Handelsbanken Fonder AB Buys 236,435 Shares of Symbotic Inc. $SYM

Handelsbanken Fonder AB boosted its stake in shares of Symbotic Inc. (NASDAQ:SYM) by 626.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 274,178 shares of the company’s stock after purchasing an additional 236,435 shares during the quarter. Handelsbanken Fonder AB’s holdings in Symbotic were worth $14,778,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. MAI Capital Management raised its position in shares of Symbotic by 833.3% during the third quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after buying an additional 500 shares during the last quarter. IAG Wealth Partners LLC bought a new position in Symbotic during the second quarter valued at about $32,000. NewEdge Advisors LLC raised its holdings in Symbotic by 81.5% in the 2nd quarter. NewEdge Advisors LLC now owns 1,276 shares of the company’s stock valued at $50,000 after acquiring an additional 573 shares in the last quarter. Fifth Third Bancorp raised its holdings in Symbotic by 20,000.0% in the 3rd quarter. Fifth Third Bancorp now owns 1,005 shares of the company’s stock valued at $54,000 after acquiring an additional 1,000 shares in the last quarter. Finally, KBC Group NV bought a new stake in shares of Symbotic in the 2nd quarter worth approximately $66,000.

Wall Street Analysts Forecast Growth

SYM has been the subject of a number of recent research reports. Needham & Company LLC upped their target price on Symbotic from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Northcoast Research lowered shares of Symbotic from a “buy” rating to a “neutral” rating in a report on Tuesday, November 25th. Barclays upped their target price on shares of Symbotic from $41.00 to $42.00 and gave the company an “underweight” rating in a research note on Monday, January 12th. TD Cowen restated a “buy” rating on shares of Symbotic in a research report on Wednesday, December 3rd. Finally, The Goldman Sachs Group reissued a “sell” rating and set a $50.00 price objective on shares of Symbotic in a report on Thursday, January 15th. Six research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, Symbotic has an average rating of “Hold” and an average price target of $60.57.

Symbotic Stock Down 4.6%

Shares of NASDAQ:SYM opened at $54.78 on Friday. The firm has a market cap of $32.99 billion, a P/E ratio of -547.75, a P/E/G ratio of 5.49 and a beta of 2.13. Symbotic Inc. has a 12 month low of $16.32 and a 12 month high of $87.88. The company’s 50-day moving average price is $60.34 and its two-hundred day moving average price is $60.56.

Symbotic (NASDAQ:SYM) last announced its earnings results on Wednesday, February 4th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.06). Symbotic had a negative return on equity of 1.88% and a negative net margin of 0.45%.The company had revenue of $629.99 million during the quarter, compared to the consensus estimate of $622.58 million. During the same period in the prior year, the firm posted ($0.03) earnings per share. The company’s revenue was up 29.4% on a year-over-year basis. As a group, equities analysts predict that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Rollin L. Ford sold 60,000 shares of the company’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $57.51, for a total transaction of $3,450,600.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO James Kuffner sold 77,321 shares of the firm’s stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $59.76, for a total value of $4,620,702.96. Following the completion of the transaction, the chief technology officer owned 144,982 shares in the company, valued at approximately $8,664,124.32. This represents a 34.78% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 7,190,533 shares of company stock worth $383,891,335. 8.16% of the stock is owned by company insiders.

Symbotic Company Profile

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.