Symbotic Inc. (NASDAQ:SYM) Stock Position Lowered by Zevenbergen Capital Investments LLC

Key Points

• Zevenbergen Capital Investments LLC decreased its stake in Symbotic Inc. by 23.3%, selling 170,568 shares, and now owns 562,868 shares valued at approximately $11.38 million.
• Analysts have issued mixed ratings on Symbotic, with Arete downgrading the stock to "neutral," while Needham & Company and Oppenheimer raised their price targets and maintained "buy" and "outperform" ratings respectively.
• Symbotic reported a revenue increase of 25.9% year-over-year, but missed EPS estimates, posting ($0.05) compared to the expected $0.03, amidst a market cap of $32.79 billion.

Zevenbergen Capital Investments LLC decreased its holdings in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 23.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 562,868 shares of the company's stock after selling 170,568 shares during the period. Zevenbergen Capital Investments LLC owned approximately 0.10% of Symbotic worth $11,376,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Swiss National Bank raised its stake in shares of Symbotic by 0.9% during the first quarter. Swiss National Bank now owns 82,400 shares of the company's stock worth $1,665,000 after acquiring an additional 700 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Symbotic by 4.6% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,208 shares of the company's stock valued at $348,000 after buying an additional 757 shares in the last quarter. Spire Wealth Management raised its position in shares of Symbotic by 8.0% in the 1st quarter. Spire Wealth Management now owns 13,596 shares of the company's stock worth $275,000 after purchasing an additional 1,012 shares during the last quarter. Tower Research Capital LLC TRC raised its position in shares of Symbotic by 40.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,566 shares of the company's stock worth $85,000 after purchasing an additional 1,018 shares during the last quarter. Finally, Bourne Lent Asset Management Inc. raised its position in Symbotic by 1.3% in the 1st quarter. Bourne Lent Asset Management Inc. now owns 88,360 shares of the company's stock worth $1,786,000 after buying an additional 1,150 shares during the last quarter.

Symbotic Trading Down 7.9%

SYM stock traded down $4.37 on Monday, reaching $51.24. 3,015,477 shares of the company's stock were exchanged, compared to its average volume of 2,910,181. Symbotic Inc. has a twelve month low of $16.32 and a twelve month high of $64.16. The stock has a fifty day moving average of $43.57 and a 200-day moving average of $30.90.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings results 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). The business had revenue of $592.12 million during the quarter, compared to analyst estimates of $533.55 million. Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%. The firm's quarterly revenue was up 25.9% on a year-over-year basis. During the same period in the previous year, the business posted ($0.02) earnings per share. As a group, sell-side analysts forecast that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on SYM. Robert W. Baird downgraded Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 price objective for the company. in a research note on Thursday. Citigroup restated a "buy" rating on shares of Symbotic in a research note on Monday, July 14th. Northland Securities raised their price target on Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Arete downgraded Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price target for the company. in a report on Friday, July 25th. Finally, Oppenheimer boosted their price target on Symbotic from $54.00 to $59.00 and gave the stock an "outperform" rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Symbotic presently has a consensus rating of "Hold" and a consensus target price of $42.69.

Insider Buying and Selling at Symbotic

In other news, Director Todd Krasnow sold 4,000 shares of Symbotic stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $55.15, for a total value of $220,600.00. Following the completion of the transaction, the director owned 189,036 shares in the company, valued at approximately $10,425,335.40. This trade represents a 2.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider William M. Boyd III sold 25,000 shares of Symbotic stock in a transaction that occurred 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 of the company's stock, valued at approximately $1,881,156. The trade was a 43.95% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 118,241 shares of company stock worth $5,756,164. Insiders own 0.60% of the company's stock.

About Symbotic

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.