Zevenbergen Capital Investments LLC Sells 421,122 Shares of Symbotic Inc. $SYM

Key Points

• Zevenbergen Capital Investments LLC reduced its stake in Symbotic Inc. by 74.8% during the second quarter, now holding 141,746 shares valued at approximately $5.5 million.
• Several hedge funds, including Swiss National Bank and Mitsubishi UFJ Asset Management, have increased their positions in Symbotic, signaling continued interest in the stock despite recent insider selling.
• Recent analyst ratings have generally downgraded Symbotic, with Baird R W and Arete Research shifting their ratings from 'strong-buy' to 'hold', amid mixed financial performance reports.

Zevenbergen Capital Investments LLC trimmed its position in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 74.8% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 141,746 shares of the company's stock after selling 421,122 shares during the quarter. Zevenbergen Capital Investments LLC's holdings in Symbotic were worth $5,507,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Symbotic by 16.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company's stock valued at $27,155,000 after purchasing an additional 187,538 shares during the last quarter. Raymond James Financial Inc. boosted its holdings in shares of Symbotic by 12.1% during the 1st quarter. Raymond James Financial Inc. now owns 980,922 shares of the company's stock valued at $19,824,000 after acquiring an additional 105,616 shares during the last quarter. Exchange Traded Concepts LLC boosted its holdings in shares of Symbotic by 18.0% during the 1st quarter. Exchange Traded Concepts LLC now owns 680,734 shares of the company's stock valued at $13,758,000 after acquiring an additional 104,068 shares during the last quarter. TCW Group Inc. boosted its holdings in shares of Symbotic by 1.8% during the 1st quarter. TCW Group Inc. now owns 593,442 shares of the company's stock valued at $11,993,000 after acquiring an additional 10,487 shares during the last quarter. Finally, S Squared Technology LLC boosted its holdings in shares of Symbotic by 6.7% during the 1st quarter. S Squared Technology LLC now owns 480,000 shares of the company's stock valued at $9,701,000 after acquiring an additional 30,000 shares during the last quarter.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SYM. Citigroup reaffirmed a "buy" rating on shares of Symbotic in a report on Monday, July 14th. Zacks Research cut shares of Symbotic from a "hold" rating to a "strong sell" rating in a research note on Friday, August 15th. Oppenheimer increased their price objective on shares of Symbotic from $54.00 to $59.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Arete cut shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price objective on the stock. in a research note on Friday, July 25th. Finally, Deutsche Bank Aktiengesellschaft cut shares of 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. Six investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Symbotic has a consensus rating of "Hold" and an average target price of $43.44.

Symbotic Trading Down 2.4%

NASDAQ SYM traded down $1.16 on Friday, reaching $47.75. 1,437,690 shares of the stock were exchanged, compared to its average volume of 1,497,632. Symbotic Inc. has a one year low of $16.32 and a one year high of $64.16. The firm has a market capitalization of $28.20 billion, a PE ratio of -682.05 and a beta of 2.05. The company's 50-day simple moving average is $50.25 and its two-hundred day simple moving average is $34.38.

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

Insider Activity

In other news, insider Maria G. Freve sold 2,000 shares of Symbotic stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $51.93, for a total transaction of $103,860.00. Following the sale, the insider owned 1,312 shares in the company, valued at $68,132.16. This trade represents a 60.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of Symbotic stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $46.45, for a total transaction of $10,219,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 484,632 shares of company stock valued at $23,901,751. Company insiders own 0.60% of the company's stock.

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.