Bank of New York Mellon Corp Sells 57,586 Shares of Symbotic Inc. $SYM

Key Points

• Bank of New York Mellon reduced its Symbotic stake by 65.7% in the first quarter, selling 57,586 shares and retaining 30,082 shares valued at approximately $1.6 million.
• Symbotic reported quarterly revenue of $720.84 million, up 21.7% year over year and above estimates, but earnings per share of $0.09 missed the $0.13 consensus forecast.
• Analyst sentiment remains mixed, with the stock receiving an average “Hold” rating and a consensus price target of $65.92; insiders also sold 118,011 shares worth about $5.3 million over the past 90 days.

Bank of New York Mellon Corp decreased its position in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 65.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,082 shares of the company's stock after selling 57,586 shares during the period. Bank of New York Mellon Corp's holdings in Symbotic were worth $1,600,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Royal Bank of Canada boosted its holdings in shares of Symbotic by 28.8% in the 1st quarter. Royal Bank of Canada now owns 84,856 shares of the company's stock valued at $1,714,000 after purchasing an additional 18,967 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Symbotic by 15.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 84,899 shares of the company's stock valued at $1,716,000 after acquiring an additional 11,098 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in Symbotic during the second quarter worth about $804,000. Invesco Ltd. raised its stake in Symbotic by 33.2% during the second quarter. Invesco Ltd. now owns 304,207 shares of the company's stock worth $11,818,000 after acquiring an additional 75,828 shares in the last quarter. Finally, Cresset Asset Management LLC bought a new position in shares of Symbotic in the second quarter worth about $267,000.

Symbotic Price Performance

Shares of Symbotic stock opened at $41.69 on Wednesday. The stock's 50-day moving average is $42.39 and its 200 day moving average is $50.21. Symbotic Inc. has a one year low of $38.19 and a one year high of $87.88. The firm has a market cap of $25.13 billion, a price-to-earnings ratio of 463.22, a PEG ratio of 5.92 and a beta of 1.94.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.04). The business had revenue of $720.84 million during the quarter, compared to analyst estimates of $715.03 million. Symbotic had a net margin of 0.48% and a return on equity of 1.40%. Symbotic's quarterly revenue was up 21.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.05) earnings per share. On average, sell-side analysts expect that Symbotic Inc. will post 0.23 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

Insider Activity at Symbotic

In related news, Director Todd Krasnow sold 19,655 shares of the stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $53.73, for a total transaction of $1,056,063.15. Following the transaction, the director directly owned 177,036 shares of the company's stock, valued at $9,512,144.28. This represents a 9.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Izilda P. Martins sold 27,463 shares of the firm's stock in a transaction 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 completion of 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 SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 118,011 shares of company stock worth $5,293,942 over the last ninety days. 8.16% of the stock is owned by corporate insiders.

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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