Bank of New York Mellon Corp Has $1.06 Million Holdings in Symbotic Inc. (NASDAQ:SYM)

Bank of New York Mellon Corp trimmed its holdings in Symbotic Inc. (NASDAQ:SYM - Free Report) by 29.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 44,607 shares of the company's stock after selling 18,411 shares during the quarter. Bank of New York Mellon Corp's holdings in Symbotic were worth $1,058,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. IFP Advisors Inc raised its stake in Symbotic by 58.2% during the 4th quarter. IFP Advisors Inc now owns 1,368 shares of the company's stock valued at $32,000 after purchasing an additional 503 shares during the last quarter. TCW Group Inc. raised its position in shares of Symbotic by 51.7% during the fourth quarter. TCW Group Inc. now owns 582,955 shares of the company's stock valued at $13,822,000 after buying an additional 198,681 shares during the last quarter. Grove Street Fiduciary LLC bought a new stake in shares of Symbotic in the fourth quarter valued at about $200,000. Handelsbanken Fonder AB grew its position in Symbotic by 28.0% during the fourth quarter. Handelsbanken Fonder AB now owns 11,900 shares of the company's stock worth $282,000 after buying an additional 2,600 shares in the last quarter. Finally, Alberta Investment Management Corp acquired a new stake in Symbotic during the fourth quarter worth about $586,000.

Symbotic Price Performance

Shares of Symbotic stock traded up $0.15 during trading on Thursday, hitting $22.30. 230,568 shares of the company were exchanged, compared to its average volume of 1,875,780. The firm has a market capitalization of $13.12 billion, a P/E ratio of -318.80, a price-to-earnings-growth ratio of 6.48 and a beta of 1.85. The firm's fifty day moving average price is $25.93 and its 200 day moving average price is $26.65. Symbotic Inc. has a 1-year low of $17.11 and a 1-year high of $48.98.

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Symbotic (NASDAQ:SYM - Get Free Report) last issued its earnings results on Wednesday, February 5th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. Symbotic had a negative net margin of 0.38% and a positive return on equity of 5.11%. As a group, equities research analysts anticipate that Symbotic Inc. will post 0.13 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SYM. Craig Hallum lowered Symbotic from a "buy" rating to a "hold" rating and set a $25.00 price objective on the stock. in a report on Wednesday, November 27th. UBS Group lowered their target price on shares of Symbotic from $32.00 to $30.00 and set a "neutral" rating on the stock in a report on Tuesday, February 25th. Northland Securities raised their price objective on shares of Symbotic from $35.00 to $41.00 and gave the stock an "outperform" rating in a report on Friday, January 17th. DA Davidson raised Symbotic from a "neutral" rating to a "buy" rating and set a $35.00 target price on the stock in a report on Wednesday, January 8th. Finally, William Blair reaffirmed a "market perform" rating on shares of Symbotic in a report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $38.20.

Insiders Place Their Bets

In related news, CFO Carol J. Hibbard sold 4,055 shares of the company's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $30.70, for a total value of $124,488.50. Following the completion of the transaction, the chief financial officer now directly owns 44,386 shares of the company's stock, valued at approximately $1,362,650.20. This represents a 8.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael David Dunn sold 3,635 shares of Symbotic stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $33.28, for a total value of $120,972.80. Following the completion of the sale, the insider now directly owns 24,272 shares in the company, valued at $807,772.16. This represents a 13.03 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 76,442 shares of company stock worth $2,120,023. Corporate insiders own 0.60% of the company's stock.

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.