Commonwealth Equity Services LLC Buys 10,477 Shares of Symbotic Inc. (NASDAQ:SYM)

Commonwealth Equity Services LLC lifted its position in Symbotic Inc. (NASDAQ:SYM) by 51.1% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 30,996 shares of the company’s stock after acquiring an additional 10,477 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Symbotic were worth $1,090,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Baillie Gifford & Co. purchased a new position in Symbotic in the 1st quarter valued at approximately $426,752,000. 1832 Asset Management L.P. grew its position in Symbotic by 189.5% during the fourth quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock worth $54,174,000 after buying an additional 690,900 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Symbotic by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after buying an additional 345,386 shares during the last quarter. Zevenbergen Capital Investments LLC increased its stake in Symbotic by 1,826.2% in the first quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock valued at $16,253,000 after acquiring an additional 342,417 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp purchased a new stake in Symbotic during the first quarter valued at about $12,219,000.

Insider Transactions at Symbotic

In other Symbotic news, insider Michael David Dunn sold 5,188 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $35.49, for a total transaction of $184,122.12. Following the completion of the sale, the insider now owns 76,808 shares of the company’s stock, valued at $2,725,915.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total transaction of $70,980.00. Following the transaction, the director now owns 2,000 shares in the company, valued at approximately $70,980. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Michael David Dunn sold 5,188 shares of the stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $35.49, for a total value of $184,122.12. Following the sale, the insider now owns 76,808 shares of the company’s stock, valued at approximately $2,725,915.92. The disclosure for this sale can be found here. Insiders have sold 38,909 shares of company stock worth $1,148,358 in the last 90 days. 38.30% of the stock is currently owned by insiders.

Symbotic Price Performance

SYM stock opened at $22.41 on Tuesday. Symbotic Inc. has a 1-year low of $17.11 and a 1-year high of $59.82. The stock has a market capitalization of $13.10 billion, a P/E ratio of -93.38 and a beta of 1.81. The business has a fifty day moving average price of $26.63 and a 200-day moving average price of $36.01.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, July 29th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The company had revenue of $491.86 million for the quarter, compared to analysts’ expectations of $464.56 million. During the same quarter in the prior year, the firm posted ($0.07) earnings per share. Symbotic’s quarterly revenue was up 57.7% on a year-over-year basis. As a group, analysts anticipate that Symbotic Inc. will post -0.08 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Northland Securities decreased their price target on shares of Symbotic from $60.00 to $50.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft boosted their target price on Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. KeyCorp dropped their price target on Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company in a research note on Tuesday, July 30th. Craig Hallum cut their target price on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Finally, Needham & Company LLC lowered their price objective on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $43.23.

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.