Comerica Bank Grows Stock Holdings in Symbotic Inc. $SYM

Key Points

• Comerica Bank significantly increased its holdings in Symbotic Inc. by 139.5% during the first quarter, owning 23,803 shares valued at approximately $481,000.
• Several analysts have recently adjusted their ratings on Symbotic, with DA Davidson raising its price target from $35.00 to $47.00, while Zacks lowered it from a "hold" rating to a "strong sell."
• Insider trading activity included sales by Directors Charles Kane and Rollin L. Ford, who sold a total of 115,000 shares, representing a significant reduction in their ownership stakes.

Comerica Bank grew its holdings in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 139.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 23,803 shares of the company's stock after purchasing an additional 13,865 shares during the period. Comerica Bank's holdings in Symbotic were worth $481,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Swiss National Bank lifted its holdings in shares of Symbotic by 0.9% during the first quarter. Swiss National Bank now owns 82,400 shares of the company's stock valued at $1,665,000 after purchasing an additional 700 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Symbotic by 4.6% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,208 shares of the company's stock valued at $348,000 after purchasing an additional 757 shares during the last quarter. Spire Wealth Management increased its position in shares of Symbotic by 8.0% during the first quarter. Spire Wealth Management now owns 13,596 shares of the company's stock valued at $275,000 after acquiring an additional 1,012 shares in the last quarter. Bourne Lent Asset Management Inc. increased its position in shares of Symbotic by 1.3% during the first quarter. Bourne Lent Asset Management Inc. now owns 88,360 shares of the company's stock valued at $1,786,000 after acquiring an additional 1,150 shares in the last quarter. Finally, Cetera Investment Advisers increased its position in shares of Symbotic by 5.7% during the fourth quarter. Cetera Investment Advisers now owns 24,621 shares of the company's stock valued at $584,000 after acquiring an additional 1,332 shares in the last quarter.

Analysts Set New Price Targets

Several brokerages recently weighed in on SYM. DA Davidson reissued a "neutral" rating and set a $47.00 price target (up previously from $35.00) on shares of Symbotic in a research report on Monday, August 25th. Baird R W downgraded shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 7th. Arete Research downgraded shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Northland Securities lifted their target price on shares of Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Finally, Zacks Research lowered shares of Symbotic from a "hold" rating to a "strong sell" rating in a research note on Friday, August 15th. Six investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Symbotic has an average rating of "Hold" and an average target price of $43.44.

Insider Activity at Symbotic

In related news, Director Charles Kane sold 25,000 shares of Symbotic stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $47.62, for a total transaction of $1,190,500.00. Following the transaction, the director owned 79,507 shares in the company, valued at approximately $3,786,123.34. The trade was a 23.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rollin L. Ford sold 90,000 shares of Symbotic stock in a transaction 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 transaction, the director owned 14,507 shares in the company, valued at approximately $748,125.99. This trade represents a 86.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 488,632 shares of company stock worth $24,020,351 in the last 90 days. Company insiders own 0.60% of the company's stock.

Symbotic Price Performance

Shares of SYM stock opened at $47.60 on Tuesday. Symbotic Inc. has a 1 year low of $16.32 and a 1 year high of $64.16. The firm has a fifty day moving average price of $49.91 and a 200-day moving average price of $33.69. The company has a market cap of $28.11 billion, a price-to-earnings ratio of -679.90 and a beta of 2.05.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings data 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). Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. The business had revenue of $592.12 million for the quarter, compared to the consensus estimate of $533.55 million. During the same period in the previous year, the firm earned ($0.02) EPS. The company's revenue was up 25.9% on a year-over-year basis. Equities research analysts expect that Symbotic Inc. will post 0.13 EPS for the current year.

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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