Engineers Gate Manager LP Purchases 46,936 Shares of Symbotic Inc. $SYM

Key Points

• Engineers Gate Manager LP increased its Symbotic stake by 469.6% in the second quarter, purchasing 46,936 shares and bringing its holdings to 56,930 shares valued at approximately $2.56 million.
• Analyst sentiment remains mixed: Symbotic has a consensus “Hold” rating with an average price target of $65.42, while several firms recently lowered targets or issued sell/underweight ratings.
• Symbotic reported quarterly revenue of $720.84 million, up 21.7% year over year and above estimates, but earnings per share of $0.09 missed the $0.13 consensus. Shares opened at $41.60, near the lower end of their 52-week range.

Engineers Gate Manager LP increased its position in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 469.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,930 shares of the company's stock after purchasing an additional 46,936 shares during the quarter. Engineers Gate Manager LP's holdings in Symbotic were worth $2,559,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Gordian Capital Singapore Pte Ltd acquired a new position in Symbotic in the fourth quarter valued at about $48,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in shares of Symbotic during the fourth quarter worth approximately $55,000. HHM Wealth Advisors LLC increased its holdings in shares of Symbotic by 81,700.0% during the first quarter. HHM Wealth Advisors LLC now owns 1,636 shares of the company's stock worth $87,000 after buying an additional 1,634 shares in the last quarter. IAG Wealth Partners LLC raised its stake in shares of Symbotic by 29.4% in the first quarter. IAG Wealth Partners LLC now owns 1,752 shares of the company's stock valued at $93,000 after acquiring an additional 398 shares during the last quarter. Finally, IFP Advisors Inc raised its stake in shares of Symbotic by 26.8% in the fourth quarter. IFP Advisors Inc now owns 1,922 shares of the company's stock valued at $114,000 after acquiring an additional 406 shares during the last quarter.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Zacks Research raised Symbotic from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 5th. Robert W. Baird set a $51.00 price target on Symbotic in a report on Thursday, August 6th. The Goldman Sachs Group cut their price objective on Symbotic from $54.00 to $45.00 and set a "sell" rating for the company in a research report on Tuesday, May 26th. Barclays reduced their price objective on Symbotic from $44.00 to $38.00 and set an "underweight" rating on the stock in a research note on Tuesday, September 8th. Finally, Weiss Ratings cut Symbotic from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, September 4th. Seven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and four have given a Sell rating to the company. According to MarketBeat, Symbotic currently has a consensus rating of "Hold" and an average target price of $65.42.

Insider Transactions at Symbotic

In other news, CTO James Kuffner sold 18,987 shares of Symbotic stock in a transaction on Friday, July 24th. The stock was sold at an average price of $40.38, for a total value of $766,695.06. Following the completion of the sale, the chief technology officer directly owned 214,062 shares of the company's stock, valued at approximately $8,643,823.56. This trade represents a 8.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider William Boyd, III sold 9,194 shares of the business's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $41.04, for a total value of $377,321.76. Following the sale, the insider owned 57,112 shares of the company's stock, valued at approximately $2,343,876.48. The trade was a 13.87% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 88,085 shares of company stock worth $3,633,928. Corporate insiders own 8.16% of the company's stock.

Symbotic Trading Down 1.3%

Shares of SYM stock opened at $41.60 on Tuesday. Symbotic Inc. has a 1 year low of $37.68 and a 1 year high of $87.88. The firm's 50 day moving average is $41.84 and its 200-day moving average is $47.59. The firm has a market capitalization of $25.16 billion, a price-to-earnings ratio of 462.22, a PEG ratio of 6.69 and a beta of 1.94.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.04). Symbotic had a net margin of 0.48% and a return on equity of 1.40%. The company had revenue of $720.84 million for the quarter, compared to the consensus estimate of $715.03 million. During the same period last year, the company earned ($0.05) earnings per share. Symbotic's revenue for the quarter was up 21.7% compared to the same quarter last year. On average, equities research analysts forecast that Symbotic Inc. will post 0.21 earnings per share for the current fiscal year.

About Symbotic

Symbotic Inc is an automation technology company that develops artificial intelligence-enabled robotics and software for large-scale warehouses and distribution centers. Its systems are designed to automate the movement, storage and retrieval of pallets and cases, helping customers manage inventory and improve the efficiency of supply-chain operations.

The company's platform combines robotics, machine learning, warehouse-control software and automated storage systems. Symbotic's technology can receive goods, organize inventory, retrieve products and assemble orders for shipment, supporting distribution operations for retail and grocery companies.

Symbotic was founded in 2006 and is headquartered in Wilmington, Massachusetts.

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