Vanguard Group Inc. Reduces Stock Holdings in Symbotic Inc. $SYM

Vanguard Group Inc. decreased its stake in Symbotic Inc. (NASDAQ:SYM - Free Report) by 8.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,573,396 shares of the company's stock after selling 396,896 shares during the quarter. Vanguard Group Inc. owned about 0.78% of Symbotic worth $92,428,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of SYM. Walmart Inc. purchased a new position in shares of Symbotic in the 4th quarter worth approximately $355,650,000. JPMorgan Chase & Co. boosted its holdings in shares of Symbotic by 100.6% in the 4th quarter. JPMorgan Chase & Co. now owns 17,349 shares of the company's stock worth $411,000 after purchasing an additional 3,110,075 shares during the period. ARK Investment Management LLC boosted its holdings in shares of Symbotic by 106.9% in the 1st quarter. ARK Investment Management LLC now owns 393,293 shares of the company's stock worth $7,948,000 after purchasing an additional 203,226 shares during the period. Divisadero Street Capital Management LP purchased a new position in shares of Symbotic in the 4th quarter worth approximately $4,441,000. Finally, Janus Henderson Group PLC boosted its holdings in shares of Symbotic by 931.7% in the 4th quarter. Janus Henderson Group PLC now owns 179,516 shares of the company's stock worth $4,256,000 after purchasing an additional 162,116 shares during the period.

Symbotic Stock Up 5.3%

SYM opened at $46.23 on Friday. The business has a fifty day moving average of $47.20 and a 200 day moving average of $32.11. Symbotic Inc. has a 52-week low of $16.32 and a 52-week high of $64.16. The stock has a market cap of $27.30 billion, a P/E ratio of -660.33 and a beta of 2.06.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.08). Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. The business had revenue of $592.12 million for the quarter, compared to analysts' expectations of $533.55 million. During the same quarter in the previous year, the firm earned ($0.02) EPS. Symbotic's revenue was up 25.9% compared to the same quarter last year. Equities analysts anticipate that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Analyst Ratings Changes

SYM has been the subject of a number of recent research reports. Northland Securities lifted their target price on Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Citigroup reiterated a "buy" rating on shares of Symbotic in a report on Monday, July 14th. Oppenheimer boosted their price objective on Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Robert W. Baird cut Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 price objective for the company. in a report on Thursday, August 7th. Finally, Deutsche Bank Aktiengesellschaft cut Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price objective for the company. in a report on Friday, July 18th. Seven analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $42.69.

Insiders Place Their Bets

In other Symbotic news, major shareholder David A. Ladensohn sold 15,000 shares of the company's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $54.35, for a total value of $815,250.00. Following the completion of the sale, the insider directly owned 10,000 shares in the company, valued at approximately $543,500. This represents a 60.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles Kane sold 25,000 shares of the company's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $47.62, for a total value of $1,190,500.00. Following the completion of the sale, the director owned 79,507 shares of the company's stock, valued at $3,786,123.34. This represents a 23.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 270,241 shares of company stock worth $13,789,392. 0.60% of the stock is owned by company insiders.

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.

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