Bourne Lent Asset Management Inc. Increases Stake in Symbotic Inc. (NASDAQ:SYM)

Bourne Lent Asset Management Inc. increased its holdings in Symbotic Inc. (NASDAQ:SYM) by 4.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 64,710 shares of the company’s stock after purchasing an additional 3,000 shares during the quarter. Symbotic accounts for 0.6% of Bourne Lent Asset Management Inc.’s investment portfolio, making the stock its 28th biggest position. Bourne Lent Asset Management Inc.’s holdings in Symbotic were worth $1,578,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings 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 purchasing an additional 345,386 shares during the last quarter. Canada Pension Plan Investment Board grew its holdings in Symbotic by 191.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after acquiring an additional 509,700 shares during the last quarter. Blair William & Co. IL increased its position in shares of Symbotic by 418.1% in the first quarter. Blair William & Co. IL now owns 33,365 shares of the company’s stock valued at $1,501,000 after acquiring an additional 26,925 shares during the period. Comerica Bank raised its stake in shares of Symbotic by 1,347.0% during the first quarter. Comerica Bank now owns 16,641 shares of the company’s stock valued at $749,000 after acquiring an additional 15,491 shares during the last quarter. Finally, Ensign Peak Advisors Inc boosted its holdings in shares of Symbotic by 3,622.4% during the second quarter. Ensign Peak Advisors Inc now owns 193,678 shares of the company’s stock worth $6,810,000 after purchasing an additional 188,475 shares during the period.

Symbotic Stock Performance

Shares of NASDAQ SYM opened at $28.83 on Wednesday. Symbotic Inc. has a 52-week low of $17.11 and a 52-week high of $59.82. The company has a market cap of $16.85 billion, a PE ratio of -120.13 and a beta of 1.84. The firm’s 50 day moving average price is $22.65 and its 200-day moving average price is $33.07.

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

Insider Buying and Selling

In other Symbotic news, insider Michael David Dunn sold 1,895 shares of the stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $36.56, for a total value of $69,281.20. Following the transaction, the insider now owns 77,326 shares of the company’s stock, valued at approximately $2,827,038.56. This 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 can be accessed through the SEC website. In related news, insider Michael David Dunn sold 1,895 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $36.56, for a total transaction of $69,281.20. Following the completion of the sale, the insider now directly owns 77,326 shares in the company, valued at approximately $2,827,038.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider William M. Boyd III sold 8,826 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 23,012 shares of the company’s stock, valued at approximately $890,794.52. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 36,987 shares of company stock valued at $986,559 over the last 90 days. Company insiders own 38.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on SYM shares. Citigroup cut their price objective on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. TD Cowen cut their price target on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Craig Hallum lowered their price objective 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. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a research report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Symbotic presently has a consensus 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.