Blair William & Co. IL Increases Stock Position in Symbotic Inc. (NASDAQ:SYM)

Key Points

• Blair William & Co. IL significantly increased its stake in Symbotic Inc. by 122.3% during the first quarter, owning 135,798 shares valued at approximately $2.74 million.
• In recent transactions, insiders sold a total of 118,241 shares worth nearly $5.76 million over the past 90 days, decreasing their overall ownership in the company.
• Symbotic's shares have declined by 13.8% recently, with analysts adjusting ratings and target prices for the stock, reflecting mixed sentiments among brokerages.

Blair William & Co. IL raised its holdings in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 122.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 135,798 shares of the company's stock after purchasing an additional 74,707 shares during the quarter. Blair William & Co. IL's holdings in Symbotic were worth $2,744,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in SYM. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Symbotic by 21.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,248 shares of the company's stock worth $348,000 after purchasing an additional 3,024 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Symbotic by 35.7% in the first quarter. Bank of New York Mellon Corp now owns 60,554 shares of the company's stock valued at $1,224,000 after buying an additional 15,947 shares during the period. Freemont Management S.A. bought a new stake in shares of Symbotic during the 1st quarter worth $1,479,000. ARK Investment Management LLC increased its position in shares of Symbotic by 106.9% in 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. Finally, Cetera Investment Advisers increased its holdings in shares of Symbotic by 5.7% in the 4th quarter. Cetera Investment Advisers now owns 24,621 shares of the company's stock valued at $584,000 after purchasing an additional 1,332 shares during the period.

Insiders Place Their Bets

In other news, Director Daniela L. Rus sold 11,705 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $59.00, for a total transaction of $690,595.00. Following the completion of the sale, the director owned 11,024 shares in the company, valued at $650,416. This trade represents a 51.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Carol J. Hibbard sold 6,293 shares of the business's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $55.42, for a total value of $348,758.06. Following the completion of the sale, the chief financial officer owned 61,971 shares in the company, valued at $3,434,432.82. This represents a 9.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 118,241 shares of company stock worth $5,756,164 over the last 90 days. Company insiders own 0.60% of the company's stock.

Symbotic Stock Down 13.8%

Shares of NASDAQ SYM opened at $54.21 on Friday. The company has a market capitalization of $31.96 billion, a PE ratio of -774.32, a P/E/G ratio of 65.52 and a beta of 2.06. The firm has a fifty day simple moving average of $42.59 and a 200 day simple moving average of $30.64. Symbotic Inc. has a twelve month low of $16.32 and a twelve month high of $64.16.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.08). The firm had revenue of $592.12 million during the quarter, compared to the consensus estimate of $533.55 million. Symbotic had a negative return on equity of 2.07% and a negative net margin of 0.38%. Symbotic's revenue for the quarter was up 25.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.02) earnings per share. As a group, equities analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on SYM. Deutsche Bank Aktiengesellschaft cut Symbotic from a "buy" rating to a "hold" rating and set a $51.00 target price for the company. in a research report on Friday, July 18th. Needham & Company LLC upped their target price on shares of Symbotic from $32.00 to $57.00 and gave the company a "buy" rating in a research note on Thursday. Arete lowered Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price objective for the company. in a research note on Friday, July 25th. Robert W. Baird cut shares of Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 target price for the company. in a research note on Thursday. Finally, Citigroup reiterated a "buy" rating on shares of Symbotic in a research report on Monday, July 14th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Symbotic has an average rating of "Hold" and a consensus price target of $42.69.

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.

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