Mirae Asset Global Investments Co. Ltd. Cuts Stock Holdings in Symbotic Inc. (NASDAQ:SYM)

Mirae Asset Global Investments Co. Ltd. lessened its holdings in Symbotic Inc. (NASDAQ:SYM) by 6.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,513 shares of the company’s stock after selling 978 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Symbotic were worth $370,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Symbotic by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 2,081,034 shares of the company’s stock valued at $106,819,000 after purchasing an additional 40,699 shares in the last quarter. RiverPark Advisors LLC acquired a new stake in shares of Symbotic during the 1st quarter valued at approximately $37,000. Essex Investment Management Co. LLC boosted its stake in shares of Symbotic by 11.3% during the 1st quarter. Essex Investment Management Co. LLC now owns 24,516 shares of the company’s stock worth $1,103,000 after acquiring an additional 2,490 shares in the last quarter. Retirement Planning Co of New England Inc. acquired a new stake in shares of Symbotic in the 1st quarter worth approximately $754,000. Finally, Oppenheimer & Co. Inc. purchased a new position in Symbotic in the 1st quarter valued at approximately $366,000.

Insider Buying and Selling

In other Symbotic news, insider William M. Boyd III sold 8,826 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $28.33, for a total transaction of $250,040.58. Following the transaction, the insider now owns 23,012 shares of the company’s stock, valued at $651,929.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Merline Saintil sold 5,250 shares of the firm’s stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $28.70, for a total value of $150,675.00. Following the transaction, the director now owns 74,562 shares in the company, valued at approximately $2,139,929.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider William M. Boyd III sold 8,826 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $28.33, for a total transaction of $250,040.58. Following the sale, the insider now owns 23,012 shares of the company’s stock, valued at approximately $651,929.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,057 shares of company stock valued at $660,860. Insiders own 38.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Robert W. Baird lowered their target price on Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. Northland Securities dropped their target price on shares of Symbotic from $60.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, July 30th. KeyCorp reduced their price target on shares of Symbotic from $55.00 to $40.00 and set an “overweight” rating on the stock in a report on Tuesday, July 30th. TD Cowen dropped their price objective on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Finally, Craig Hallum reduced their target price on Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $43.23.

Symbotic Price Performance

SYM opened at $28.44 on Monday. Symbotic Inc. has a 12 month low of $17.11 and a 12 month high of $59.82. The business has a 50-day moving average of $24.31 and a two-hundred day moving average of $31.73. The stock has a market capitalization of $16.65 billion, a price-to-earnings ratio of -149.68 and a beta of 1.81.

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.