Taylor Frigon Capital Management LLC Boosts Stake in Symbotic Inc. (NASDAQ:SYM)

Taylor Frigon Capital Management LLC increased its position in Symbotic Inc. (NASDAQ:SYM) by 4.9% in the third quarter, HoldingsChannel reports. The firm owned 70,129 shares of the company’s stock after purchasing an additional 3,255 shares during the quarter. Taylor Frigon Capital Management LLC’s holdings in Symbotic were worth $1,699,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in SYM. Baillie Gifford & Co. purchased a new stake in Symbotic in the first quarter worth about $426,752,000. Canada Pension Plan Investment Board increased its position in Symbotic by 191.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after buying an additional 509,700 shares in the last quarter. Exchange Traded Concepts LLC boosted its holdings in Symbotic by 76.8% in the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after acquiring an additional 379,726 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Symbotic by 16.6% in the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after acquiring an additional 345,386 shares during the last quarter. Finally, Zevenbergen Capital Investments LLC increased its holdings in shares of Symbotic by 1,826.2% during the first quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock valued at $16,253,000 after acquiring an additional 342,417 shares in the last quarter.

Insider Buying and Selling at Symbotic

In other news, insider William M. Boyd III sold 8,826 shares of Symbotic stock in a transaction dated Friday, July 26th. The stock was 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 $890,794.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Symbotic news, Director Todd Krasnow sold 17,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $21.46, for a total transaction of $364,820.00. Following the sale, the director now directly owns 214,036 shares of the company’s stock, valued at $4,593,212.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William M. Boyd III sold 8,826 shares of the company’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $38.71, for a total value of $341,654.46. Following the completion of the transaction, the insider now directly owns 23,012 shares of the company’s stock, valued at approximately $890,794.52. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 35,092 shares of company stock valued at $917,278. Company insiders own 38.30% of the company’s stock.

Symbotic Price Performance

Shares of NASDAQ:SYM traded up $0.24 during trading on Thursday, hitting $28.55. The company’s stock had a trading volume of 225,249 shares, compared to its average volume of 1,598,381. The company has a 50-day moving average of $23.57 and a 200-day moving average of $32.53. Symbotic Inc. has a 12 month low of $17.11 and a 12 month high of $59.82.

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

Wall Street Analyst Weigh In

SYM has been the topic of a number of analyst reports. Robert W. Baird dropped their price target on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. Craig Hallum cut their price target on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Needham & Company LLC reduced their target price on Symbotic from $54.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 price target on shares of Symbotic in a report on Friday, October 11th. One 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, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.23.

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.