Ameriprise Financial Inc. Sells 57,932 Shares of Symbotic Inc. (NASDAQ:SYM)

Ameriprise Financial Inc. decreased its position in Symbotic Inc. (NASDAQ:SYM) by 58.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,930 shares of the company’s stock after selling 57,932 shares during the period. Ameriprise Financial Inc.’s holdings in Symbotic were worth $994,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SYM. Spire Wealth Management purchased a new position in shares of Symbotic in the fourth quarter worth $298,000. Hodges Capital Management Inc. lifted its stake in Symbotic by 7.9% during the 4th quarter. Hodges Capital Management Inc. now owns 273,841 shares of the company’s stock valued at $6,492,000 after acquiring an additional 20,111 shares during the period. Robocap Asset Management Ltd bought a new position in Symbotic during the 4th quarter valued at about $1,368,000. Littlejohn Financial Services Inc. bought a new position in Symbotic during the 4th quarter valued at about $784,000. Finally, Sanctuary Advisors LLC lifted its position in Symbotic by 15.4% during the fourth quarter. Sanctuary Advisors LLC now owns 48,692 shares of the company’s stock valued at $1,154,000 after purchasing an additional 6,495 shares during the period.

Insider Activity

In other news, Director Daniela L. Rus sold 1,000 shares of Symbotic stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $30.00, for a total transaction of $30,000.00. Following the sale, the director now owns 27,435 shares in the company, valued at $823,050. This trade represents a 3.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider William M. Boyd III sold 2,455 shares of Symbotic stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $22.31, for a total transaction of $54,771.05. Following the sale, the insider now owns 39,659 shares in the company, valued at approximately $884,792.29. The trade was a 5.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,056 shares of company stock worth $1,028,601 in the last three months. Company insiders own 0.60% of the company’s stock.

Symbotic Stock Down 1.3%

NASDAQ SYM opened at $28.56 on Monday. The stock’s 50-day moving average price is $23.18 and its 200-day moving average price is $25.45. Symbotic Inc. has a 52 week low of $16.32 and a 52 week high of $41.76. The company has a market capitalization of $16.84 billion, a P/E ratio of -407.94, a price-to-earnings-growth ratio of 6.48 and a beta of 1.85.

Symbotic (NASDAQ:SYM) last released its earnings results on Wednesday, May 7th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). The firm had revenue of $549.65 million for the quarter, compared to the consensus estimate of $522.36 million. Symbotic had a positive return on equity of 5.11% and a negative net margin of 0.38%. Symbotic’s revenue was up 39.7% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.07) EPS. Research analysts anticipate that Symbotic Inc. will post 0.13 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. BWS Financial restated a “sell” rating and set a $10.00 price objective on shares of Symbotic in a research report on Wednesday, April 2nd. The Goldman Sachs Group lowered their price target on Symbotic from $25.00 to $18.00 and set a “neutral” rating on the stock in a report on Thursday, April 10th. Needham & Company LLC lowered their price target on Symbotic from $35.00 to $32.00 and set a “buy” rating on the stock in a report on Thursday, February 6th. Citigroup lowered their target price on Symbotic from $37.00 to $29.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Finally, Raymond James downgraded Symbotic from an “outperform” rating to a “market perform” rating in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Symbotic currently has a consensus rating of “Hold” and a consensus target price of $37.20.

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.