Symbotic Inc. $SYM Shares Sold by EverSource Wealth Advisors LLC

Key Points

• EverSource Wealth Advisors cut its Symbotic stake by 51.4% in the fourth quarter, selling 21,953 shares and ending with 20,767 shares worth about $1.24 million.
• Symbotic’s latest earnings showed mixed results: revenue came in at $676.48 million, above expectations and up 23.1% year over year, but EPS of $0.01 missed the consensus estimate of $0.12.
• Analyst sentiment is mixed, with seven Buy ratings, five Holds, and four Sells; the stock’s consensus price target is $65.62, while shares recently opened at $54.03.

EverSource Wealth Advisors LLC trimmed its stake in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 51.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,767 shares of the company's stock after selling 21,953 shares during the quarter. EverSource Wealth Advisors LLC's holdings in Symbotic were worth $1,236,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of SYM. Vanguard Group Inc. grew its stake in Symbotic by 47.6% during the 4th quarter. Vanguard Group Inc. now owns 6,932,158 shares of the company's stock worth $412,463,000 after purchasing an additional 2,237,137 shares in the last quarter. M&T Bank Corp grew its stake in Symbotic by 1,108.8% during the 4th quarter. M&T Bank Corp now owns 330,882 shares of the company's stock worth $19,687,000 after purchasing an additional 303,510 shares in the last quarter. Franklin Resources Inc. grew its stake in Symbotic by 3,188.8% during the 3rd quarter. Franklin Resources Inc. now owns 274,155 shares of the company's stock worth $14,777,000 after purchasing an additional 265,819 shares in the last quarter. Handelsbanken Fonder AB grew its stake in Symbotic by 626.4% during the 3rd quarter. Handelsbanken Fonder AB now owns 274,178 shares of the company's stock worth $14,778,000 after purchasing an additional 236,435 shares in the last quarter. Finally, Voloridge Investment Management LLC acquired a new position in Symbotic during the 3rd quarter worth $12,377,000.

Wall Street Analyst Weigh In

Several research firms recently commented on SYM. Citigroup reissued an "outperform" rating on shares of Symbotic in a research note on Thursday, February 5th. Northland Securities set a $73.00 target price on Symbotic in a research note on Thursday, February 5th. Wall Street Zen downgraded Symbotic from a "buy" rating to a "hold" rating in a report on Saturday, February 28th. DA Davidson reaffirmed a "buy" rating and set a $70.00 price target on shares of Symbotic in a report on Monday, May 11th. Finally, Needham & Company LLC lifted their price target on Symbotic from $70.00 to $75.00 and gave the stock a "buy" rating in a report on Thursday, February 5th. Seven equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, Symbotic presently has an average rating of "Hold" and a consensus price target of $65.62.

Symbotic Price Performance

Shares of NASDAQ SYM opened at $54.03 on Monday. The company has a market capitalization of $32.56 billion, a price-to-earnings ratio of -1,080.38, a price-to-earnings-growth ratio of 7.97 and a beta of 2.03. The business has a 50-day moving average of $54.22 and a two-hundred day moving average of $58.91. Symbotic Inc. has a 1 year low of $27.26 and a 1 year high of $87.88.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly 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 business had revenue of $676.48 million for the quarter, compared to analysts' expectations of $662.66 million. Symbotic had a negative return on equity of 0.68% and a negative net margin of 0.20%.The firm's quarterly revenue was up 23.1% on a year-over-year basis. During the same period last year, the firm earned ($0.04) earnings per share. As a group, equities research analysts expect that Symbotic Inc. will post 0.23 earnings per share for the current year.

Insider Activity at Symbotic

In related news, insider Maria G. Freve sold 2,265 shares of the company's stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $57.72, for a total value of $130,735.80. Following the completion of the sale, the insider directly owned 739 shares of the company's stock, valued at $42,655.08. This represents a 75.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Charles Kane sold 2,000 shares of the company's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $58.26, for a total value of $116,520.00. Following the completion of the sale, the director directly owned 89,852 shares of the company's stock, valued at approximately $5,234,777.52. 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. Insiders sold 123,003 shares of company stock worth $6,996,241 over the last three months. Company insiders own 8.16% of the company's stock.

Symbotic 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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