Symbotic Inc. $SYM Position Trimmed by Legal & General Group Plc

Legal & General Group Plc trimmed its holdings in shares of Symbotic Inc. (NASDAQ:SYM) by 9.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 249,897 shares of the company’s stock after selling 26,982 shares during the period. Legal & General Group Plc’s holdings in Symbotic were worth $14,869,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of SYM. MAI Capital Management boosted its holdings in shares of Symbotic by 833.3% in the 3rd quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after buying an additional 500 shares during the period. Ameriflex Group Inc. raised its stake in Symbotic by 1,500.0% during the third quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock worth $38,000 after acquiring an additional 660 shares during the period. Strategic Advocates LLC acquired a new stake in Symbotic during the third quarter worth about $42,000. NewEdge Advisors LLC lifted its holdings in Symbotic by 81.5% in the second quarter. NewEdge Advisors LLC now owns 1,276 shares of the company’s stock worth $50,000 after acquiring an additional 573 shares during the last quarter. Finally, Fifth Third Bancorp lifted its holdings in Symbotic by 20,000.0% in the third quarter. Fifth Third Bancorp now owns 1,005 shares of the company’s stock worth $54,000 after acquiring an additional 1,000 shares during the last quarter.

Insider Activity

In other news, insider Maria G. Freve sold 2,265 shares of the company’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $57.72, for a total value of $130,735.80. Following the completion of the sale, the insider owned 739 shares in the company, valued at $42,655.08. This represents a 75.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO James Kuffner sold 3,878 shares of Symbotic stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $53.51, for a total value of $207,511.78. Following the transaction, the chief technology officer directly owned 185,126 shares in the company, valued at approximately $9,906,092.26. The trade was a 2.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 149,845 shares of company stock valued at $8,414,964 over the last 90 days. Corporate insiders own 8.16% of the company’s stock.

Symbotic Stock Performance

NASDAQ:SYM opened at $49.09 on Wednesday. The stock has a market cap of $29.59 billion, a price-to-earnings ratio of -981.60, a PEG ratio of 7.14 and a beta of 1.91. Symbotic Inc. has a 1 year low of $27.26 and a 1 year high of $87.88. The business has a fifty day moving average of $54.20 and a 200-day moving average of $58.02.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.11). The company had revenue of $676.48 million for the quarter, compared to the consensus estimate of $662.66 million. Symbotic had a negative net margin of 0.20% and a negative return on equity of 0.68%. Symbotic’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.04) earnings per share. On average, equities research analysts predict that Symbotic Inc. will post 0.23 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SYM. Barclays upped their target price on Symbotic from $42.00 to $44.00 and gave the company an “underweight” rating in a report on Monday, March 16th. Weiss Ratings lowered Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 11th. Northland Securities set a $73.00 price target on shares of Symbotic in a report on Thursday, February 5th. The Goldman Sachs Group dropped their price objective on shares of Symbotic from $54.00 to $45.00 and set a “sell” rating on the stock in a report on Tuesday, May 26th. Finally, Citigroup reiterated an “outperform” rating on shares of Symbotic in a research report on Thursday, February 5th. Seven research analysts have rated the stock with a Buy rating, five have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $65.23.

About Symbotic

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.