Congress Wealth Management LLC DE Acquires New Position in Symbotic Inc. (NASDAQ:SYM)

Congress Wealth Management LLC DE purchased a new stake in shares of Symbotic Inc. (NASDAQ:SYM) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 15,000 shares of the company’s stock, valued at approximately $356,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Quest Partners LLC boosted its stake in shares of Symbotic by 19,307.7% in the 3rd 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 in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Symbotic by 10.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 219,074 shares of the company’s stock valued at $5,343,000 after acquiring an additional 20,469 shares during the last quarter. Verition Fund Management LLC boosted its holdings in Symbotic by 33.8% during the 3rd quarter. Verition Fund Management LLC now owns 33,129 shares of the company’s stock valued at $808,000 after acquiring an additional 8,362 shares during the period. Arete Wealth Advisors LLC bought a new position in Symbotic during the 3rd quarter worth approximately $311,000. Finally, Holocene Advisors LP bought a new position in shares of Symbotic in the third quarter worth approximately $1,201,000.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SYM. William Blair reissued a “market perform” rating on shares of Symbotic in a report on Thursday, December 5th. DA Davidson raised Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 target price on the stock in a research note on Wednesday, January 8th. UBS Group cut their price target 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. Citigroup reaffirmed a “buy” rating and set a $37.00 target price on shares of Symbotic in a research note on Monday, January 13th. Finally, Raymond James downgraded Symbotic from an “outperform” rating to a “market perform” rating in a report 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 given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $38.20.

Symbotic Price Performance

SYM opened at $20.16 on Friday. The firm has a market cap of $11.86 billion, a PE ratio of -287.96, a P/E/G ratio of 6.48 and a beta of 1.85. The stock has a 50-day moving average price of $25.53 and a 200-day moving average price of $26.68. Symbotic Inc. has a 1 year low of $17.11 and a 1 year high of $48.98.

Symbotic (NASDAQ:SYM) last issued its earnings results on Wednesday, February 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping 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, sell-side analysts anticipate that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Activity at Symbotic

In other Symbotic news, insider Michael David Dunn sold 5,365 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $24.60, for a total transaction of $131,979.00. Following the transaction, the insider now owns 31,860 shares in the company, valued at approximately $783,756. This represents a 14.41 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $24.04, for a total transaction of $48,080.00. Following the completion of the sale, the director now owns 214,036 shares of the company’s stock, valued at $5,145,425.44. This represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,442 shares of company stock valued at $2,120,023. 0.60% of the stock is owned by corporate insiders.

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.