Envestnet Asset Management Inc. Increases Stake in Symbotic Inc. (NASDAQ:SYM)

Envestnet Asset Management Inc. increased its holdings in Symbotic Inc. (NASDAQ:SYM) by 19.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 22,118 shares of the company’s stock after acquiring an additional 3,576 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Symbotic were worth $447,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its position in shares of Symbotic by 1,812.2% during the first quarter. GAMMA Investing LLC now owns 1,415 shares of the company’s stock valued at $29,000 after buying an additional 1,341 shares during the last quarter. Ulland Investment Advisors LLC bought a new position in shares of Symbotic during the 1st quarter worth approximately $31,000. Tower Research Capital LLC TRC lifted its position in Symbotic by 40.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,566 shares of the company’s stock valued at $85,000 after acquiring an additional 1,018 shares during the last quarter. CoreCap Advisors LLC lifted its position in Symbotic by 364.6% during the fourth quarter. CoreCap Advisors LLC now owns 5,529 shares of the company’s stock valued at $131,000 after acquiring an additional 4,339 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in Symbotic in the fourth quarter valued at approximately $194,000.

Symbotic Price Performance

SYM stock opened at $62.90 on Thursday. The company has a market capitalization of $37.09 billion, a P/E ratio of -1,572.50, a price-to-earnings-growth ratio of 65.84 and a beta of 2.06. Symbotic Inc. has a 12 month low of $16.32 and a 12 month high of $64.16. The firm’s fifty day simple moving average is $41.42 and its 200-day simple moving average is $30.25.

Symbotic (NASDAQ:SYM) last posted its earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.08). Symbotic had a negative net margin of 0.23% and a negative return on equity of 1.26%. The business had revenue of $592.12 million for the quarter, compared to analyst estimates of $533.55 million. During the same quarter in the prior year, the firm earned ($0.02) earnings per share. The company’s revenue for the quarter was up 25.9% on a year-over-year basis. As a group, sell-side analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Daniela L. Rus sold 2,706 shares of the company’s stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $49.00, for a total value of $132,594.00. Following the sale, the director owned 23,729 shares in the company, valued at $1,162,721. This represents a 10.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Todd Krasnow sold 5,940 shares of Symbotic stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $26.38, for a total value of $156,697.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 81,536 shares of company stock worth $3,590,569. Corporate insiders own 0.60% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on SYM shares. The Goldman Sachs Group reduced their price target on Symbotic from $25.00 to $18.00 and set a “neutral” rating on the stock in a research report on Thursday, April 10th. Arete lowered Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 target price on the stock. in a research report on Friday, July 25th. Oppenheimer reiterated an “outperform” rating and issued a $54.00 price target (up from $35.00) on shares of Symbotic in a research note on Wednesday, July 16th. Citigroup restated a “buy” rating on shares of Symbotic in a research note on Monday, July 14th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Symbotic from a “buy” rating to a “hold” rating and set a $51.00 price objective for the company. in a research report on Friday, July 18th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $39.87.

Symbotic Company 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.