Legal & General Group Plc Cuts Holdings in Symbotic Inc. $SYM

Legal & General Group Plc lessened its position in shares of Symbotic Inc. (NASDAQ:SYM) by 9.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 249,897 shares of the company’s stock after selling 26,982 shares during the period. Legal & General Group Plc’s holdings in Symbotic were worth $14,869,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of SYM. Centerpoint Advisors LLC lifted its position in Symbotic by 16.7% during the third quarter. Centerpoint Advisors LLC now owns 1,400 shares of the company’s stock valued at $75,000 after buying an additional 200 shares in the last quarter. Barton Investment Management lifted its stake in shares of Symbotic by 0.8% during the fourth quarter. Barton Investment Management now owns 30,658 shares of the company’s stock worth $1,824,000 after purchasing an additional 233 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Symbotic by 4.3% in the third quarter. PNC Financial Services Group Inc. now owns 6,627 shares of the company’s stock worth $357,000 after buying an additional 273 shares during the period. AlphaQuest LLC grew its stake in shares of Symbotic by 12.9% in the third quarter. AlphaQuest LLC now owns 2,519 shares of the company’s stock valued at $136,000 after buying an additional 287 shares in the last quarter. Finally, Pictet Asset Management Holding SA grew its stake in shares of Symbotic by 4.3% in the fourth quarter. Pictet Asset Management Holding SA now owns 7,733 shares of the company’s stock valued at $460,000 after buying an additional 321 shares in the last quarter.

Insider Buying and Selling

In related news, insider Maria G. Freve sold 2,265 shares of the business’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $57.72, for a total value of $130,735.80. Following the completion of the sale, the insider directly owned 739 shares of the company’s stock, valued at $42,655.08. The trade was a 75.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Charles Kane sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $58.26, for a total value of $116,520.00. Following the sale, the director owned 89,852 shares in the company, valued at $5,234,777.52. The trade was a 2.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 149,845 shares of company stock worth $8,414,964. 8.16% of the stock is currently owned by insiders.

Symbotic Trading Up 1.4%

Symbotic stock opened at $49.09 on Wednesday. Symbotic Inc. has a 52 week low of $27.26 and a 52 week high of $87.88. The stock has a market cap of $29.59 billion, a P/E ratio of -981.60, a price-to-earnings-growth ratio of 7.14 and a beta of 1.91. The stock has a 50 day moving average of $54.20 and a 200-day moving average of $58.02.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.11). Symbotic had a negative return on equity of 0.68% and a negative net margin of 0.20%.The company had revenue of $676.48 million during the quarter, compared to the consensus estimate of $662.66 million. During the same quarter last year, the firm posted ($0.04) EPS. The firm’s quarterly revenue was up 23.1% on a year-over-year basis. As a group, equities analysts predict that Symbotic Inc. will post 0.23 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SYM has been the topic of several recent research reports. Citigroup reissued an “outperform” rating on shares of Symbotic in a research report on Thursday, February 5th. Weiss Ratings downgraded shares of Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 11th. Needham & Company LLC lifted their price objective on shares of Symbotic from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. The Goldman Sachs Group reduced their target price on shares of Symbotic from $54.00 to $45.00 and set a “sell” rating on the stock in a research report on Tuesday, May 26th. Finally, Barclays raised their price target on shares of Symbotic from $42.00 to $44.00 and gave the company an “underweight” rating in a report on Monday, March 16th. Seven analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $65.23.

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.