Bank of New York Mellon Corp Reduces Stake in Symbotic Inc. (NASDAQ:SYM)

Bank of New York Mellon Corp cut its holdings in Symbotic Inc. (NASDAQ:SYM - Free Report) by 29.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 44,607 shares of the company's stock after selling 18,411 shares during the period. Bank of New York Mellon Corp's holdings in Symbotic were worth $1,058,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Quest Partners LLC boosted its stake in shares of Symbotic by 19,307.7% during the third quarter. Quest Partners LLC now owns 2,523 shares of the company's stock valued at $62,000 after purchasing an additional 2,510 shares during the period. Advisors Asset Management Inc. raised its holdings in Symbotic by 30.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 10,869 shares of the company's stock valued at $265,000 after buying an additional 2,544 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Symbotic by 10.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 219,074 shares of the company's stock valued at $5,343,000 after buying an additional 20,469 shares during the period. Thematics Asset Management boosted its position in Symbotic by 30.1% during the 3rd quarter. Thematics Asset Management now owns 1,048,170 shares of the company's stock valued at $25,565,000 after buying an additional 242,661 shares during the period. Finally, Verition Fund Management LLC grew its holdings in Symbotic by 33.8% in the 3rd quarter. Verition Fund Management LLC now owns 33,129 shares of the company's stock worth $808,000 after acquiring an additional 8,362 shares during the last quarter.

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Wall Street Analyst Weigh In

A number of analysts have recently weighed in on SYM shares. Raymond James lowered shares of Symbotic from an "outperform" rating to a "market perform" rating in a report on Thursday, February 6th. Needham & Company LLC cut their price objective on Symbotic from $35.00 to $32.00 and set a "buy" rating on the stock in a research report on Thursday, February 6th. UBS Group decreased their target price on Symbotic from $32.00 to $30.00 and set a "neutral" rating for the company in a report on Tuesday, February 25th. Oppenheimer began coverage on shares of Symbotic in a report on Wednesday, January 15th. They issued an "outperform" rating and a $35.00 price target on the stock. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $60.00 price objective on shares of Symbotic in a report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $38.20.

Insider Activity

In related news, insider William M. Boyd III sold 2,660 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $27.60, for a total transaction of $73,416.00. Following the sale, the insider now directly owns 40,812 shares of the company's stock, valued at $1,126,411.20. This trade represents a 6.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Rollin L. Ford sold 28,740 shares of Symbotic stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $26.02, for a total value of $747,814.80. Following the completion of the sale, the director now owns 10,447 shares of the company's stock, valued at $271,830.94. The trade was a 73.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 76,442 shares of company stock worth $2,120,023 over the last 90 days. 0.60% of the stock is currently owned by insiders.

Symbotic Price Performance

SYM stock traded down $1.35 on Friday, reaching $20.16. 1,619,634 shares of the company traded hands, compared to its average volume of 1,890,556. Symbotic Inc. has a one year low of $17.11 and a one year high of $48.98. The company has a market cap of $11.86 billion, a P/E ratio of -287.96, a price-to-earnings-growth ratio of 6.48 and a beta of 1.85. The firm has a fifty day simple moving average of $25.72 and a 200-day simple moving average of $26.61.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings results on Wednesday, February 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.01. Symbotic had a negative net margin of 0.38% and a positive return on equity of 5.11%. On average, sell-side analysts forecast that Symbotic Inc. will post 0.13 EPS for the current year.

Symbotic Company Profile

Symbotic Inc, an automation technology company, engages in developing technologies to improve operating efficiencies in modern warehouses. The company automates the processing of pallets and cases in large warehouses or distribution centers for retail companies. Its systems enhance operations at the front end of the supply chain.