additional 105,616 shares in the last quarter. Finally, Exchange Traded Concepts LLC boosted its stake in Symbotic by 18.0% during the first quarter. Exchange Traded Concepts LLC now owns 680,734 shares of the company's stock worth $13,758,000 after acquiring an additional 104,068 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on SYM shares. Wall Street Zen lowered shares of Symbotic from a "hold" rating to a "sell" rating in a research note on Saturday, August 30th. Citigroup reissued a "buy" rating on shares of Symbotic in a research note on Monday, July 14th. Arete Research lowered shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Northland Securities upped their target price on shares of Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Finally, Baird R W downgraded shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. Six equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Symbotic presently has a consensus rating of "Hold" and a consensus target price of $43.44.

Insider Activity at Symbotic

In related news, Director Charles Kane sold 25,000 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $47.62, for a total transaction of $1,190,500.00. Following the transaction, the director owned 79,507 shares in the company, valued at $3,786,123.34. This represents a 23.92% 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. Also, insider William M. Boyd III sold 25,000 shares of the stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $49.00, for a total transaction of $1,225,000.00. Following the transaction, the insider owned 34,544 shares in the company, valued at approximately $1,692,656. This trade represents a 41.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 488,632 shares of company stock valued at $24,020,351 over the last quarter. 0.60% of the stock is owned by company insiders.

Symbotic Stock Performance

Shares of NASDAQ SYM opened at $48.25 on Monday. The company has a market cap of $28.49 billion, a PE ratio of -689.19 and a beta of 2.05. The firm's 50 day moving average price is $49.74 and its 200-day moving average price is $33.53. Symbotic Inc. has a 52-week low of $16.32 and a 52-week high of $64.16.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.08). The company had revenue of $592.12 million for the quarter, compared to the consensus estimate of $533.55 million. Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. The firm's revenue for the quarter was up 25.9% on a year-over-year basis. During the same quarter last year, the company earned ($0.02) EPS. On average, analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Symbotic 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.

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