Pinnacle Associates Ltd. Invests $349,000 in Symbotic Inc. (NASDAQ:SYM)

Pinnacle Associates Ltd. acquired a new position in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 17,265 shares of the company's stock, valued at approximately $349,000.

A number of other institutional investors have also recently added to or reduced their stakes in SYM. Walmart Inc. purchased a new stake in Symbotic in the fourth quarter valued at $355,650,000. JPMorgan Chase & Co. raised its position in 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. raised its position in Symbotic by 41.3% in the fourth quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company's stock valued at $117,846,000 after purchasing an additional 1,452,627 shares during the period. Raymond James Financial Inc. purchased a new stake in Symbotic in the fourth quarter valued at $20,754,000. Finally, Hood River Capital Management LLC purchased a new stake in Symbotic in the fourth quarter valued at $5,704,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Oppenheimer restated an "outperform" rating and issued a $54.00 target price (up previously from $35.00) on shares of Symbotic in a research report on Wednesday, July 16th. Arete Research downgraded Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Citigroup restated a "buy" rating on shares of Symbotic in a research report on Monday, July 14th. Northland Securities lifted their target price on Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Finally, The Goldman Sachs Group cut their price objective on Symbotic from $25.00 to $18.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $39.87.

Insider Buying and Selling

In other Symbotic news, Director Todd Krasnow sold 4,000 shares of the company's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $46.48, for a total transaction of $185,920.00. Following the sale, the director owned 189,036 shares in the company, valued at $8,786,393.28. This represents a 2.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Daniela L. Rus sold 1,000 shares of the company's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $48.33, for a total value of $48,330.00. Following the transaction, the director directly owned 22,729 shares of the company's stock, valued at approximately $1,098,492.57. This represents a 4.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 64,136 shares of company stock worth $2,534,217 in the last quarter. Company insiders own 0.60% of the company's stock.

Symbotic Stock Down 5.3%

NASDAQ SYM traded down $2.88 during trading hours on Friday, hitting $51.07. 1,513,041 shares of the company were exchanged, compared to its average volume of 1,910,985. The company has a 50 day moving average of $39.77 and a two-hundred day moving average of $29.64. Symbotic Inc. has a 52-week low of $16.32 and a 52-week high of $55.75. The firm has a market cap of $30.11 billion, a price-to-earnings ratio of -1,284.00, a PEG ratio of 54.95 and a beta of 2.03.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.09). Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. The company had revenue of $549.65 million for the quarter, compared to analysts' expectations of $522.36 million. During the same quarter last year, the company earned ($0.07) EPS. Symbotic's revenue for the quarter was up 39.7% compared to the same quarter last year. On average, equities research analysts predict that Symbotic Inc. will post 0.13 EPS for the current 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.