Wells Fargo & Company MN Cuts Position in Symbotic Inc. (NASDAQ:SYM)

Wells Fargo & Company MN reduced its position in Symbotic Inc. (NASDAQ:SYM - Free Report) by 9.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 123,621 shares of the company's stock after selling 13,620 shares during the quarter. Wells Fargo & Company MN's holdings in Symbotic were worth $2,931,000 as of its most recent filing with the SEC.

A number of other hedge funds have also added to or reduced their stakes in SYM. State Street Corp raised its stake in shares of Symbotic by 2.6% in the third quarter. State Street Corp now owns 319,235 shares of the company's stock worth $7,786,000 after purchasing an additional 7,990 shares during the last quarter. Barclays PLC grew its position in Symbotic by 1,105.9% in the 3rd quarter. Barclays PLC now owns 9,346 shares of the company's stock worth $228,000 after purchasing an additional 8,571 shares in the last quarter. Geode Capital Management LLC increased its stake in Symbotic by 10.2% in the 3rd quarter. Geode Capital Management LLC now owns 503,758 shares of the company's stock valued at $12,290,000 after buying an additional 46,721 shares during the last quarter. 1ST Source Bank purchased a new position in shares of Symbotic in the 3rd quarter worth approximately $488,000. Finally, Capital Market Strategies LLC bought a new position in shares of Symbotic in the fourth quarter valued at approximately $802,000.

Symbotic Stock Up 0.2 %

Shares of SYM stock traded up $0.04 on Monday, reaching $21.97. The company's stock had a trading volume of 443,269 shares, compared to its average volume of 1,933,055. The stock's 50 day simple moving average is $21.49 and its 200-day simple moving average is $26.14. The company has a market capitalization of $12.93 billion, a P/E ratio of -313.60, a PEG ratio of 6.48 and a beta of 1.86. Symbotic Inc. has a 12-month low of $16.32 and a 12-month high of $48.98.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings data 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 positive return on equity of 5.11% and a negative net margin of 0.38%. Research analysts expect that Symbotic Inc. will post 0.13 EPS for the current year.

Analyst Ratings Changes

SYM has been the topic of several research analyst reports. Raymond James cut Symbotic from an "outperform" rating to a "market perform" rating in a research report on Thursday, February 6th. Citigroup reduced their price target on shares of Symbotic from $37.00 to $29.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Oppenheimer began coverage on shares of Symbotic in a research report on Wednesday, January 15th. They issued an "outperform" rating and a $35.00 price objective on the stock. The Goldman Sachs Group decreased their price target on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Finally, Needham & Company LLC dropped their price objective on Symbotic from $35.00 to $32.00 and set a "buy" rating on the stock in a research note on Thursday, February 6th. One equities 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $37.20.

Insiders Place Their Bets

In other Symbotic news, CFO Carol J. Hibbard sold 4,055 shares of the business's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $30.70, for a total transaction of $124,488.50. Following the transaction, the chief financial officer now directly owns 44,386 shares of the company's stock, valued at approximately $1,362,650.20. The trade was a 8.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Maria G. Freve sold 1,929 shares of the stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $21.69, for a total transaction of $41,840.01. Following the completion of the transaction, the insider now directly owns 2,646 shares of the company's stock, valued at approximately $57,391.74. The trade was a 42.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 60,957 shares of company stock valued at $1,573,931 in the last quarter. Insiders own 0.60% of the company's stock.

Symbotic 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.