Raymond James Financial Inc. Buys Shares of 875,306 Symbotic Inc. (NASDAQ:SYM)

Raymond James Financial Inc. bought a new stake in Symbotic Inc. (NASDAQ:SYM) during the 4th quarter, Holdings Channel.com reports. The firm bought 875,306 shares of the company’s stock, valued at approximately $20,754,000.

Several other institutional investors have also recently bought and sold shares of SYM. IFP Advisors Inc increased its position in shares of Symbotic by 58.2% during the 4th quarter. IFP Advisors Inc now owns 1,368 shares of the company’s stock worth $32,000 after purchasing an additional 503 shares during the last quarter. Private Trust Co. NA acquired a new position in shares of Symbotic during the 4th quarter worth approximately $47,000. RiverPark Advisors LLC increased its position in shares of Symbotic by 147.1% during the 3rd quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock worth $50,000 after purchasing an additional 1,211 shares during the last quarter. Jones Financial Companies Lllp increased its position in shares of Symbotic by 154.1% during the 4th quarter. Jones Financial Companies Lllp now owns 2,457 shares of the company’s stock worth $58,000 after purchasing an additional 1,490 shares during the last quarter. Finally, Quest Partners LLC increased its position in shares of Symbotic by 19,307.7% during the 3rd quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock worth $62,000 after purchasing an additional 2,510 shares during the last quarter.

Symbotic Price Performance

SYM opened at $21.65 on Monday. The business has a fifty day simple moving average of $26.52 and a 200 day simple moving average of $26.49. The company has a market capitalization of $12.74 billion, a PE ratio of -309.24, a price-to-earnings-growth ratio of 6.48 and a beta of 1.85. Symbotic Inc. has a 1 year low of $17.11 and a 1 year high of $50.41.

Symbotic (NASDAQ:SYM) last released its earnings results on Wednesday, February 5th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Symbotic had a positive return on equity of 5.11% and a negative net margin of 0.38%. Equities analysts anticipate that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Michael David Dunn sold 13,114 shares of the company’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $32.19, for a total transaction of $422,139.66. Following the completion of the sale, the insider now directly owns 18,746 shares in the company, valued at $603,433.74. This represents a 41.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Rollin L. Ford sold 28,740 shares of the company’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $26.02, for a total value of $747,814.80. Following the sale, the director now owns 10,447 shares of the company’s stock, valued at approximately $271,830.94. This represents a 73.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 73,987 shares of company stock worth $2,065,252. 0.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on SYM shares. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a research report on Thursday, December 5th. 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 research report on Thursday, February 6th. Citigroup reissued a “buy” rating and set a $37.00 target price on shares of Symbotic in a report on Monday, January 13th. The Goldman Sachs Group decreased their target price on Symbotic from $28.00 to $25.00 and set a “neutral” rating on the stock in a report on Thursday, February 6th. Finally, Raymond James lowered Symbotic from an “outperform” rating to a “market perform” rating in a report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $38.20.

Symbotic 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.