Symbotic Inc. (NASDAQ:SYM) Shares Sold by Frontier Capital Management Co. LLC

Frontier Capital Management Co. LLC reduced its position in Symbotic Inc. (NASDAQ:SYM) by 47.7% in the 4th quarter, HoldingsChannel.com reports. The fund owned 620,966 shares of the company’s stock after selling 566,634 shares during the quarter. Frontier Capital Management Co. LLC’s holdings in Symbotic were worth $14,723,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in SYM. IFP Advisors Inc boosted its holdings in Symbotic by 58.2% in the fourth quarter. IFP Advisors Inc now owns 1,368 shares of the company’s stock valued at $32,000 after purchasing an additional 503 shares during the period. Private Trust Co. NA acquired a new stake in Symbotic in the fourth quarter valued at approximately $47,000. Pilgrim Partners Asia Pte Ltd acquired a new position in Symbotic during the 4th quarter worth approximately $47,000. Jones Financial Companies Lllp raised its stake in Symbotic by 154.1% in the fourth quarter. Jones Financial Companies Lllp now owns 2,457 shares of the company’s stock valued at $58,000 after buying an additional 1,490 shares in the last quarter. Finally, MCF Advisors LLC acquired a new position in shares of Symbotic during the 4th quarter worth about $85,000.

Insiders Place Their Bets

In other Symbotic news, insider William M. Boyd III sold 2,660 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $27.60, for a total value of $73,416.00. Following the completion of the transaction, the insider now owns 40,812 shares in the company, valued at $1,126,411.20. This represents a 6.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Maria G. Freve sold 1,929 shares of the firm’s stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $21.69, for a total transaction of $41,840.01. Following the sale, the insider now owns 2,646 shares of the company’s stock, valued at $57,391.74. This trade represents a 42.16 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 71,294 shares of company stock valued at $1,752,581. Corporate insiders own 0.60% of the company’s stock.

Symbotic Stock Up 6.6 %

SYM stock opened at $23.94 on Friday. The company’s fifty day simple moving average is $21.24 and its 200 day simple moving average is $25.76. Symbotic Inc. has a 12-month low of $16.32 and a 12-month high of $47.88. The firm has a market cap of $14.08 billion, a price-to-earnings ratio of -341.88, a PEG ratio of 6.48 and a beta of 1.85.

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

Analyst Ratings Changes

A number of research analysts have commented on the stock. Oppenheimer initiated coverage on shares of Symbotic in a research note on Wednesday, January 15th. They issued an “outperform” rating and a $35.00 price objective on the stock. Raymond James cut Symbotic from an “outperform” rating to a “market perform” rating in a report on Thursday, February 6th. Northland Securities boosted their target price on Symbotic from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. The Goldman Sachs Group dropped their price objective on Symbotic from $25.00 to $18.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Finally, UBS Group cut their price objective on shares of Symbotic from $32.00 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Symbotic presently has an average rating of “Hold” and an average 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.