Bourne Lent Asset Management Inc. Has $2.07 Million Holdings in Symbotic Inc. (NASDAQ:SYM)

Bourne Lent Asset Management Inc. raised its position in Symbotic Inc. (NASDAQ:SYM) by 34.8% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 87,210 shares of the company’s stock after purchasing an additional 22,500 shares during the period. Symbotic accounts for approximately 0.8% of Bourne Lent Asset Management Inc.’s portfolio, making the stock its 25th largest position. Bourne Lent Asset Management Inc.’s holdings in Symbotic were worth $2,068,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. MCF Advisors LLC acquired a new stake in Symbotic during the fourth quarter worth approximately $85,000. Bouvel Investment Partners LLC acquired a new stake in shares of Symbotic during the 4th quarter worth approximately $1,056,000. Armstrong Advisory Group Inc. increased its stake in shares of Symbotic by 122.2% in the 4th quarter. Armstrong Advisory Group Inc. now owns 11,782 shares of the company’s stock valued at $279,000 after acquiring an additional 6,479 shares in the last quarter. 180 Wealth Advisors LLC lifted its position in shares of Symbotic by 5.6% during the 4th quarter. 180 Wealth Advisors LLC now owns 38,621 shares of the company’s stock valued at $916,000 after acquiring an additional 2,063 shares during the period. Finally, Capital Market Strategies LLC bought a new position in Symbotic during the fourth quarter worth $802,000.

Analyst Upgrades and Downgrades

SYM has been the topic of several research reports. DA Davidson upgraded shares of Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price objective on the stock in a report on Wednesday, January 8th. BWS Financial reissued a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a research note on Tuesday. Needham & Company LLC restated a “buy” rating and set a $35.00 price objective on shares of Symbotic in a report on Friday, January 17th. Oppenheimer assumed coverage on shares of Symbotic in a research report on Wednesday, January 15th. They issued an “outperform” rating and a $35.00 price target for the company. Finally, UBS Group lowered their price objective on shares of Symbotic from $40.00 to $32.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $38.73.

Symbotic Trading Up 12.3 %

Shares of Symbotic stock opened at $33.43 on Wednesday. The business’s fifty day simple moving average is $27.85 and its 200 day simple moving average is $27.39. Symbotic Inc. has a 12 month low of $17.11 and a 12 month high of $52.20.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The company had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. During the same period in the previous year, the firm earned ($0.08) EPS. The firm’s quarterly revenue was up 47.2% on a year-over-year basis. On average, sell-side analysts predict that Symbotic Inc. will post 0.14 earnings per share for the current year.

Insider Activity

In other news, CFO Carol J. Hibbard sold 22,821 shares of Symbotic stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total value 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. This trade represents a 40.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael David Dunn sold 13,114 shares of Symbotic stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $32.19, for a total transaction of $422,139.66. Following the completion of the transaction, the insider now owns 18,746 shares of the company’s stock, valued at $603,433.74. The trade was a 41.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 124,958 shares of company stock valued at $3,690,570 in the last three months. Company insiders own 38.30% of the company’s stock.

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.