Raymond James Financial Inc. Increases Position in Symbotic Inc. $SYM

Key Points

• Raymond James Financial Inc. increased its holdings in Symbotic Inc. by 12.1%, purchasing an additional 105,616 shares, resulting in ownership of approximately 980,922 shares valued at $19.8 million.
• Several large investors have also altered their positions in Symbotic, with Walmart Inc. acquiring a new stake worth $355.65 million and ARK Investment Management increasing its holdings by 106.9% in the first quarter.
• Symbotic reported a quarterly revenue increase of 25.9% year-over-year, but missed earnings expectations, posting a loss of ($0.05) EPS compared to a consensus estimate of $0.03.

Raymond James Financial Inc. raised its holdings in Symbotic Inc. (NASDAQ:SYM - Free Report) by 12.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 980,922 shares of the company's stock after purchasing an additional 105,616 shares during the quarter. Raymond James Financial Inc. owned about 0.17% of Symbotic worth $19,824,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of SYM. Walmart Inc. acquired a new position in Symbotic in the fourth quarter valued at $355,650,000. JPMorgan Chase & Co. increased its stake in shares of Symbotic by 100.6% during the fourth quarter. JPMorgan Chase & Co. now owns 17,349 shares of the company's stock worth $411,000 after acquiring an additional 3,110,075 shares during the period. ARK Investment Management LLC increased its stake in shares of Symbotic by 106.9% during the first quarter. ARK Investment Management LLC now owns 393,293 shares of the company's stock worth $7,948,000 after acquiring an additional 203,226 shares during the period. Divisadero Street Capital Management LP acquired a new position in shares of Symbotic during the fourth quarter worth about $4,441,000. Finally, Janus Henderson Group PLC increased its stake in shares of Symbotic by 931.7% during the fourth quarter. Janus Henderson Group PLC now owns 179,516 shares of the company's stock worth $4,256,000 after acquiring an additional 162,116 shares during the period.

Symbotic Price Performance

Shares of NASDAQ SYM traded down $1.91 on Friday, hitting $47.43. The company's stock had a trading volume of 1,055,731 shares, compared to its average volume of 2,466,618. Symbotic Inc. has a 12-month low of $16.32 and a 12-month high of $64.16. The company has a market capitalization of $28.01 billion, a price-to-earnings ratio of -677.47 and a beta of 2.06. The stock has a 50 day moving average of $48.59 and a 200-day moving average of $32.81.

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

Analysts Set New Price Targets

SYM has been the topic of a number of recent analyst reports. Citigroup reiterated a "buy" rating on shares of Symbotic in a research note on Monday, July 14th. Deutsche Bank Aktiengesellschaft lowered shares of Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price target on the stock. in a research note on Friday, July 18th. DA Davidson reiterated a "neutral" rating and set a $47.00 price target (up from $35.00) on shares of Symbotic in a research note on Monday, August 25th. Oppenheimer boosted their price objective on shares of Symbotic from $54.00 to $59.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Finally, Arete downgraded shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price objective on the stock. in a report on Friday, July 25th. Six investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $43.44.

Insider Buying and Selling

In other Symbotic news, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $46.45, for a total value of $10,219,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Rollin L. Ford sold 90,000 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $51.57, for a total transaction of $4,641,300.00. Following the transaction, the director directly owned 14,507 shares in the company, valued at $748,125.99. The trade was a 86.12% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 484,632 shares of company stock valued at $23,837,791. 0.60% of the stock is owned by company insiders.

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.