Sunbelt Securities Inc. Buys 8,235 Shares of Symbotic Inc. (NASDAQ:SYM)

Sunbelt Securities Inc. increased its stake in Symbotic Inc. (NASDAQ:SYM) by 161.6% in the third quarter, Holdings Channel.com reports. The institutional investor owned 13,330 shares of the company’s stock after acquiring an additional 8,235 shares during the period. Sunbelt Securities Inc.’s holdings in Symbotic were worth $325,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Baillie Gifford & Co. increased its stake in shares of Symbotic by 32.0% in the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after acquiring an additional 3,410,050 shares in the last quarter. Thematics Asset Management increased its position in Symbotic by 30.1% during the 3rd quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock valued at $25,565,000 after buying an additional 242,661 shares in the last quarter. Exchange Traded Concepts LLC raised its stake in Symbotic by 76.8% during the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after buying an additional 379,726 shares during the last quarter. Canada Pension Plan Investment Board boosted its holdings in Symbotic by 191.5% in the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after acquiring an additional 509,700 shares in the last quarter. Finally, Raymond James & Associates grew its stake in shares of Symbotic by 8.4% in the second quarter. Raymond James & Associates now owns 668,103 shares of the company’s stock worth $23,491,000 after acquiring an additional 51,712 shares during the last quarter.

Symbotic Stock Down 0.5 %

Shares of NASDAQ:SYM opened at $26.87 on Friday. The stock has a market capitalization of $15.73 billion, a PE ratio of -447.83 and a beta of 1.73. The firm’s 50 day moving average price is $29.49 and its 200-day moving average price is $29.56. Symbotic Inc. has a twelve month low of $17.11 and a twelve month high of $58.28.

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 the consensus estimate of $0.05. The business had revenue of $576.77 million for the quarter, compared to analysts’ expectations 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 was up 47.2% compared to the same quarter last year. During the same quarter last year, the company posted ($0.08) EPS. Analysts expect that Symbotic Inc. will post 0.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Symbotic news, CFO Carol J. Hibbard sold 22,821 shares of the company’s stock in a transaction that occurred on 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 directly owns 34,188 shares in the company, valued at $990,084.48. This represents a 40.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael David Dunn sold 63,867 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $30.08, for a total transaction of $1,921,119.36. Following the sale, the insider now owns 24,055 shares in the company, valued at $723,574.40. The trade was a 72.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 111,745 shares of company stock worth $3,261,675 over the last quarter. 38.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

SYM has been the subject of several recent analyst reports. BWS Financial reaffirmed a “sell” rating and issued a $10.00 price target on shares of Symbotic in a research report on Tuesday, November 19th. KeyCorp reiterated a “sector weight” rating on shares of Symbotic in a research note on Wednesday, November 27th. Northland Securities raised their price target on shares of Symbotic from $50.00 to $53.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Needham & Company LLC lowered their price objective on Symbotic from $46.00 to $35.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 target price on shares of Symbotic in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $42.54.

About Symbotic

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.