Royal Bank of Canada Boosts Stake in Symbotic Inc. $SYM

Key Points

• Royal Bank of Canada increased its Symbotic stake by 41.1% in the first quarter, bringing its holdings to 100,018 shares valued at approximately $5.3 million. Other major institutions, including Vanguard, Morgan Stanley and JPMorgan, also expanded their positions.
• Symbotic reported quarterly revenue of $720.84 million, up 21.7% year over year and above estimates, but earnings of $0.09 per share missed the $0.13 consensus forecast.
• Analyst sentiment remains mixed, with the stock receiving an overall “Hold” rating and an average price target of $65.92. Shares opened at $41.19, while insiders have sold 118,011 shares worth about $5.3 million over the past 90 days.

Royal Bank of Canada increased its holdings in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 41.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 100,018 shares of the company's stock after purchasing an additional 29,152 shares during the quarter. Royal Bank of Canada's holdings in Symbotic were worth $5,321,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Symbotic by 47.6% in the fourth quarter. Vanguard Group Inc. now owns 6,932,158 shares of the company's stock worth $412,463,000 after acquiring an additional 2,237,137 shares during the period. Morgan Stanley grew its position in Symbotic by 85.4% in the 4th quarter. Morgan Stanley now owns 2,530,874 shares of the company's stock worth $150,587,000 after purchasing an additional 1,165,513 shares during the period. JPMorgan Chase & Co. grew its position in Symbotic by 51,346.1% in the 4th quarter. JPMorgan Chase & Co. now owns 2,174,372 shares of the company's stock worth $129,375,000 after purchasing an additional 2,178,615 shares during the period. UBS Group AG raised its stake in Symbotic by 22.3% during the 3rd quarter. UBS Group AG now owns 1,105,770 shares of the company's stock valued at $59,601,000 after buying an additional 201,547 shares during the last quarter. Finally, Ghisallo Capital Management LLC bought a new position in shares of Symbotic during the 4th quarter valued at $63,034,000.

Insiders Place Their Bets

In other news, SVP Brian Daniel Alexander sold 9,130 shares of the firm's stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $40.30, for a total transaction of $367,939.00. Following the completion of the transaction, the senior vice president owned 55,611 shares in the company, valued at $2,241,123.30. This trade represents a 14.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Charles Kane sold 2,000 shares of Symbotic stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $43.21, for a total value of $86,420.00. Following the completion of the sale, the director directly owned 89,852 shares in the company, valued at $3,882,504.92. This trade represents a 2.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 118,011 shares of company stock worth $5,293,942. 8.16% of the stock is owned by corporate insiders.

Symbotic Price Performance

Shares of SYM opened at $41.19 on Thursday. Symbotic Inc. has a 1 year low of $38.19 and a 1 year high of $87.88. The company has a 50 day simple moving average of $42.27 and a two-hundred day simple moving average of $50.05. The firm has a market cap of $24.83 billion, a P/E ratio of 457.67, a price-to-earnings-growth ratio of 6.15 and a beta of 1.94.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.09 earnings per share for the quarter, missing analysts' consensus estimates of $0.13 by ($0.04). The company had revenue of $720.84 million for the quarter, compared to the consensus estimate of $715.03 million. Symbotic had a return on equity of 1.40% and a net margin of 0.48%.Symbotic's revenue was up 21.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.05) EPS. On average, sell-side analysts anticipate that Symbotic Inc. will post 0.23 earnings per share for the current year.

Analyst Upgrades and Downgrades

SYM has been the topic of a number of recent research reports. Robert W. Baird set a $51.00 target price on Symbotic in a report on Thursday, August 6th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Symbotic in a research report on Friday, August 7th. Zacks Research upgraded shares of Symbotic from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 5th. The Goldman Sachs Group dropped their price objective on shares of Symbotic from $54.00 to $45.00 and set a "sell" rating on the stock in a report on Tuesday, May 26th. Finally, Needham & Company LLC restated a "buy" rating and set a $75.00 target price on shares of Symbotic in a research report on Thursday, August 6th. Seven analysts have rated the stock with a Buy rating, four have given a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $65.92.

About Symbotic

Symbotic Inc NASDAQ: SYM is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.

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