Cetera Investment Advisers Increases Stake in Symbotic Inc. (NASDAQ:SYM)

Key Points

• Cetera Investment Advisers increased its stake in Symbotic Inc. by 150.5% in Q1, now owning 61,674 shares valued at $1.25 million.
• Several other institutional investors also boosted their holdings in Symbotic, with notable increases from Spire Wealth Management and GAMMA Investing LLC.
• Insiders sold a total of 118,241 shares of Symbotic stock recently, leading to a significant decrease in their ownership, with the current consensus rating for the stock being "Hold."

Cetera Investment Advisers lifted its stake in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 150.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 61,674 shares of the company's stock after buying an additional 37,053 shares during the quarter. Cetera Investment Advisers' holdings in Symbotic were worth $1,246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Spire Wealth Management grew its holdings in Symbotic by 8.0% in the first quarter. Spire Wealth Management now owns 13,596 shares of the company's stock worth $275,000 after purchasing an additional 1,012 shares during the period. Tower Research Capital LLC TRC grew its holdings in Symbotic by 40.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,566 shares of the company's stock worth $85,000 after purchasing an additional 1,018 shares during the period. Bourne Lent Asset Management Inc. grew its holdings in Symbotic by 1.3% in the first quarter. Bourne Lent Asset Management Inc. now owns 88,360 shares of the company's stock worth $1,786,000 after purchasing an additional 1,150 shares during the period. GAMMA Investing LLC grew its holdings in Symbotic by 1,812.2% in the first quarter. GAMMA Investing LLC now owns 1,415 shares of the company's stock worth $29,000 after purchasing an additional 1,341 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Symbotic by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 505,114 shares of the company's stock worth $11,981,000 after purchasing an additional 1,356 shares during the period.

Insider Buying and Selling at Symbotic

In other Symbotic news, Director Daniela L. Rus sold 11,705 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $59.00, for a total value of $690,595.00. Following the transaction, the director directly owned 11,024 shares in the company, valued at approximately $650,416. This trade represents a 51.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William M. Boyd III sold 25,000 shares of the firm's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $49.00, for a total transaction of $1,225,000.00. Following the sale, the insider owned 34,544 shares in the company, valued at $1,692,656. The trade was a 41.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 118,241 shares of company stock valued at $5,756,164 over the last three months. Insiders own 0.60% of the company's stock.

Analyst Upgrades and Downgrades

SYM has been the topic of a number of recent research reports. Baird R W cut shares of Symbotic from a "strong-buy" rating to a "hold" rating in a report on Thursday. Northland Securities increased their price target on shares of Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Robert W. Baird cut shares of Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 price target on the stock. in a report on Thursday. Oppenheimer increased their price target on shares of Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a report on Thursday. Finally, Arete Research cut shares of Symbotic from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Symbotic presently has a consensus rating of "Hold" and an average target price of $42.69.

Symbotic Stock Up 2.6%

Shares of Symbotic stock opened at $55.61 on Monday. The company has a market cap of $32.79 billion, a price-to-earnings ratio of -794.32, a price-to-earnings-growth ratio of 57.93 and a beta of 2.06. The company's 50 day moving average is $43.13 and its 200 day moving average is $30.76. 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 released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.08). Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%. The business had revenue of $592.12 million during the quarter, compared to the consensus estimate of $533.55 million. During the same quarter in the previous year, the business posted ($0.02) earnings per share. The firm's revenue was up 25.9% on a year-over-year basis. Sell-side analysts expect that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

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.

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