BNP Paribas Financial Markets Boosts Position in Symbotic Inc. $SYM

BNP Paribas Financial Markets raised its stake in shares of Symbotic Inc. (NASDAQ:SYM) by 15.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 330,320 shares of the company’s stock after buying an additional 44,690 shares during the quarter. BNP Paribas Financial Markets’ holdings in Symbotic were worth $19,654,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. MAI Capital Management grew its holdings in Symbotic by 833.3% during the 3rd quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after buying an additional 500 shares in the last quarter. Ameriflex Group Inc. grew its holdings in shares of Symbotic by 1,500.0% during the third quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock worth $38,000 after purchasing an additional 660 shares in the last quarter. Strategic Advocates LLC purchased a new position in shares of Symbotic during the third quarter worth about $42,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in shares of Symbotic during the fourth quarter worth about $55,000. Finally, Fifth Third Bancorp grew its holdings in shares of Symbotic by 20,000.0% during the third quarter. Fifth Third Bancorp now owns 1,005 shares of the company’s stock worth $54,000 after purchasing an additional 1,000 shares in the last quarter.

Symbotic Price Performance

NASDAQ:SYM opened at $44.02 on Friday. The business has a 50 day moving average of $53.78 and a 200 day moving average of $57.67. The company has a market capitalization of $26.53 billion, a price-to-earnings ratio of -880.22, a PEG ratio of 6.99 and a beta of 1.91. Symbotic Inc. has a 1-year low of $27.26 and a 1-year high of $87.88.

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

Insider Buying and Selling

In related news, CTO James Kuffner sold 3,878 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $53.51, for a total value of $207,511.78. Following the completion of the sale, the chief technology officer owned 185,126 shares in the company, valued at $9,906,092.26. The trade was a 2.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider William M. Boyd III sold 9,194 shares of the business’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $58.75, for a total value of $540,147.50. Following the completion of the sale, the insider owned 62,227 shares of the company’s stock, valued at $3,655,836.25. The trade was a 12.87% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 153,845 shares of company stock worth $8,601,544 over the last ninety days. Corporate insiders own 8.16% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on SYM shares. Zacks Research raised Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 18th. UBS Group set a $70.00 price objective on Symbotic in a report on Wednesday, February 18th. Barclays boosted their price objective on Symbotic from $42.00 to $44.00 and gave the stock an “underweight” rating in a report on Monday, March 16th. Wall Street Zen lowered Symbotic from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Finally, DA Davidson reissued a “buy” rating and set a $70.00 price objective on shares of Symbotic in a report on Monday, May 11th. Seven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $65.23.

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.