Raymond James Trust N.A. Buys 3,700 Shares of Symbotic Inc. (NASDAQ:SYM)

Raymond James Trust N.A. boosted its holdings in shares of Symbotic Inc. (NASDAQ:SYM) by 10.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,922 shares of the company’s stock after acquiring an additional 3,700 shares during the period. Raymond James Trust N.A.’s holdings in Symbotic were worth $1,333,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Van ECK Associates Corp bought a new position in Symbotic during the 4th quarter worth about $26,000. RiverPark Advisors LLC purchased a new stake in shares of Symbotic during the first quarter valued at about $37,000. Global Retirement Partners LLC lifted its position in shares of Symbotic by 166.7% during the first quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock valued at $48,000 after buying an additional 660 shares during the last quarter. Pingora Partners LLC purchased a new stake in shares of Symbotic during the fourth quarter valued at about $51,000. Finally, RFP Financial Group LLC lifted its position in shares of Symbotic by 22.4% during the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after buying an additional 310 shares during the last quarter.

Symbotic Stock Performance

Symbotic stock traded up $1.09 during trading on Friday, reaching $23.36. The company had a trading volume of 2,729,236 shares, compared to its average volume of 1,514,763. The firm’s 50-day simple moving average is $31.39 and its 200 day simple moving average is $38.60. Symbotic Inc. has a 1-year low of $20.90 and a 1-year high of $59.82. The firm has a market capitalization of $13.66 billion, a PE ratio of -97.33 and a beta of 1.86.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Monday, July 29th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.04). Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The company had revenue of $491.86 million for the quarter, compared to analysts’ expectations of $464.56 million. During the same quarter in the prior year, the firm earned ($0.07) EPS. The firm’s revenue was up 57.7% on a year-over-year basis. Analysts anticipate that Symbotic Inc. will post -0.08 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Northland Securities decreased their price target on shares of Symbotic from $60.00 to $50.00 and set an “outperform” rating for the company in a research report on Tuesday, July 30th. TD Cowen decreased their price objective on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. KeyCorp decreased their price objective on shares of Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company in a research report on Tuesday, July 30th. Robert W. Baird decreased their price objective on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. Finally, Citigroup decreased their price objective on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.23.

Insider Activity at Symbotic

In related news, insider Michael David Dunn sold 1,895 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $36.56, for a total value of $69,281.20. Following the sale, the insider now directly owns 77,326 shares in the company, valued at approximately $2,827,038.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Symbotic news, insider Michael David Dunn sold 1,895 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $36.56, for a total transaction of $69,281.20. Following the sale, the insider now directly owns 77,326 shares in the company, valued at $2,827,038.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $40.92, for a total transaction of $81,840.00. Following the sale, the director now owns 214,036 shares in the company, valued at $8,758,353.12. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 90,907 shares of company stock worth $3,136,703. Company insiders own 38.30% of the company’s stock.

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.