Symbotic Inc. (NASDAQ:SYM) Stake Trimmed by Comerica Bank

Comerica Bank lowered its stake in Symbotic Inc. (NASDAQ:SYM) by 71.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,938 shares of the company’s stock after selling 25,424 shares during the quarter. Comerica Bank’s holdings in Symbotic were worth $236,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of SYM. IFP Advisors Inc grew its stake in shares of Symbotic by 58.2% in the 4th quarter. IFP Advisors Inc now owns 1,368 shares of the company’s stock valued at $32,000 after buying an additional 503 shares in the last quarter. Private Trust Co. NA acquired a new position in shares of Symbotic during the fourth quarter worth approximately $47,000. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Symbotic during the fourth quarter worth approximately $47,000. Jones Financial Companies Lllp lifted its holdings in shares of Symbotic by 154.1% during the fourth quarter. Jones Financial Companies Lllp now owns 2,457 shares of the company’s stock worth $58,000 after buying an additional 1,490 shares during the last quarter. Finally, MCF Advisors LLC acquired a new position in shares of Symbotic in the fourth quarter valued at $85,000.

Insider Buying and Selling at Symbotic

In related news, insider William M. Boyd III sold 2,660 shares of Symbotic stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $27.60, for a total transaction of $73,416.00. Following the completion of the sale, the insider now directly owns 40,812 shares of the company’s stock, valued at approximately $1,126,411.20. This trade represents a 6.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Todd Krasnow sold 4,060 shares of the firm’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $26.40, for a total value of $107,184.00. The disclosure for this sale can be found here. Insiders sold a total of 70,847 shares of company stock worth $1,733,870 over the last ninety days. 0.60% of the stock is currently owned by corporate insiders.

Symbotic Trading Up 2.7%

NASDAQ:SYM opened at $27.67 on Friday. Symbotic Inc. has a 1-year low of $16.32 and a 1-year high of $44.08. The business’s 50-day moving average price is $21.80 and its two-hundred day moving average price is $25.65. The firm has a market capitalization of $16.28 billion, a price-to-earnings ratio of -395.23, a PEG ratio of 6.48 and a beta of 1.85.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.09). The business had revenue of $549.65 million during the quarter, compared to the consensus estimate of $522.36 million. Symbotic had a positive return on equity of 5.11% and a negative net margin of 0.38%. The firm’s revenue was up 39.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.07) earnings per share. Sell-side analysts predict that Symbotic Inc. will post 0.13 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on SYM shares. Cantor Fitzgerald restated an “overweight” rating and issued a $60.00 target price on shares of Symbotic in a research note on Thursday, February 6th. The Goldman Sachs Group cut their price objective on Symbotic from $25.00 to $18.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. UBS Group reduced their price objective on Symbotic from $32.00 to $30.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. Citigroup reduced their price objective on Symbotic from $37.00 to $29.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, BWS Financial reaffirmed a “sell” rating and set a $10.00 price target on shares of Symbotic in a research note on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $37.20.

About Symbotic

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.