Stonegate Investment Group LLC Takes $318,000 Position in Symbotic Inc. (NASDAQ:SYM)

Stonegate Investment Group LLC bought a new position in shares of Symbotic Inc. (NASDAQ:SYMFree Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 6,200 shares of the company’s stock, valued at approximately $318,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SYM. JPMorgan Chase & Co. bought a new stake in Symbotic in the second quarter valued at approximately $534,000. UBS Group AG bought a new stake in Symbotic in the 3rd quarter valued at $224,000. BlackRock Inc. lifted its holdings in Symbotic by 325.5% during the 3rd quarter. BlackRock Inc. now owns 170,213 shares of the company’s stock valued at $1,958,000 after purchasing an additional 130,213 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Symbotic during the third quarter worth $181,000. Finally, Vanguard Group Inc. acquired a new position in shares of Symbotic in the third quarter valued at $1,523,000.

Analyst Ratings Changes

Several analysts recently commented on the stock. DA Davidson raised shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 target price for the company in a report on Wednesday, February 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $60.00 target price on shares of Symbotic in a research report on Tuesday, February 6th. The Goldman Sachs Group dropped their price target on Symbotic from $51.00 to $44.00 and set a “neutral” rating for the company in a report on Tuesday, February 6th. Needham & Company LLC dropped their price target on Symbotic from $58.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, February 6th. Finally, KeyCorp dropped their price target on Symbotic from $63.00 to $55.00 and set an “overweight” rating for the company in a report on Tuesday, February 6th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Symbotic presently has an average rating of “Moderate Buy” and an average target price of $52.85.

Check Out Our Latest Stock Analysis on Symbotic

Insider Activity

In other news, insider Michael David Dunn sold 68,842 shares of Symbotic stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $43.48, for a total value of $2,993,250.16. Following the transaction, the insider now owns 136,822 shares in the company, valued at approximately $5,949,020.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, major shareholder David A. Ladensohn sold 2,085,296 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $39.69, for a total transaction of $82,765,398.24. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Michael David Dunn sold 68,842 shares of the firm’s stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $43.48, for a total value of $2,993,250.16. Following the sale, the insider now directly owns 136,822 shares in the company, valued at approximately $5,949,020.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,250,026 shares of company stock worth $281,699,956. Insiders own 38.30% of the company’s stock.

Symbotic Stock Performance

Symbotic stock opened at $44.63 on Thursday. The stock’s fifty day moving average price is $43.90 and its two-hundred day moving average price is $43.20. Symbotic Inc. has a one year low of $22.33 and a one year high of $64.14.

Symbotic (NASDAQ:SYMGet Free Report) last issued its quarterly earnings results on Monday, February 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.03. Symbotic had a negative return on equity of 35.06% and a negative net margin of 1.39%. The company had revenue of $368.45 million for the quarter, compared to analyst estimates of $370.28 million. As a group, equities research analysts forecast that Symbotic Inc. will post -0.02 EPS for the current fiscal year.

About Symbotic

(Free Report)

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.

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Institutional Ownership by Quarter for Symbotic (NASDAQ:SYM)

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