Capital Market Strategies LLC Buys 14,357 Shares of Symbotic Inc. (NASDAQ:SYM)

Capital Market Strategies LLC increased its holdings in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 42.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 48,162 shares of the company's stock after buying an additional 14,357 shares during the quarter. Capital Market Strategies LLC's holdings in Symbotic were worth $973,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of SYM. Walmart Inc. bought a new position in Symbotic in the fourth quarter valued at about $355,650,000. Vanguard Group Inc. grew its stake in Symbotic by 41.3% during the fourth quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company's stock worth $117,846,000 after purchasing an additional 1,452,627 shares during the period. Raymond James Financial Inc. acquired a new stake in Symbotic during the fourth quarter worth approximately $20,754,000. Invesco Ltd. boosted its holdings in Symbotic by 25.9% in the fourth quarter. Invesco Ltd. now owns 727,890 shares of the company's stock worth $17,258,000 after acquiring an additional 149,918 shares in the last quarter. Finally, TCW Group Inc. boosted its holdings in Symbotic by 51.7% in the fourth quarter. TCW Group Inc. now owns 582,955 shares of the company's stock worth $13,822,000 after acquiring an additional 198,681 shares in the last quarter.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SYM. BWS Financial restated a "sell" rating and issued a $10.00 target price on shares of Symbotic in a report on Wednesday, April 2nd. Raymond James lowered Symbotic from an "outperform" rating to a "market perform" rating in a report on Thursday, February 6th. UBS Group dropped their target price on Symbotic from $32.00 to $30.00 and set a "neutral" rating on the stock in a report on Tuesday, February 25th. Cantor Fitzgerald reiterated an "overweight" rating and set a $60.00 price target on shares of Symbotic in a report on Thursday, February 6th. Finally, Citigroup dropped their price target on Symbotic from $37.00 to $29.00 and set a "buy" rating on the stock in a report on Monday, April 14th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $37.20.

Symbotic Trading Down 1.3%

Shares of SYM traded down $0.38 during midday trading on Friday, reaching $28.56. The stock had a trading volume of 1,150,460 shares, compared to its average volume of 1,943,459. The company has a market capitalization of $16.84 billion, a price-to-earnings ratio of -407.94, a price-to-earnings-growth ratio of 6.48 and a beta of 1.85. Symbotic Inc. has a 12-month low of $16.32 and a 12-month high of $41.76. The company's 50-day moving average is $23.18 and its 200 day moving average is $25.52.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.09). The company had revenue of $549.65 million for the quarter, compared to analysts' expectations of $522.36 million. Symbotic had a negative net margin of 0.38% and a positive return on equity of 5.11%. The company's revenue was up 39.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.07) earnings per share. Research analysts forecast that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Carol J. Hibbard sold 4,628 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $22.62, for a total value of $104,685.36. Following the completion of the transaction, the chief financial officer now owns 54,011 shares in the company, valued at $1,221,728.82. This trade represents a 7.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider William M. Boyd III sold 11,735 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $21.95, for a total value of $257,583.25. Following the completion of the transaction, the insider now owns 36,999 shares of the company's stock, valued at approximately $812,128.05. The trade was a 24.08% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,056 shares of company stock worth $1,028,601. 0.60% of the stock is currently owned by company insiders.

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.