Hodges Capital Management Inc. Sells 94,875 Shares of Symbotic Inc. (NASDAQ:SYM)

Hodges Capital Management Inc. cut its holdings in Symbotic Inc. (NASDAQ:SYM) by 23.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 315,891 shares of the company’s stock after selling 94,875 shares during the period. Hodges Capital Management Inc. owned approximately 0.05% of Symbotic worth $14,215,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. 1832 Asset Management L.P. lifted its position in Symbotic by 189.5% during the 4th quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock worth $54,174,000 after acquiring an additional 690,900 shares during the last quarter. Coatue Management LLC acquired a new position in Symbotic during the 4th quarter worth $11,088,000. First Trust Advisors LP lifted its position in Symbotic by 44.0% during the 4th quarter. First Trust Advisors LP now owns 510,237 shares of the company’s stock worth $26,190,000 after acquiring an additional 155,828 shares during the last quarter. First Dallas Securities Inc. acquired a new position in Symbotic during the 3rd quarter worth $3,784,000. Finally, Wells Fargo & Company MN lifted its position in Symbotic by 170.4% during the 4th quarter. Wells Fargo & Company MN now owns 171,585 shares of the company’s stock worth $8,807,000 after acquiring an additional 108,126 shares during the last quarter.

Analysts Set New Price Targets

SYM has been the subject of a number of research analyst reports. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a research report on Friday, May 10th. Craig Hallum upped their price objective on shares of Symbotic from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Symbotic from $57.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Robert W. Baird raised their price target on shares of Symbotic from $52.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 7th. Finally, Needham & Company LLC restated a “buy” rating and set a $54.00 price target on shares of Symbotic in a research note on Tuesday, May 7th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, Symbotic currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.69.

Insider Activity at Symbotic

In other Symbotic news, major shareholder David A. Ladensohn sold 50,000 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $40.89, for a total transaction of $2,044,500.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Symbotic news, Director Rollin L. Ford sold 49,998 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $37.29, for a total transaction of $1,864,425.42. Following the sale, the director now directly owns 10,447 shares of the company’s stock, valued at approximately $389,568.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder David A. Ladensohn sold 50,000 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $40.89, for a total transaction of $2,044,500.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 150,214 shares of company stock valued at $6,030,760. 38.30% of the stock is owned by corporate insiders.

Symbotic Trading Down 0.1 %

Shares of NASDAQ SYM traded down $0.04 during midday trading on Friday, reaching $35.16. 1,353,911 shares of the stock were exchanged, compared to its average volume of 1,406,457. The business has a 50-day simple moving average of $39.54 and a two-hundred day simple moving average of $43.21. Symbotic Inc. has a 12 month low of $29.62 and a 12 month high of $64.14.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, May 6th. The company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.25. The company had revenue of $424.30 million for the quarter, compared to analysts’ expectations of $415.98 million. Symbotic had a negative net margin of 1.27% and a positive return on equity of 5.27%. Equities research analysts predict that Symbotic Inc. will post -0.07 EPS for the current year.

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.