Seven Grand Managers LLC Makes New Investment in Symbotic Inc. $SYM

Key Points

• Seven Grand Managers LLC opened a new position in Symbotic, buying 75,000 shares valued at about $4.46 million in the fourth quarter.
• Symbotic’s latest earnings showed mixed results: revenue of $676.48 million beat expectations and rose 23.1% year over year, but EPS of $0.01 missed analyst forecasts.
• Analyst sentiment remains cautious overall, with a consensus Hold rating and an average price target of $65.23, while several firms have recently raised or lowered their views on the stock.

Seven Grand Managers LLC bought a new position in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 75,000 shares of the company's stock, valued at approximately $4,462,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SYM. Vanguard Group Inc. increased its stake in Symbotic by 47.6% during 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 last quarter. M&T Bank Corp increased its stake in Symbotic by 1,108.8% during the fourth quarter. M&T Bank Corp now owns 330,882 shares of the company's stock worth $19,687,000 after acquiring an additional 303,510 shares during the last quarter. Franklin Resources Inc. increased its stake in Symbotic by 3,188.8% during the third quarter. Franklin Resources Inc. now owns 274,155 shares of the company's stock worth $14,777,000 after acquiring an additional 265,819 shares during the last quarter. Handelsbanken Fonder AB increased its stake in Symbotic by 626.4% during the third quarter. Handelsbanken Fonder AB now owns 274,178 shares of the company's stock worth $14,778,000 after acquiring an additional 236,435 shares during the last quarter. Finally, Voloridge Investment Management LLC acquired a new stake in Symbotic during the third quarter worth $12,377,000.

Insider Transactions at Symbotic

In related news, Director Charles Kane sold 4,000 shares of Symbotic stock in a transaction on Monday, March 9th. The stock was sold at an average price of $47.86, for a total value of $191,440.00. Following the completion of the transaction, the director directly owned 89,852 shares in the company, valued at approximately $4,300,316.72. This trade represents a 4.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider William M. Boyd III sold 9,194 shares of Symbotic stock in a transaction on Monday, April 27th. The shares were sold at an average price of $58.75, for a total value of $540,147.50. Following the completion of the transaction, the insider owned 62,227 shares of the company's stock, valued at approximately $3,655,836.25. This trade represents a 12.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 149,845 shares of company stock valued at $8,414,964 in the last 90 days. Insiders own 8.16% of the company's stock.

Symbotic Trading Up 1.4%

Shares of NASDAQ SYM opened at $53.63 on Thursday. Symbotic Inc. has a twelve month low of $27.26 and a twelve month high of $87.88. The stock has a fifty day simple moving average of $54.41 and a 200-day simple moving average of $58.47. The stock has a market capitalization of $32.32 billion, a PE ratio of -1,072.39, a PEG ratio of 7.80 and a beta of 2.03.

Symbotic (NASDAQ:SYM - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.12 by ($0.11). The company had revenue of $676.48 million during the quarter, compared to analysts' expectations of $662.66 million. Symbotic had a negative net margin of 0.20% and a negative return on equity of 0.68%. The company's revenue for the quarter was up 23.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.04) earnings per share. On average, equities analysts predict that Symbotic Inc. will post 0.23 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SYM. Wall Street Zen cut Symbotic from a "buy" rating to a "hold" rating in a research note on Saturday, February 28th. Barclays raised their target price on Symbotic from $42.00 to $44.00 and gave the stock an "underweight" rating in a research note on Monday, March 16th. Needham & Company LLC raised their target price on Symbotic from $70.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, February 5th. DA Davidson reaffirmed a "buy" rating and issued a $70.00 price objective on shares of Symbotic in a research note on Monday, May 11th. Finally, The Goldman Sachs Group dropped their price objective on Symbotic from $54.00 to $45.00 and set a "sell" rating for the company in a research note on Tuesday. Seven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $65.23.

Symbotic Company Profile

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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