Riverbridge Partners LLC Takes $358,000 Position in Symbotic Inc. $SYM

Key Points

• Riverbridge Partners LLC has acquired a new stake in Symbotic Inc. worth approximately $358,000, purchasing 9,219 shares in the second quarter.
• Recent analysis from various research firms reflects mixed ratings for Symbotic, with upgrades and downgrades, culminating in a consensus rating of "Hold" and an average price target of $43.75.
• Symbotic's shares recently experienced a decrease of 2.8%, with a current market cap of $30.44 billion and a PE ratio of -736.32.

Riverbridge Partners LLC bought a new stake in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 9,219 shares of the company's stock, valued at approximately $358,000.

A number of other institutional investors have also recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Symbotic by 26.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 73,801 shares of the company's stock worth $1,750,000 after buying an additional 15,394 shares in the last quarter. Capital Market Strategies LLC raised its holdings in shares of Symbotic by 42.5% during the 1st quarter. Capital Market Strategies LLC now owns 48,162 shares of the company's stock worth $973,000 after buying an additional 14,357 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Symbotic by 1,812.2% during the 1st quarter. GAMMA Investing LLC now owns 1,415 shares of the company's stock worth $29,000 after buying an additional 1,341 shares in the last quarter. 180 Wealth Advisors LLC raised its holdings in shares of Symbotic by 38.8% during the 1st quarter. 180 Wealth Advisors LLC now owns 53,620 shares of the company's stock worth $1,084,000 after buying an additional 14,999 shares in the last quarter. Finally, Arkfeld Wealth Strategies L.L.C. acquired a new position in shares of Symbotic during the 1st quarter worth $590,000.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SYM. Oppenheimer boosted their price target on Symbotic from $54.00 to $59.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Robert W. Baird cut Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 price target for the company. in a report on Thursday, August 7th. Zacks Research cut Symbotic from a "hold" rating to a "strong sell" rating in a report on Friday, August 15th. Deutsche Bank Aktiengesellschaft cut Symbotic from a "buy" rating to a "hold" rating and set a $51.00 target price for the company. in a report on Friday, July 18th. Finally, Arete Research cut Symbotic from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Six research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Symbotic currently has a consensus rating of "Hold" and an average price target of $43.75.

Symbotic Stock Down 2.8%

Shares of SYM opened at $51.55 on Friday. Symbotic Inc. has a 12-month low of $16.32 and a 12-month high of $64.16. The business has a 50-day simple moving average of $51.08 and a two-hundred day simple moving average of $36.15. The stock has a market cap of $30.44 billion, a PE ratio of -736.32 and a beta of 2.05.

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

Insider Buying and Selling

In other news, Director Charles Kane sold 25,000 shares of the stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $47.62, for a total value of $1,190,500.00. Following the completion of the sale, the director owned 79,507 shares of the company's stock, valued at approximately $3,786,123.34. This represents a 23.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Maria G. Freve sold 2,000 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $51.93, for a total value of $103,860.00. Following the completion of the sale, the insider directly owned 1,312 shares of the company's stock, valued at approximately $68,132.16. The trade was a 60.39% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 483,032 shares of company stock valued at $23,897,448. Corporate 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.

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