Pinnacle Associates Ltd. Sells 5,890 Shares of Symbotic Inc. (NASDAQ:SYM)

Pinnacle Associates Ltd. trimmed its holdings in shares of Symbotic Inc. (NASDAQ:SYM) by 36.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,225 shares of the company’s stock after selling 5,890 shares during the period. Pinnacle Associates Ltd.’s holdings in Symbotic were worth $249,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. Hunter Associates Investment Management LLC raised its position in shares of Symbotic by 29.8% during the 3rd quarter. Hunter Associates Investment Management LLC now owns 63,093 shares of the company’s stock valued at $1,528,000 after acquiring an additional 14,487 shares during the last quarter. Taylor Frigon Capital Management LLC grew its stake in shares of Symbotic by 4.9% during the third quarter. Taylor Frigon Capital Management LLC now owns 70,129 shares of the company’s stock worth $1,699,000 after purchasing an additional 3,255 shares during the period. International Assets Investment Management LLC increased its holdings in Symbotic by 1,273,060.0% in the third quarter. International Assets Investment Management LLC now owns 63,658 shares of the company’s stock valued at $1,553,000 after purchasing an additional 63,653 shares during the last quarter. Castleview Partners LLC lifted its stake in Symbotic by 50.0% in the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after buying an additional 500 shares during the period. Finally, nVerses Capital LLC grew its position in shares of Symbotic by 31.1% during the 3rd quarter. nVerses Capital LLC now owns 5,900 shares of the company’s stock worth $144,000 after buying an additional 1,400 shares during the period.

Analyst Ratings Changes

A number of analysts recently weighed in on SYM shares. Northland Securities cut their price target on shares of Symbotic from $60.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 30th. TD Cowen decreased their price target on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. BWS Financial reiterated a “sell” rating and set a $10.00 target price on shares of Symbotic in a report on Friday, October 11th. Needham & Company LLC lowered their price target on Symbotic from $54.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Finally, Citigroup cut their price objective on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Symbotic currently has a consensus rating of “Moderate Buy” and an average price target of $43.23.

Symbotic Stock Up 2.3 %

Shares of SYM opened at $28.44 on Monday. Symbotic Inc. has a twelve month low of $17.11 and a twelve month high of $59.82. The stock has a market capitalization of $16.65 billion, a P/E ratio of -149.68 and a beta of 1.81. The company has a 50 day moving average of $24.31 and a 200-day moving average of $31.73.

Insider Buying and Selling

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total value of $37,500.00. Following the sale, the director now directly owns 214,036 shares in the company, valued at approximately $4,013,175. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Michael David Dunn sold 5,266 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $23.81, for a total transaction of $125,383.46. Following the sale, the insider now owns 85,224 shares in the company, valued at $2,029,183.44. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total transaction of $37,500.00. Following the completion of the transaction, the director now directly owns 214,036 shares of the company’s stock, valued at $4,013,175. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,057 shares of company stock worth $660,860. 38.30% of the stock is owned by insiders.

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.