Royal Bank of Canada Acquires 29,152 Shares of Symbotic Inc. $SYM

Royal Bank of Canada grew its holdings in shares of Symbotic Inc. (NASDAQ:SYM) by 41.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 100,018 shares of the company’s stock after buying an additional 29,152 shares during the quarter. Royal Bank of Canada’s holdings in Symbotic were worth $5,321,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in SYM. Empowered Funds LLC grew its position in Symbotic by 19.4% in the first quarter. Empowered Funds LLC now owns 33,394 shares of the company’s stock worth $1,777,000 after acquiring an additional 5,437 shares in the last quarter. Entropy Technologies LP purchased a new stake in Symbotic during the first quarter valued at approximately $884,000. Sei Investments Co. lifted its stake in shares of Symbotic by 21.0% in the 1st quarter. Sei Investments Co. now owns 144,420 shares of the company’s stock valued at $7,683,000 after purchasing an additional 25,024 shares during the last quarter. Cetera Investment Advisers lifted its stake in shares of Symbotic by 39.6% in the 1st quarter. Cetera Investment Advisers now owns 46,247 shares of the company’s stock valued at $2,460,000 after purchasing an additional 13,111 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Symbotic by 26.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 109,015 shares of the company’s stock worth $5,789,000 after purchasing an additional 22,895 shares during the period.

Analyst Upgrades and Downgrades

SYM has been the topic of several analyst reports. Needham & Company LLC reissued a “buy” rating and set a $75.00 target price on shares of Symbotic in a research report on Thursday, August 6th. Robert W. Baird set a $51.00 price target on Symbotic in a research report on Thursday, August 6th. DA Davidson reaffirmed a “buy” rating and set a $70.00 price objective on shares of Symbotic in a research note on Monday, May 11th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Symbotic in a research report on Friday, August 7th. Finally, Zacks Research raised shares of Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 5th. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $65.92.

Insiders Place Their Bets

In other news, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $45.27, for a total value of $90,540.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brian Daniel Alexander sold 9,130 shares of the firm’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $40.30, for a total transaction of $367,939.00. Following the completion of the transaction, the senior vice president directly owned 55,611 shares in the company, valued at $2,241,123.30. This represents a 14.10% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 118,011 shares of company stock valued at $5,293,942. Insiders own 8.16% of the company’s stock.

Symbotic Stock Performance

SYM opened at $41.19 on Thursday. The stock has a market cap of $24.83 billion, a price-to-earnings ratio of 457.67, a P/E/G ratio of 6.15 and a beta of 1.94. The stock’s 50 day moving average price is $42.27 and its 200-day moving average price is $50.05. Symbotic Inc. has a one year low of $38.19 and a one year high of $87.88.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). Symbotic had a return on equity of 1.40% and a net margin of 0.48%.The business had revenue of $720.84 million for the quarter, compared to the consensus estimate of $715.03 million. During the same period in the prior year, the business posted ($0.05) earnings per share. Symbotic’s revenue was up 21.7% on a year-over-year basis. As a group, analysts predict that Symbotic Inc. will post 0.23 earnings per share for the current fiscal year.

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.