Peregrine Asset Advisers Inc. Takes $2.38 Million Position in Symbotic Inc. $SYM

Key Points

• Peregrine Asset Advisers opened a new position in Symbotic, buying 44,719 shares worth about $2.38 million in the first quarter.
• Symbotic’s latest earnings showed mixed results: revenue rose 23.1% year over year to $676.48 million, but EPS of $0.01 missed analyst expectations of $0.12.
• Analyst sentiment remains cautious overall, with a consensus rating of Hold and an average target price of $65.23, while several firms recently cut or maintained more negative ratings.

Peregrine Asset Advisers Inc. purchased a new stake in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 44,719 shares of the company's stock, valued at approximately $2,379,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. MAI Capital Management raised its holdings in Symbotic by 833.3% during the 3rd quarter. MAI Capital Management now owns 560 shares of the company's stock valued at $30,000 after acquiring an additional 500 shares during the period. Parkside Financial Bank & Trust lifted its position in shares of Symbotic by 100.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 536 shares of the company's stock worth $32,000 after acquiring an additional 268 shares in the last quarter. Quarry LP bought a new position in shares of Symbotic in the fourth quarter worth $36,000. Parallel Advisors LLC boosted its holdings in shares of Symbotic by 67.3% in the fourth quarter. Parallel Advisors LLC now owns 619 shares of the company's stock worth $37,000 after acquiring an additional 249 shares during the period. Finally, Ameriflex Group Inc. grew its position in shares of Symbotic by 1,500.0% in the third quarter. Ameriflex Group Inc. now owns 704 shares of the company's stock valued at $38,000 after purchasing an additional 660 shares in the last quarter.

Symbotic Price Performance

Shares of NASDAQ:SYM opened at $42.74 on Friday. The firm has a fifty day moving average price of $48.61 and a two-hundred day moving average price of $54.39. The company has a market cap of $25.76 billion, a price-to-earnings ratio of -854.63, a PEG ratio of 6.63 and a beta of 1.93. Symbotic Inc. has a one year low of $38.19 and a one year high of $87.88.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.11). Symbotic had a negative return on equity of 0.68% and a negative net margin of 0.20%.The firm had revenue of $676.48 million during the quarter, compared to the consensus estimate of $662.65 million. During the same period in the previous year, the company posted ($0.04) EPS. The company's revenue for the quarter was up 23.1% compared to the same quarter last year. Equities research analysts expect that Symbotic Inc. will post 0.23 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SYM has been the topic of a number of analyst reports. The Goldman Sachs Group decreased their price objective on Symbotic from $54.00 to $45.00 and set a "sell" rating on the stock in a research note on Tuesday, May 26th. DA Davidson restated a "buy" rating and issued a $70.00 target price on shares of Symbotic in a research note on Monday, May 11th. Barclays lifted their target price on Symbotic from $42.00 to $44.00 and gave the company an "underweight" rating in a report on Monday, March 16th. Finally, Weiss Ratings cut Symbotic from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Monday, May 11th. Seven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat.com, Symbotic has a consensus rating of "Hold" and a consensus target price of $65.23.

Insider Buying and Selling at Symbotic

In related news, SVP Brian Daniel Alexander sold 37,860 shares of the business's stock in a transaction dated Friday, April 24th. The stock was sold at an average price of $59.97, for a total transaction of $2,270,464.20. Following the completion of the transaction, the senior vice president directly owned 44,229 shares in the company, valued at $2,652,413.13. The trade was a 46.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO James Kuffner sold 19,729 shares of the company's stock in a transaction dated Friday, April 24th. The stock was sold at an average price of $59.82, for a total value of $1,180,188.78. Following the completion of the transaction, the chief technology officer owned 179,255 shares in the company, valued at $10,723,034.10. This represents a 9.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 137,316 shares of company stock valued at $7,747,335 over the last 90 days. Insiders own 8.16% of the company's stock.

Symbotic Company Profile

Symbotic Inc NASDAQ: SYM is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.