Frontier Capital Management Co. LLC Lowers Stake in Symbotic Inc. (NASDAQ:SYM)

Frontier Capital Management Co. LLC decreased its stake in Symbotic Inc. (NASDAQ:SYM - Free Report) by 47.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 620,966 shares of the company's stock after selling 566,634 shares during the period. Frontier Capital Management Co. LLC owned 0.11% of Symbotic worth $14,723,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Alberta Investment Management Corp acquired a new position in shares of Symbotic in the 4th quarter valued at $586,000. Vanguard Group Inc. boosted its holdings in shares of Symbotic by 41.3% in the 4th quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company's stock valued at $117,846,000 after buying an additional 1,452,627 shares in the last quarter. Hodges Capital Management Inc. raised its position in Symbotic by 7.9% in the 4th quarter. Hodges Capital Management Inc. now owns 273,841 shares of the company's stock valued at $6,492,000 after purchasing an additional 20,111 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Symbotic in the 4th quarter valued at $20,754,000. Finally, Robocap Asset Management Ltd purchased a new stake in Symbotic in the 4th quarter valued at $1,368,000.

Symbotic Stock Up 3.4%

Shares of NASDAQ SYM traded up $0.81 during midday trading on Friday, hitting $24.75. The company had a trading volume of 1,218,214 shares, compared to its average volume of 1,917,699. Symbotic Inc. has a twelve month low of $16.32 and a twelve month high of $47.42. The business has a 50-day simple moving average of $21.30 and a two-hundred day simple moving average of $25.69. The firm has a market capitalization of $14.56 billion, a price-to-earnings ratio of -353.52, a price-to-earnings-growth ratio of 6.48 and a beta of 1.85.

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 the consensus estimate of $0.05 by ($0.09). Symbotic had a negative net margin of 0.38% and a positive return on equity of 5.11%. The company had revenue of $549.65 million during the quarter, compared to analyst estimates of $522.36 million. During the same quarter last year, the business earned ($0.07) EPS. The firm's revenue for the quarter was up 39.7% on a year-over-year basis. On average, equities analysts forecast that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Activity at Symbotic

In other Symbotic news, insider Maria G. Freve sold 1,929 shares of the firm's stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $21.69, for a total transaction of $41,840.01. Following the completion of the transaction, the insider now directly owns 2,646 shares in the company, valued at approximately $57,391.74. This trade represents a 42.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Todd Krasnow sold 10,447 shares of the firm's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $27.05, for a total transaction of $282,591.35. Following the transaction, the director now owns 194,036 shares of the company's stock, valued at $5,248,673.80. This trade represents a 5.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 71,294 shares of company stock worth $1,752,581 over the last 90 days. Company insiders own 0.60% of the company's stock.

Analyst Ratings Changes

SYM has been the subject of several research reports. The Goldman Sachs Group reduced their price target on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Needham & Company LLC reduced their price target on shares of Symbotic from $35.00 to $32.00 and set a "buy" rating for the company in a research report on Thursday, February 6th. Raymond James downgraded shares of Symbotic from an "outperform" rating to a "market perform" rating in a research report on Thursday, February 6th. BWS Financial reiterated a "sell" rating and issued a $10.00 price target on shares of Symbotic in a research report on Wednesday, April 2nd. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $60.00 price target on shares of Symbotic in a research report on Thursday, February 6th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $37.20.

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.