Arizona State Retirement System Buys 5,261 Shares of Symbotic Inc. (NASDAQ:SYM)

Arizona State Retirement System raised its stake in Symbotic Inc. (NASDAQ:SYM) by 114.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,863 shares of the company’s stock after acquiring an additional 5,261 shares during the quarter. Arizona State Retirement System’s holdings in Symbotic were worth $347,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. First Dallas Securities Inc. raised its holdings in Symbotic by 4.1% in the 2nd quarter. First Dallas Securities Inc. now owns 20,100 shares of the company’s stock valued at $707,000 after buying an additional 800 shares during the last quarter. Legacy Capital Wealth Partners LLC bought a new position in Symbotic in the 2nd quarter valued at approximately $1,727,000. nVerses Capital LLC bought a new position in Symbotic in the 2nd quarter valued at approximately $158,000. Van ECK Associates Corp raised its holdings in Symbotic by 109.5% in the 2nd quarter. Van ECK Associates Corp now owns 2,723 shares of the company’s stock valued at $96,000 after buying an additional 1,423 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its holdings in Symbotic by 51.1% in the 2nd quarter. Commonwealth Equity Services LLC now owns 30,996 shares of the company’s stock valued at $1,090,000 after buying an additional 10,477 shares during the last quarter.

Wall Street Analyst Weigh In

SYM has been the subject of several analyst reports. Craig Hallum lowered their price target on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price target on shares of Symbotic in a report on Tuesday, July 30th. KeyCorp lowered their price target on shares of Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, July 30th. Citigroup lowered their price target on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Finally, Northland Securities lowered their price target on shares of Symbotic from $60.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $43.23.

Insider Activity at Symbotic

In other Symbotic news, insider William M. Boyd III sold 8,826 shares of Symbotic stock in a transaction on Friday, July 26th. The shares were sold at an average price of $38.71, for a total transaction of $341,654.46. Following the transaction, the insider now directly owns 23,012 shares of the company’s stock, valued at approximately $890,794.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Symbotic news, insider William M. Boyd III sold 8,826 shares of Symbotic stock in a transaction on Friday, July 26th. The shares were sold at an average price of $38.71, for a total transaction of $341,654.46. Following the transaction, the insider now directly owns 23,012 shares of the company’s stock, valued at approximately $890,794.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael David Dunn sold 5,188 shares of Symbotic stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $35.49, for a total transaction of $184,122.12. Following the transaction, the insider now directly owns 76,808 shares in the company, valued at $2,725,915.92. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,909 shares of company stock valued at $1,148,358. 38.30% of the stock is owned by company insiders.

Symbotic Trading Up 11.4 %

NASDAQ SYM opened at $24.96 on Wednesday. The company has a fifty day simple moving average of $26.37 and a 200 day simple moving average of $35.90. Symbotic Inc. has a 12-month low of $17.11 and a 12-month high of $59.82. The company has a market cap of $14.59 billion, a P/E ratio of -104.00 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Monday, July 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.04). Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The business had revenue of $491.86 million during the quarter, compared to analyst estimates of $464.56 million. During the same period in the previous year, the business posted ($0.07) EPS. The business’s revenue for the quarter was up 57.7% compared to the same quarter last year. Sell-side analysts predict that Symbotic Inc. will post -0.08 EPS for the current year.

About Symbotic

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.