Blair William & Co. IL Sells 4,479 Shares of Symbotic Inc. $SYM

Key Points

• Blair William & Co. IL reduced its holdings in Symbotic Inc. by 3.3%, selling 4,479 shares, and now owns 131,319 shares worth about $5.1 million.
• Symbotic reported earnings per share of ($0.05), missing analysts' estimates, but its revenue increased by 25.9% year-over-year to $592.12 million.
• Recent changes in institutional ownership include new purchases and significant sales, with insiders selling 478,326 shares valued at over $24 million in the last three months.

Blair William & Co. IL decreased its position in Symbotic Inc. (NASDAQ:SYM - Free Report) by 3.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 131,319 shares of the company's stock after selling 4,479 shares during the quarter. Blair William & Co. IL's holdings in Symbotic were worth $5,102,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Vontobel Holding Ltd. purchased a new position in shares of Symbotic in the 2nd quarter worth about $225,000. KLP Kapitalforvaltning AS grew its position in Symbotic by 22.0% during the second quarter. KLP Kapitalforvaltning AS now owns 10,000 shares of the company's stock valued at $388,000 after buying an additional 1,800 shares during the period. Tyche Wealth Partners LLC bought a new position in Symbotic during the second quarter valued at about $403,000. Mirae Asset Global Investments Co. Ltd. grew its position in Symbotic by 7.4% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,519 shares of the company's stock valued at $719,000 after buying an additional 1,271 shares during the period. Finally, J. Safra Sarasin Holding AG bought a new position in Symbotic during the second quarter valued at about $233,000.

Symbotic Stock Down 5.1%

Shares of NASDAQ:SYM opened at $63.73 on Monday. The firm has a market capitalization of $37.63 billion, a PE ratio of -910.28, a P/E/G ratio of 12.36 and a beta of 2.06. Symbotic Inc. has a twelve month low of $16.32 and a twelve month high of $71.29. The company has a 50-day moving average price of $53.19 and a two-hundred day moving average price of $39.43.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its earnings results 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 business had revenue of $592.12 million for the quarter, compared to the consensus estimate of $533.55 million. Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.Symbotic's revenue for the quarter was up 25.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.02) EPS. Analysts anticipate that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $46.45, for a total value of $10,219,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rollin L. Ford sold 90,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $51.57, for a total transaction of $4,641,300.00. Following the completion of the transaction, the director owned 14,507 shares of the company's stock, valued at $748,125.99. This trade represents a 86.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 478,326 shares of company stock valued at $24,157,264. 0.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

SYM has been the subject of several research reports. Wall Street Zen upgraded shares of Symbotic from a "sell" rating to a "hold" rating in a research report on Saturday. Arete Research lowered shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Oppenheimer increased their price target on shares of Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. UBS Group restated a "sell" rating and set a $35.00 price target (up previously from $27.00) on shares of Symbotic in a research report on Tuesday, September 23rd. Finally, Northcoast Research set a $65.00 price target on shares of Symbotic and gave the company a "buy" rating in a research report on Thursday, October 2nd. Seven equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, Symbotic has a consensus rating of "Hold" and a consensus price target of $44.61.

About Symbotic

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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