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

Commonwealth Equity Services LLC grew its position in Symbotic Inc. (NASDAQ:SYM) by 51.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 30,996 shares of the company’s stock after purchasing an additional 10,477 shares during the period. Commonwealth Equity Services LLC’s holdings in Symbotic were worth $1,090,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SYM. PNC Financial Services Group Inc. lifted its holdings in shares of Symbotic by 7.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 11,632 shares of the company’s stock valued at $597,000 after purchasing an additional 800 shares in the last quarter. Wells Fargo & Company MN lifted its stake in Symbotic by 170.4% in the fourth quarter. Wells Fargo & Company MN now owns 171,585 shares of the company’s stock valued at $8,807,000 after buying an additional 108,126 shares in the last quarter. US Bancorp DE boosted its holdings in shares of Symbotic by 434.6% in the fourth quarter. US Bancorp DE now owns 13,344 shares of the company’s stock valued at $685,000 after buying an additional 10,848 shares during the period. Steward Partners Investment Advisory LLC increased its position in shares of Symbotic by 201.8% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 17,274 shares of the company’s stock worth $887,000 after acquiring an additional 11,550 shares in the last quarter. Finally, Pingora Partners LLC acquired a new stake in shares of Symbotic during the fourth quarter worth $51,000.

Insider Buying and Selling at Symbotic

In other Symbotic news, insider Michael David Dunn sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $40.00, for a total transaction of $80,000.00. Following the completion of the transaction, the insider now directly owns 74,808 shares in the company, valued at $2,992,320. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Symbotic news, Director Todd Krasnow sold 17,000 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $21.46, for a total value of $364,820.00. Following the completion of the transaction, the director now directly owns 214,036 shares in the company, valued at $4,593,212.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael David Dunn sold 2,000 shares of Symbotic stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $40.00, for a total transaction of $80,000.00. Following the sale, the insider now owns 74,808 shares in the company, valued at $2,992,320. The disclosure for this sale can be found here. Insiders have sold a total of 38,909 shares of company stock valued at $1,148,358 in the last ninety days. 38.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Robert W. Baird dropped their target price on Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a report on Tuesday, July 30th. Citigroup reduced their target price on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Vertical Research initiated coverage on shares of Symbotic in a research note on Tuesday, July 23rd. They issued a “hold” rating and a $45.00 price target on the stock. Finally, Needham & Company LLC reduced their price objective on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. One investment 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.23.

Symbotic Stock Performance

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

Symbotic (NASDAQ:SYM) last released its quarterly 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). The business had revenue of $491.86 million during the quarter, compared to analyst estimates of $464.56 million. Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The firm’s quarterly revenue was up 57.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.07) earnings per share. On average, equities research analysts predict that Symbotic Inc. will post -0.08 earnings per share for the current fiscal year.

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.