20,000 Shares in Symbotic Inc. (NASDAQ:SYM) Purchased by 1ST Source Bank

1ST Source Bank bought a new stake in Symbotic Inc. (NASDAQ:SYM) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 20,000 shares of the company’s stock, valued at approximately $488,000.

Several other hedge funds also recently modified their holdings of SYM. California State Teachers Retirement System increased its stake in shares of Symbotic by 4.5% during the 1st quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock valued at $678,000 after acquiring an additional 654 shares during the last quarter. Raymond James & Associates increased its position in Symbotic by 8.4% during the second quarter. Raymond James & Associates now owns 668,103 shares of the company’s stock worth $23,491,000 after purchasing an additional 51,712 shares during the last quarter. Vista Investment Partners LLC increased its position in Symbotic by 36.1% during the second quarter. Vista Investment Partners LLC now owns 27,899 shares of the company’s stock worth $981,000 after purchasing an additional 7,403 shares during the last quarter. RFP Financial Group LLC boosted its holdings in shares of Symbotic by 22.4% in the 2nd quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after purchasing an additional 310 shares during the last quarter. Finally, Lakeshore Financial Planning Inc. acquired a new position in shares of Symbotic in the 2nd quarter valued at $237,000.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a research report on Thursday, December 5th. Northland Securities raised their price objective on Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. KeyCorp reiterated a “sector weight” rating on shares of Symbotic in a report on Wednesday, November 27th. DA Davidson lowered shares of Symbotic from a “buy” rating to a “neutral” rating and cut their price target for the company from $50.00 to $35.00 in a report on Wednesday, November 27th. Finally, Craig Hallum lowered shares of Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price objective for the company. in a research report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $42.54.

Symbotic Trading Down 0.5 %

Symbotic stock opened at $26.87 on Friday. The stock has a 50 day moving average of $29.49 and a 200-day moving average of $29.56. The stock has a market cap of $15.73 billion, a P/E ratio of -447.83 and a beta of 1.73. Symbotic Inc. has a 52 week low of $17.11 and a 52 week high of $58.28.

Symbotic (NASDAQ:SYM) last issued its earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.05. The business had revenue of $576.77 million for the quarter, compared to analyst estimates of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The company’s revenue for the quarter was up 47.2% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.08) EPS. As a group, equities analysts predict that Symbotic Inc. will post 0.12 earnings per share for the current fiscal year.

Insider Activity at Symbotic

In related news, CFO Carol J. Hibbard sold 22,821 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total transaction of $660,896.16. Following the completion of the transaction, the chief financial officer now owns 34,188 shares in the company, valued at $990,084.48. The trade was a 40.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider William M. Boyd III sold 8,826 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $28.33, for a total value of $250,040.58. Following the completion of the sale, the insider now directly owns 23,012 shares in the company, valued at $651,929.96. This represents a 27.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 111,745 shares of company stock valued at $3,261,675. Corporate 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.