Perigon Wealth Management LLC Invests $988,000 in Symbotic Inc. $SYM

Key Points

• Perigon Wealth Management LLC invested approximately $988,000 in Symbotic Inc., acquiring 25,437 shares during the second quarter.
• Major insider transactions included a sale of 220,000 shares by a significant shareholder at an average price of $46.45, totaling over $10 million.
• Analyst ratings for Symbotic vary, with UBS maintaining a "sell" rating and a target price increase to $35, while Needham & Company issued a "buy" rating with a target price of $57.

Perigon Wealth Management LLC acquired a new position in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 25,437 shares of the company's stock, valued at approximately $988,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Riverbridge Partners LLC bought a new position in shares of Symbotic during the 2nd quarter worth about $358,000. AdvisorNet Financial Inc bought a new position in shares of Symbotic during the 2nd quarter worth about $32,000. Bouvel Investment Partners LLC bought a new position in shares of Symbotic during the 2nd quarter worth about $1,715,000. Farther Finance Advisors LLC increased its stake in Symbotic by 24.0% in the second quarter. Farther Finance Advisors LLC now owns 1,765 shares of the company's stock valued at $69,000 after acquiring an additional 342 shares during the period. Finally, Arkfeld Wealth Strategies L.L.C. increased its stake in Symbotic by 3.9% in the second quarter. Arkfeld Wealth Strategies L.L.C. now owns 28,680 shares of the company's stock valued at $1,114,000 after acquiring an additional 1,087 shares during the period.

Insider Transactions at Symbotic

In other news, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $46.45, for a total transaction of $10,219,000.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider William M. Boyd III sold 25,000 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $59.00, for a total transaction of $1,475,000.00. Following the transaction, the insider owned 31,884 shares in the company, valued at $1,881,156. The trade was a 43.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 483,032 shares of company stock valued at $23,897,448. 0.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. UBS Group reissued a "sell" rating and issued a $35.00 target price (up previously from $27.00) on shares of Symbotic in a research note on Tuesday, September 23rd. Needham & Company LLC upped their target price on shares of Symbotic from $32.00 to $57.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Citigroup reissued a "buy" rating on shares of Symbotic in a research note on Monday, July 14th. Arete cut shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 target price on the stock. in a research note on Friday, July 25th. Finally, DA Davidson reissued a "neutral" rating and issued a $47.00 target price (up previously from $35.00) on shares of Symbotic in a research note on Monday, August 25th. Six equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $43.75.

Symbotic Stock Up 1.1%

NASDAQ:SYM opened at $52.14 on Friday. The firm has a market cap of $30.79 billion, a PE ratio of -744.75 and a beta of 2.05. Symbotic Inc. has a 12 month low of $16.32 and a 12 month high of $64.16. The company's 50-day moving average price is $51.04 and its two-hundred day moving average price is $36.47.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.08). The firm had revenue of $592.12 million during the quarter, compared to analyst estimates of $533.55 million. Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. Symbotic's quarterly revenue was up 25.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.02) earnings per share. On average, research analysts expect that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

About Symbotic

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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