Ameriprise Financial Inc. Trims Stock Position in Symbotic Inc. (NASDAQ:SYM)

Ameriprise Financial Inc. lowered its position in shares of Symbotic Inc. (NASDAQ:SYM) by 58.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,930 shares of the company’s stock after selling 57,932 shares during the period. Ameriprise Financial Inc.’s holdings in Symbotic were worth $994,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. IFP Advisors Inc grew its holdings in shares of Symbotic by 58.2% during the fourth quarter. IFP Advisors Inc now owns 1,368 shares of the company’s stock worth $32,000 after purchasing an additional 503 shares in the last quarter. Private Trust Co. NA purchased a new position in Symbotic in the 4th quarter worth approximately $47,000. Pilgrim Partners Asia Pte Ltd purchased a new position in Symbotic in the 4th quarter worth approximately $47,000. Jones Financial Companies Lllp grew its stake in Symbotic by 154.1% in the 4th 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 in the last quarter. Finally, Tower Research Capital LLC TRC grew its position in Symbotic by 40.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,566 shares of the company’s stock worth $85,000 after acquiring an additional 1,018 shares in the last quarter.

Symbotic Stock Down 1.3%

Shares of SYM opened at $28.56 on Monday. The firm has a fifty day simple moving average of $23.18 and a two-hundred day simple moving average of $25.45. The stock has a market capitalization of $16.84 billion, a P/E ratio of -407.94, a PEG ratio of 6.48 and a beta of 1.85. Symbotic Inc. has a twelve month low of $16.32 and a twelve month high of $41.76.

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

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on SYM shares. Raymond James lowered shares of Symbotic from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 6th. BWS Financial reiterated a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a report on Wednesday, April 2nd. Needham & Company LLC cut their price objective on Symbotic from $35.00 to $32.00 and set a “buy” rating for the company in a report on Thursday, February 6th. Citigroup cut their target price on Symbotic from $37.00 to $29.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Finally, The Goldman Sachs Group cut their target price on Symbotic from $25.00 to $18.00 and set a “neutral” rating for the company in a research note on Thursday, April 10th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Symbotic presently has an average rating of “Hold” and an average price target of $37.20.

Insider Buying and Selling

In other news, Director Todd Krasnow sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $30.63, for a total value of $122,520.00. Following the completion of the transaction, the director now owns 189,036 shares in the company, valued at $5,790,172.68. This trade represents a 2.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Carol J. Hibbard sold 4,628 shares of the firm’s stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $22.62, for a total value of $104,685.36. Following the transaction, the chief financial officer now directly owns 54,011 shares of the company’s stock, valued at $1,221,728.82. This represents a 7.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,056 shares of company stock valued at $1,028,601 over the last quarter. 0.60% of the stock is owned by company insiders.

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.