Symbotic Inc. $SYM Holdings Decreased by Taylor Frigon Capital Management LLC

Key Points

• Taylor Frigon Capital Management LLC decreased its stake in Symbotic Inc. by 6.5%, owning 76,665 shares valued at $2,978,000, making it the 8th largest position in its investment portfolio.
• In recent analyst coverage, Needham & Company LLC raised the price target for Symbotic from $32.00 to $57.00, while Zacks Research downgraded it to a "strong sell," indicating mixed sentiments on the stock.
• Insider transactions saw William M. Boyd III sell 25,000 shares for approximately $1.5 million, along with a significant sale by a major shareholder, raising concerns over insider ownership which is currently at 0.60%.

Taylor Frigon Capital Management LLC reduced its stake in Symbotic Inc. (NASDAQ:SYM - Free Report) by 6.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 76,665 shares of the company's stock after selling 5,359 shares during the period. Symbotic comprises 1.6% of Taylor Frigon Capital Management LLC's investment portfolio, making the stock its 8th largest position. Taylor Frigon Capital Management LLC's holdings in Symbotic were worth $2,978,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. GAMMA Investing LLC grew its position in shares of Symbotic by 1,812.2% in 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 during the last quarter. Ulland Investment Advisors LLC bought a new stake in shares of Symbotic in the 1st quarter worth approximately $31,000. AdvisorNet Financial Inc bought a new stake in shares of Symbotic in the 2nd quarter worth approximately $32,000. CWM LLC grew its position in shares of Symbotic by 408.2% in the 1st quarter. CWM LLC now owns 2,602 shares of the company's stock worth $53,000 after buying an additional 2,090 shares during the last quarter. Finally, AlphaQuest LLC grew its position in shares of Symbotic by 318.5% in the 1st quarter. AlphaQuest LLC now owns 2,800 shares of the company's stock worth $57,000 after buying an additional 2,131 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on SYM shares. Needham & Company LLC lifted their price objective on Symbotic from $32.00 to $57.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Robert W. Baird lowered Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 price target on the stock. in a research report on Thursday, August 7th. Zacks Research lowered Symbotic from a "hold" rating to a "strong sell" rating in a research report on Friday, August 15th. Wall Street Zen lowered Symbotic from a "hold" rating to a "sell" rating in a research report on Friday. Finally, Oppenheimer lifted their price target on Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Six analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $43.75.

Insider Transactions at Symbotic

In other news, insider William M. Boyd III sold 25,000 shares of the business's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $59.00, for a total value of $1,475,000.00. Following the completion of the transaction, the insider owned 31,884 shares in the company, valued at $1,881,156. The trade was a 43.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $46.45, for a total value of $10,219,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 483,032 shares of company stock valued at $23,897,448. Insiders own 0.60% of the company's stock.

Symbotic Price Performance

SYM stock opened at $52.14 on Monday. Symbotic Inc. has a 1-year low of $16.32 and a 1-year high of $64.16. The business has a fifty day moving average price of $51.04 and a 200-day moving average price of $36.58. The stock has a market capitalization of $30.79 billion, a P/E ratio of -744.75 and a beta of 2.05.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $592.12 million during the quarter, compared to analysts' expectations of $533.55 million. During the same quarter in the prior year, the firm earned ($0.02) EPS. The firm's revenue for the quarter was up 25.9% compared to the same quarter last year. As a group, analysts anticipate that Symbotic Inc. will post 0.13 earnings per share for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.