Bank of New York Mellon Corp Has $1.22 Million Stake in Symbotic Inc. (NASDAQ:SYM)

Key Points

• The Bank of New York Mellon Corp increased its stake in Symbotic Inc. by 35.7% during the 1st quarter, now owning 60,554 shares valued at $1.22 million.
• Symbotic Inc. reported a revenue increase of 39.7% year-over-year, reaching $549.65 million, but missed EPS expectations by $0.09.
• Analysts have mixed opinions on Symbotic, with eight buy ratings, one sell rating, and the average price target set at approximately $39.94.

Bank of New York Mellon Corp boosted its position in Symbotic Inc. (NASDAQ:SYM - Free Report) by 35.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,554 shares of the company's stock after buying an additional 15,947 shares during the quarter. Bank of New York Mellon Corp's holdings in Symbotic were worth $1,224,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Symbotic by 21.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,248 shares of the company's stock valued at $348,000 after purchasing an additional 3,024 shares in the last quarter. Spire Wealth Management raised its stake in shares of Symbotic by 8.0% in the 1st quarter. Spire Wealth Management now owns 13,596 shares of the company's stock valued at $275,000 after purchasing an additional 1,012 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in shares of Symbotic by 21.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 15,658 shares of the company's stock valued at $316,000 after purchasing an additional 2,737 shares in the last quarter. Register Financial Advisors LLC raised its stake in shares of Symbotic by 9.5% in the 1st quarter. Register Financial Advisors LLC now owns 119,767 shares of the company's stock valued at $2,420,000 after purchasing an additional 10,350 shares in the last quarter. Finally, Rakuten Securities Inc. raised its stake in shares of Symbotic by 36.5% in the 1st quarter. Rakuten Securities Inc. now owns 10,298 shares of the company's stock valued at $208,000 after purchasing an additional 2,752 shares in the last quarter.

Insider Buying and Selling at Symbotic

In other news, CFO Carol J. Hibbard sold 4,628 shares of the firm's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $22.62, for a total transaction of $104,685.36. Following the transaction, the chief financial officer owned 54,011 shares in the company, valued at approximately $1,221,728.82. This trade represents a 7.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Todd Krasnow sold 5,940 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $26.38, for a total transaction of $156,697.20. The disclosure for this sale can be found here. Insiders have sold a total of 64,136 shares of company stock worth $2,534,217 over the last quarter. Company insiders own 0.60% of the company's stock.

Symbotic Trading Up 2.3%

SYM stock traded up $1.20 during midday trading on Thursday, reaching $53.95. The company had a trading volume of 2,078,619 shares, compared to its average volume of 2,509,456. Symbotic Inc. has a 1 year low of $16.32 and a 1 year high of $55.75. The company has a market capitalization of $31.81 billion, a P/E ratio of -1,348.75, a PEG ratio of 54.95 and a beta of 2.03. The company has a 50 day moving average of $39.28 and a two-hundred day moving average of $29.44.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). The business had revenue of $549.65 million for the quarter, compared to the consensus estimate of $522.36 million. Symbotic had a negative net margin of 0.23% and a negative return on equity of 1.26%. The firm's revenue for the quarter was up 39.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.07) EPS. On average, sell-side analysts anticipate that Symbotic Inc. will post 0.13 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Northland Securities upped their target price on shares of Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. The Goldman Sachs Group dropped their price objective on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. BWS Financial reiterated a "sell" rating and set a $10.00 price objective on shares of Symbotic in a research note on Wednesday, April 2nd. Citigroup reiterated a "buy" rating on shares of Symbotic in a research note on Monday, July 14th. Finally, Oppenheimer reiterated an "outperform" rating and set a $54.00 price objective (up previously from $35.00) on shares of Symbotic in a research note on Wednesday, July 16th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $39.94.

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.