Northern Trust Corp Acquires 21,077 Shares of Symbotic Inc. (NASDAQ:SYM)

Northern Trust Corp raised its position in Symbotic Inc. (NASDAQ:SYM - Free Report) by 23.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 110,148 shares of the company's stock after purchasing an additional 21,077 shares during the quarter. Northern Trust Corp's holdings in Symbotic were worth $2,612,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in SYM. JPMorgan Chase & Co. increased its stake in shares of Symbotic by 100.6% in the fourth quarter. JPMorgan Chase & Co. now owns 17,349 shares of the company's stock valued at $411,000 after purchasing an additional 3,110,075 shares during the period. Vanguard Group Inc. increased its stake in shares of Symbotic by 41.3% during the fourth quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company's stock valued at $117,846,000 after acquiring an additional 1,452,627 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Symbotic during the fourth quarter valued at approximately $20,754,000. Hood River Capital Management LLC acquired a new position in shares of Symbotic during the fourth quarter valued at approximately $5,704,000. Finally, TCW Group Inc. increased its stake in shares of Symbotic by 51.7% during the fourth quarter. TCW Group Inc. now owns 582,955 shares of the company's stock valued at $13,822,000 after acquiring an additional 198,681 shares during the period.

Symbotic Stock Down 2.6%

NASDAQ:SYM traded down $0.80 on Wednesday, reaching $29.91. The stock had a trading volume of 765,315 shares, compared to its average volume of 1,931,622. The company has a market capitalization of $17.64 billion, a P/E ratio of -427.87, a price-to-earnings-growth ratio of 6.48 and a beta of 1.85. Symbotic Inc. has a 1-year low of $16.32 and a 1-year high of $42.45. The stock has a fifty day moving average price of $22.82 and a 200-day moving average price of $25.57.

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

Insider Activity

In other news, insider William M. Boyd III sold 2,455 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $22.31, for a total transaction of $54,771.05. Following the sale, the insider now directly owns 39,659 shares of the company's stock, valued at $884,792.29. This represents a 5.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Michael David Dunn sold 2,040 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $22.24, for a total transaction of $45,369.60. Following the sale, the insider now directly owns 23,822 shares in the company, valued at $529,801.28. This trade represents a 7.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,447 shares of company stock valued at $858,000 over the last three months. 0.60% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently commented on SYM shares. Citigroup lowered their price objective on shares of Symbotic from $37.00 to $29.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Cantor Fitzgerald reiterated an "overweight" rating and set a $60.00 price objective on shares of Symbotic in a research note on Thursday, February 6th. BWS Financial reiterated a "sell" rating and set a $10.00 price objective on shares of Symbotic in a research note on Wednesday, April 2nd. Raymond James cut shares of Symbotic from an "outperform" rating to a "market perform" rating in a report on Thursday, February 6th. Finally, The Goldman Sachs Group decreased their target price on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Symbotic presently has a consensus rating of "Hold" and an average target price of $37.20.

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.