Raymond James Financial Inc. Purchases 105,616 Shares of 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 stake in Symbotic Inc. (NASDAQ:SYM - Free Report) by 12.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 980,922 shares of the company's stock after purchasing an additional 105,616 shares during the period. Raymond James Financial Inc. owned 0.17% of Symbotic worth $19,824,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Walmart Inc. bought a new stake in shares of Symbotic during the fourth quarter worth about $355,650,000. JPMorgan Chase & Co. increased its position 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 in the last quarter. ARK Investment Management LLC increased its position 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 in the last quarter. Divisadero Street Capital Management LP bought a new stake in shares of Symbotic during the fourth quarter worth about $4,441,000. Finally, Janus Henderson Group PLC increased its position 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 in the last quarter.

Symbotic Trading Down 0.5%

Shares of SYM stock traded down $0.26 during trading on Wednesday, reaching $47.73. 1,187,141 shares of the company's stock traded hands, compared to its average volume of 2,564,077. The company has a market capitalization of $28.18 billion, a P/E ratio of -681.76 and a beta of 2.06. The firm's 50-day moving average is $48.05 and its 200 day moving average is $32.51. Symbotic Inc. has a 1 year low of $16.32 and a 1 year high of $64.16.

Symbotic (NASDAQ:SYM - Get Free Report) last announced 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 business had revenue of $592.12 million for the quarter, compared to analysts' expectations of $533.55 million. Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. The business's quarterly revenue was up 25.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.02) earnings per share. As a group, sell-side analysts predict that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on SYM shares. Arete downgraded shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 target price for the company. in a research report on Friday, July 25th. Oppenheimer boosted their target price on shares of Symbotic from $54.00 to $59.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Deutsche Bank Aktiengesellschaft downgraded shares of Symbotic from a "buy" rating to a "hold" rating and set a $51.00 target price for the company. in a research report on Friday, July 18th. Zacks Research downgraded shares of Symbotic from a "hold" rating to a "strong sell" rating in a research report on Friday, August 15th. Finally, DA Davidson reaffirmed a "neutral" rating and issued a $47.00 price objective (up from $35.00) on shares of Symbotic in a research report on Monday. Six research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Symbotic presently has an average rating of "Hold" and an average target price of $43.44.

Insider Activity at Symbotic

In related news, Director Todd Krasnow sold 30,000 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $51.54, for a total transaction of $1,546,200.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Charles Kane sold 25,000 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $47.62, for a total transaction of $1,190,500.00. Following the sale, the director owned 79,507 shares in the company, valued at $3,786,123.34. The trade was a 23.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 484,632 shares of company stock worth $23,837,791 in the last ninety days. Insiders own 0.60% of the company's stock.

Symbotic Company 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.