Seven Grand Managers LLC Takes Position in Symbotic Inc. $SYM

Seven Grand Managers LLC purchased a new stake in Symbotic Inc. (NASDAQ:SYM) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 75,000 shares of the company’s stock, valued at approximately $4,462,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Symbotic by 47.6% in the 4th quarter. Vanguard Group Inc. now owns 6,932,158 shares of the company’s stock valued at $412,463,000 after acquiring an additional 2,237,137 shares during the period. UBS Group AG increased its position in Symbotic by 22.3% in the 3rd quarter. UBS Group AG now owns 1,105,770 shares of the company’s stock valued at $59,601,000 after acquiring an additional 201,547 shares during the period. Geode Capital Management LLC increased its position in Symbotic by 16.8% in the 4th quarter. Geode Capital Management LLC now owns 727,309 shares of the company’s stock valued at $43,289,000 after acquiring an additional 104,789 shares during the period. Allspring Global Investments Holdings LLC increased its position in Symbotic by 23.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 726,411 shares of the company’s stock valued at $47,122,000 after acquiring an additional 136,111 shares during the period. Finally, ARK Investment Management LLC increased its position in Symbotic by 32.4% in the 3rd quarter. ARK Investment Management LLC now owns 589,887 shares of the company’s stock valued at $31,795,000 after acquiring an additional 144,389 shares during the period.

Analysts Set New Price Targets

SYM has been the topic of several recent research reports. Wall Street Zen cut Symbotic from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Needham & Company LLC boosted their price target on Symbotic from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Barclays boosted their price target on Symbotic from $42.00 to $44.00 and gave the company an “underweight” rating in a research report on Monday, March 16th. Citigroup restated an “outperform” rating on shares of Symbotic in a research report on Thursday, February 5th. Finally, Zacks Research upgraded Symbotic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 18th. Seven equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, Symbotic presently has an average rating of “Hold” and a consensus price target of $65.23.

Symbotic Trading Up 1.4%

NASDAQ SYM opened at $53.63 on Thursday. The business’s 50 day moving average is $54.41 and its two-hundred day moving average is $58.47. Symbotic Inc. has a 12-month low of $27.26 and a 12-month high of $87.88. The stock has a market capitalization of $32.32 billion, a price-to-earnings ratio of -1,072.39, a PEG ratio of 7.80 and a beta of 2.03.

Symbotic (NASDAQ:SYM) last released its earnings results on Wednesday, May 6th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.11). Symbotic had a negative return on equity of 0.68% and a negative net margin of 0.20%.The business had revenue of $676.48 million for the quarter, compared to analyst estimates of $662.66 million. During the same quarter in the previous year, the firm posted ($0.04) EPS. The business’s revenue for the quarter was up 23.1% on a year-over-year basis. Equities analysts forecast that Symbotic Inc. will post 0.23 earnings per share for the current fiscal year.

Insider Activity at Symbotic

In other Symbotic news, CTO James Kuffner sold 19,729 shares of the business’s stock in a transaction that occurred on Friday, April 24th. The stock was sold at an average price of $59.82, for a total transaction of $1,180,188.78. Following the transaction, the chief technology officer owned 179,255 shares in the company, valued at approximately $10,723,034.10. The trade was a 9.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Todd Krasnow sold 25,422 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $52.45, for a total value of $1,333,383.90. Following the transaction, the director owned 182,036 shares in the company, valued at $9,547,788.20. The trade was a 12.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 149,845 shares of company stock worth $8,414,964 in the last three months. 8.16% of the stock is currently owned by corporate insiders.

About Symbotic

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.