Symbotic Inc. $SYM Stake Lifted by International Assets Investment Management LLC

Key Points

• International Assets Investment Management increased its Symbotic stake by 554.2% in the third quarter, adding 33,886 shares to reach 40,000 shares valued at about $1.68 million.
• Symbotic’s latest quarterly revenue rose 21.7% year over year to $720.84 million, topping estimates, while earnings per share of $0.09 fell short of the $0.13 consensus.
• Analyst sentiment is mixed: MarketBeat reports a consensus “Hold” rating and a $65.83 target price, based on seven Buy, five Hold, and two Sell ratings.

International Assets Investment Management LLC grew its position in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 554.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,000 shares of the company's stock after purchasing an additional 33,886 shares during the quarter. International Assets Investment Management LLC's holdings in Symbotic were worth $1,683,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in SYM. GK Wealth Management LLC purchased a new stake in shares of Symbotic during the 3rd quarter worth about $26,000. Toth Financial Advisory Corp grew its position in shares of Symbotic by 88.7% during the 3rd quarter. Toth Financial Advisory Corp now owns 632 shares of the company's stock valued at $27,000 after acquiring an additional 297 shares during the period. IAG Wealth Partners LLC increased its stake in shares of Symbotic by 29.4% in the 1st quarter. IAG Wealth Partners LLC now owns 1,752 shares of the company's stock valued at $93,000 after purchasing an additional 398 shares in the last quarter. Nykredit A S purchased a new position in shares of Symbotic in the 2nd quarter valued at about $89,000. Finally, Western Wealth Management LLC purchased a new position in Symbotic during the first quarter worth approximately $113,000.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on SYM shares. Robert W. Baird set a $51.00 price objective on shares of Symbotic in a report on Thursday, August 6th. Zacks Research upgraded Symbotic from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 5th. TD Cowen lowered their target price on shares of Symbotic from $75.00 to $70.00 and set a "buy" rating on the stock in a research note on Thursday, October 22nd. Barclays dropped their price target on Symbotic from $44.00 to $38.00 and set an "underweight" rating for the company in a research report on Tuesday, September 8th. Finally, Needham & Company LLC dropped their price objective on shares of Symbotic from C$75.00 to C$60.00 and set a "buy" rating for the company in a report on Tuesday, September 15th. Seven analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $65.83.

Insider Buying and Selling at Symbotic

In other Symbotic news, CTO James Kuffner sold 19,201 shares of Symbotic stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $38.24, for a total value of $734,246.24. Following the completion of the transaction, the chief technology officer directly owned 248,580 shares of the company's stock, valued at $9,505,699.20. The trade was a 7.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Izilda P. Martins sold 7,224 shares of the business's stock in a transaction dated Wednesday, October 28th. The stock was sold at an average price of $38.93, for a total transaction of $281,230.32. Following the sale, the chief financial officer owned 42,732 shares in the company, valued at $1,663,556.76. This trade represents a 14.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 59,371 shares of company stock valued at $2,321,276. Corporate insiders own 8.16% of the company's stock.

Symbotic Price Performance

NASDAQ SYM opened at $37.52 on Wednesday. The firm's 50-day moving average is $41.18 and its two-hundred day moving average is $47.88. Symbotic Inc. has a 12 month low of $36.02 and a 12 month high of $87.88. The stock has a market capitalization of $22.69 billion, a P/E ratio of 413.67, a PEG ratio of 3.52 and a beta of 2.06.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.09 earnings per share for the quarter, missing analysts' consensus estimates of $0.13 by ($0.04). The company had revenue of $720.84 million for the quarter, compared to analyst estimates of $715.03 million. Symbotic had a net margin of 0.48% and a return on equity of 1.40%. Symbotic's revenue was up 21.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.05) earnings per share. As a group, analysts anticipate that Symbotic Inc. will post 0.21 EPS for the current year.

Symbotic Profile

Symbotic Inc is an automation technology company that develops artificial intelligence-enabled robotics and software for supply chain and warehouse operations. Its systems are designed to automate the movement, storage, retrieval and replenishment of pallets and cases within large distribution centers, helping customers manage inventory and fulfill orders more efficiently.

The company's platform combines mobile robots, automated storage and retrieval systems, robotic palletizing and depalletizing equipment, and warehouse-control software.

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