Somerset Trust Co Acquires Shares of 9,255 Symbotic Inc. $SYM

Key Points

• Somerset Trust Co has made a new investment in Symbotic Inc., purchasing 9,255 shares valued at approximately $360,000 during the second quarter.
• Several large investors, including UBS AM and Advisors Asset Management, have increased their stakes in Symbotic, indicating growing interest in the company.
• Research analysts have downgraded Symbotic's stock ratings recently, with $55.00 as a price target from Baird R W, even as some maintain a positive outlook with upgrades.

Somerset Trust Co acquired a new stake in Symbotic Inc. (NASDAQ:SYM - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 9,255 shares of the company's stock, valued at approximately $360,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Swiss National Bank lifted its stake in shares of Symbotic by 0.9% during the 1st quarter. Swiss National Bank now owns 82,400 shares of the company's stock worth $1,665,000 after purchasing an additional 700 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Symbotic by 4.6% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,208 shares of the company's stock valued at $348,000 after acquiring an additional 757 shares during the last quarter. Spire Wealth Management boosted its stake in Symbotic by 8.0% in the first quarter. Spire Wealth Management now owns 13,596 shares of the company's stock valued at $275,000 after acquiring an additional 1,012 shares in the last quarter. Bourne Lent Asset Management Inc. grew its holdings in Symbotic by 1.3% in the first quarter. Bourne Lent Asset Management Inc. now owns 88,360 shares of the company's stock worth $1,786,000 after purchasing an additional 1,150 shares during the last quarter. Finally, Cetera Investment Advisers grew its holdings in Symbotic by 5.7% in the fourth quarter. Cetera Investment Advisers now owns 24,621 shares of the company's stock worth $584,000 after purchasing an additional 1,332 shares during the last quarter.

Symbotic Trading Down 2.4%

SYM traded down $1.16 during midday trading on Friday, hitting $47.75. 1,437,690 shares of the company were exchanged, compared to its average volume of 1,497,632. The company's 50 day simple moving average is $50.25 and its 200 day simple moving average is $34.38. The firm has a market capitalization of $28.20 billion, a price-to-earnings ratio of -682.05 and a beta of 2.05. 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 posted its 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). The firm had revenue of $592.12 million during the quarter, compared to analyst estimates 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 revenue for the quarter was up 25.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.02) earnings per share. On average, equities analysts anticipate that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Transactions at Symbotic

In other news, insider William M. Boyd III sold 25,000 shares of the business's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $49.00, for a total transaction of $1,225,000.00. Following the completion of the sale, the insider owned 34,544 shares of the company's stock, valued at $1,692,656. The trade was a 41.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Rollin L. Ford sold 90,000 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $51.57, for a total transaction of $4,641,300.00. Following the transaction, the director owned 14,507 shares of the company's stock, valued at approximately $748,125.99. This trade represents a 86.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 484,632 shares of company stock worth $23,901,751 over the last quarter. Company insiders own 0.60% of the company's stock.

Wall Street Analysts Forecast Growth

SYM has been the subject of a number of research analyst reports. Northland Securities increased their price target on Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft cut shares of Symbotic from a "buy" rating to a "hold" rating and set a $51.00 target price for the company. in a research note on Friday, July 18th. Arete lowered shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price target on the stock. in a research note on Friday, July 25th. Baird R W cut shares of Symbotic from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 7th. Finally, Wall Street Zen raised shares of Symbotic from a "sell" rating to a "hold" rating in a report on Saturday. Six research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $43.44.

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.