Zevenbergen Capital Investments LLC Sells 24,300 Shares of Symbotic Inc. $SYM

Zevenbergen Capital Investments LLC decreased its stake in Symbotic Inc. (NASDAQ:SYM) by 21.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 88,750 shares of the company’s stock after selling 24,300 shares during the quarter. Zevenbergen Capital Investments LLC’s holdings in Symbotic were worth $5,281,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. MAI Capital Management increased its holdings in shares of Symbotic by 833.3% during the third quarter. MAI Capital Management now owns 560 shares of the company’s stock worth $30,000 after buying an additional 500 shares in the last quarter. IAG Wealth Partners LLC acquired a new stake in shares of Symbotic during the 2nd quarter valued at $32,000. Ameriflex Group Inc. grew its position in Symbotic by 1,500.0% during the 3rd quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock worth $38,000 after acquiring an additional 660 shares during the last quarter. Strategic Advocates LLC acquired a new position in Symbotic in the 3rd quarter worth about $42,000. Finally, NewEdge Advisors LLC increased its holdings in Symbotic by 81.5% in the 2nd quarter. NewEdge Advisors LLC now owns 1,276 shares of the company’s stock worth $50,000 after purchasing an additional 573 shares in the last quarter.

Insider Buying and Selling at Symbotic

In other Symbotic news, CTO James Kuffner sold 77,321 shares of the stock in a transaction dated Monday, January 26th. The stock was sold at an average price of $59.76, for a total transaction of $4,620,702.96. Following the completion of the sale, the chief technology officer directly owned 144,982 shares in the company, valued at approximately $8,664,124.32. This trade represents a 34.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Todd Krasnow sold 4,000 shares of Symbotic stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $53.73, for a total value of $214,920.00. The SEC filing for this sale provides additional information. Insiders have sold 193,492 shares of company stock valued at $11,449,123 over the last three months. 8.16% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SYM. Barclays lifted their price target on Symbotic from $42.00 to $44.00 and gave the company an “underweight” rating in a research note on Monday, March 16th. Needham & Company LLC raised their price objective on shares of Symbotic from $70.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Citigroup reiterated an “outperform” rating on shares of Symbotic in a research report on Thursday, February 5th. Zacks Research raised shares of Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 18th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Symbotic in a research note on Thursday, January 22nd. Six investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $60.71.

Symbotic Price Performance

Symbotic stock opened at $47.41 on Tuesday. The stock’s 50 day moving average is $54.67 and its 200 day moving average is $61.13. Symbotic Inc. has a one year low of $16.32 and a one year high of $87.88. The firm has a market cap of $28.55 billion, a P/E ratio of -474.05, a P/E/G ratio of 5.05 and a beta of 2.13.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Wednesday, February 4th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.06). The firm had revenue of $629.99 million for the quarter, compared to the consensus estimate of $622.58 million. Symbotic had a negative return on equity of 1.88% and a negative net margin of 0.45%.The firm’s revenue for the quarter was up 29.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.03) EPS. Equities analysts anticipate that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

About Symbotic

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.