Victory Capital Management Inc. Takes $1.90 Million Position in Symbotic Inc. (NASDAQ:SYM)

Victory Capital Management Inc. purchased a new position in Symbotic Inc. (NASDAQ:SYM - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 94,077 shares of the company's stock, valued at approximately $1,901,000.

A number of other institutional investors and hedge funds have also modified their holdings of SYM. GAMMA Investing LLC grew its position in shares of Symbotic by 1,812.2% in the first quarter. GAMMA Investing LLC now owns 1,415 shares of the company's stock valued at $29,000 after purchasing an additional 1,341 shares during the period. Ulland Investment Advisors LLC purchased a new stake in shares of Symbotic in the first quarter valued at $31,000. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Symbotic in the fourth quarter valued at $47,000. CWM LLC grew its position in shares of Symbotic by 408.2% in the first quarter. CWM LLC now owns 2,602 shares of the company's stock valued at $53,000 after purchasing an additional 2,090 shares during the period. Finally, Tower Research Capital LLC TRC grew its position in shares of Symbotic by 40.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,566 shares of the company's stock valued at $85,000 after purchasing an additional 1,018 shares during the period.

Symbotic Price Performance

Shares of SYM traded down $2.85 during midday trading on Friday, reaching $51.11. The stock had a trading volume of 1,452,352 shares, compared to its average volume of 1,910,560. Symbotic Inc. has a 52 week low of $16.32 and a 52 week high of $55.75. The firm's 50 day moving average price is $39.77 and its 200-day moving average price is $29.64. The company has a market capitalization of $30.13 billion, a P/E ratio of -1,278.63, a P/E/G ratio of 54.95 and a beta of 2.03.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) EPS for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). The company had revenue of $549.65 million for the quarter, compared to analyst estimates of $522.36 million. Symbotic had a negative net margin of 0.23% and a negative return on equity of 1.26%. Symbotic's revenue was up 39.7% on a year-over-year basis. During the same quarter last year, the company posted ($0.07) EPS. On average, equities analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In other Symbotic news, Director Daniela L. Rus sold 1,000 shares of the company's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $48.33, for a total transaction of $48,330.00. Following the completion of the sale, the director directly owned 22,729 shares of the company's stock, valued at approximately $1,098,492.57. This represents a 4.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider William M. Boyd III sold 2,660 shares of the company's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $48.86, for a total transaction of $129,967.60. Following the sale, the insider directly owned 31,884 shares of the company's stock, valued at $1,557,852.24. This represents a 7.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 64,136 shares of company stock valued at $2,534,217. 0.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SYM shares. Arete Research cut Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Oppenheimer restated an "outperform" rating and set a $54.00 price objective (up previously from $35.00) on shares of Symbotic in a research note on Wednesday, July 16th. Deutsche Bank Aktiengesellschaft cut Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price objective on the stock. in a research note on Friday, July 18th. Northland Securities boosted their price objective on Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Finally, The Goldman Sachs Group lowered their target price on Symbotic from $25.00 to $18.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Symbotic currently has a consensus rating of "Hold" and a consensus target price of $39.87.

Symbotic Company 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.