Raymond James Financial Inc. Buys 105,616 Shares of Symbotic Inc. $SYM

Raymond James Financial Inc. increased its holdings in shares of Symbotic Inc. (NASDAQ:SYM) by 12.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 980,922 shares of the company’s stock after purchasing an additional 105,616 shares during the period. Raymond James Financial Inc. owned approximately 0.17% of Symbotic worth $19,824,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Walmart Inc. acquired a new position in shares of Symbotic during the 4th quarter worth about $355,650,000. Exchange Traded Concepts LLC lifted its position in shares of Symbotic by 18.0% during the 1st quarter. Exchange Traded Concepts LLC now owns 680,734 shares of the company’s stock worth $13,758,000 after purchasing an additional 104,068 shares during the last quarter. TCW Group Inc. lifted its position in shares of Symbotic by 1.8% during the 1st quarter. TCW Group Inc. now owns 593,442 shares of the company’s stock worth $11,993,000 after purchasing an additional 10,487 shares during the last quarter. ARK Investment Management LLC raised its holdings in Symbotic by 106.9% in the 1st quarter. ARK Investment Management LLC now owns 393,293 shares of the company’s stock valued at $7,948,000 after acquiring an additional 203,226 shares in the last quarter. Finally, Two Sigma Investments LP raised its holdings in shares of Symbotic by 26.2% in the 4th quarter. Two Sigma Investments LP now owns 321,622 shares of the company’s stock worth $7,626,000 after buying an additional 66,755 shares in the last quarter.

Symbotic Price Performance

SYM opened at $47.99 on Wednesday. The business’s 50-day moving average price is $47.81 and its two-hundred day moving average price is $32.41. Symbotic Inc. has a 1 year low of $16.32 and a 1 year high of $64.16. The company has a market capitalization of $28.34 billion, a price-to-earnings ratio of -685.47 and a beta of 2.06.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.08). The company had revenue of $592.12 million during the quarter, compared to the consensus estimate of $533.55 million. Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. Symbotic’s revenue was up 25.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.02) EPS. Sell-side analysts anticipate that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SYM. Arete lowered Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a research report on Friday, July 25th. Citigroup reiterated a “buy” rating on shares of Symbotic in a research report on Monday, July 14th. Deutsche Bank Aktiengesellschaft lowered Symbotic from a “buy” rating to a “hold” rating and set a $51.00 price objective on the stock. in a research report on Friday, July 18th. DA Davidson reiterated a “neutral” rating and issued a $47.00 price objective (up from $35.00) on shares of Symbotic in a research report on Monday. Finally, Needham & Company LLC increased their price objective on Symbotic from $32.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Six equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $43.44.

Insiders Place Their Bets

In related news, Director Todd Krasnow sold 30,000 shares of Symbotic stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $51.54, for a total value of $1,546,200.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Charles Kane sold 25,000 shares of Symbotic stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $47.62, for a total value of $1,190,500.00. Following the completion of the sale, the director directly owned 79,507 shares in the company, valued at approximately $3,786,123.34. This represents a 23.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 484,632 shares of company stock valued at $23,837,791 in the last quarter. 0.60% of the stock is currently owned by corporate 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.