Comerica Bank Decreases Stock Holdings in Symbotic Inc. (NASDAQ:SYM)

Comerica Bank cut its holdings in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 71.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,938 shares of the company's stock after selling 25,424 shares during the quarter. Comerica Bank's holdings in Symbotic were worth $236,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in SYM. IFP Advisors Inc grew its holdings in shares of Symbotic by 58.2% in the fourth quarter. IFP Advisors Inc now owns 1,368 shares of the company's stock worth $32,000 after purchasing an additional 503 shares during the last quarter. Private Trust Co. NA bought a new position in shares of Symbotic in the fourth quarter worth approximately $47,000. Pilgrim Partners Asia Pte Ltd bought a new position in shares of Symbotic in the fourth quarter worth approximately $47,000. Jones Financial Companies Lllp grew its holdings in shares of Symbotic by 154.1% in the fourth quarter. Jones Financial Companies Lllp now owns 2,457 shares of the company's stock worth $58,000 after purchasing an additional 1,490 shares during the last quarter. Finally, MCF Advisors LLC bought a new position in shares of Symbotic in the fourth quarter worth approximately $85,000.

Symbotic Price Performance

NASDAQ:SYM traded down $0.68 during mid-day trading on Friday, hitting $28.75. 1,436,019 shares of the company's stock were exchanged, compared to its average volume of 1,930,701. Symbotic Inc. has a one year low of $16.32 and a one year high of $42.45. The business has a fifty day moving average price of $22.49 and a 200 day moving average price of $25.66. The company has a market cap of $16.95 billion, a PE ratio of -410.66, a P/E/G ratio of 6.48 and a beta of 1.85.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.09). The business had revenue of $549.65 million for the quarter, compared to the consensus estimate of $522.36 million. Symbotic had a positive return on equity of 5.11% and a negative net margin of 0.38%. The company's revenue was up 39.7% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.07) EPS. On average, equities analysts forecast that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on SYM shares. Citigroup cut their price target on shares of Symbotic from $37.00 to $29.00 and set a "buy" rating on the stock in a report on Monday, April 14th. UBS Group cut their price target on shares of Symbotic from $32.00 to $30.00 and set a "neutral" rating on the stock in a report on Tuesday, February 25th. BWS Financial reiterated a "sell" rating and issued a $10.00 price target on shares of Symbotic in a report on Wednesday, April 2nd. Needham & Company LLC cut their price target on shares of Symbotic from $35.00 to $32.00 and set a "buy" rating on the stock in a report on Thursday, February 6th. Finally, Raymond James cut shares of Symbotic from an "outperform" rating to a "market perform" rating in a report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Symbotic has a consensus rating of "Hold" and an average price target of $37.20.

Insider Buying and Selling at Symbotic

In other Symbotic news, insider Michael David Dunn sold 2,040 shares of Symbotic stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $22.24, for a total value of $45,369.60. Following the completion of the transaction, the insider now directly owns 23,822 shares of the company's stock, valued at approximately $529,801.28. The trade was a 7.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider William M. Boyd III sold 11,735 shares of Symbotic stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $21.95, for a total transaction of $257,583.25. Following the completion of the transaction, the insider now directly owns 36,999 shares of the company's stock, valued at $812,128.05. This trade represents a 24.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,447 shares of company stock worth $858,000. 0.60% of the stock is owned by corporate insiders.

About Symbotic

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.