Peregrine Asset Advisers Inc. Makes New Investment in Symbotic Inc. $SYM

Peregrine Asset Advisers Inc. purchased a new position in Symbotic Inc. (NASDAQ:SYM) during the first quarter, Holdings Channel reports. The fund purchased 44,719 shares of the company’s stock, valued at approximately $2,379,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Symbotic by 47.6% during the 4th quarter. Vanguard Group Inc. now owns 6,932,158 shares of the company’s stock worth $412,463,000 after acquiring an additional 2,237,137 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Symbotic by 51,346.1% in the fourth quarter. JPMorgan Chase & Co. now owns 2,174,372 shares of the company’s stock valued at $129,375,000 after acquiring an additional 2,178,615 shares during the last quarter. Morgan Stanley raised its position in Symbotic by 85.4% during the fourth quarter. Morgan Stanley now owns 2,530,874 shares of the company’s stock valued at $150,587,000 after purchasing an additional 1,165,513 shares in the last quarter. Ghisallo Capital Management LLC purchased a new stake in Symbotic during the fourth quarter valued at about $63,034,000. Finally, Marshall Wace LLP bought a new stake in Symbotic during the fourth quarter worth about $33,997,000.

Insider Buying and Selling

In other news, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $47.30, for a total value of $94,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Charles Kane sold 2,000 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $45.99, for a total value of $91,980.00. Following the sale, the director owned 89,852 shares of the company’s stock, valued at $4,132,293.48. This represents a 2.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 137,316 shares of company stock worth $7,747,335 in the last 90 days. 8.16% of the stock is currently owned by company insiders.

Symbotic Stock Performance

SYM stock opened at $42.74 on Friday. The firm has a market cap of $25.76 billion, a P/E ratio of -854.63, a P/E/G ratio of 6.63 and a beta of 1.93. The firm’s fifty day moving average is $48.61 and its 200 day moving average is $54.39. Symbotic Inc. has a 52 week low of $38.19 and a 52 week high of $87.88.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.11). Symbotic had a negative return on equity of 0.68% and a negative net margin of 0.20%.The business had revenue of $676.48 million during the quarter, compared to the consensus estimate of $662.65 million. During the same period in the prior year, the firm earned ($0.04) earnings per share. The business’s revenue for the quarter was up 23.1% on a year-over-year basis. As a group, analysts forecast that Symbotic Inc. will post 0.23 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on SYM shares. DA Davidson reiterated a “buy” rating and issued a $70.00 price objective on shares of Symbotic in a report on Monday, May 11th. The Goldman Sachs Group decreased their price objective on Symbotic from $54.00 to $45.00 and set a “sell” rating on the stock in a report on Tuesday, May 26th. Weiss Ratings downgraded Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 11th. Finally, Barclays boosted their target price on Symbotic from $42.00 to $44.00 and gave the stock an “underweight” rating in a research report on Monday, March 16th. Seven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Symbotic has a consensus rating of “Hold” and a consensus price target of $65.23.

Symbotic Company Profile

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.