PNC Financial Services Group Inc. Purchases 2,275 Shares of Symbotic Inc. (NASDAQ:SYM)

PNC Financial Services Group Inc. raised its position in shares of Symbotic Inc. (NASDAQ:SYM) by 146.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,832 shares of the company’s stock after acquiring an additional 2,275 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Symbotic were worth $91,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of SYM. Thematics Asset Management grew its position in shares of Symbotic by 30.1% during the 3rd quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock worth $25,565,000 after buying an additional 242,661 shares during the period. Raymond James Financial Inc. acquired a new stake in Symbotic in the fourth quarter worth $20,754,000. TCW Group Inc. increased its stake in Symbotic by 51.7% in the fourth quarter. TCW Group Inc. now owns 582,955 shares of the company’s stock valued at $13,822,000 after purchasing an additional 198,681 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Symbotic by 10.2% during the third quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock valued at $12,290,000 after purchasing an additional 46,721 shares during the period. Finally, State Street Corp boosted its position in shares of Symbotic by 2.6% during the 3rd quarter. State Street Corp now owns 319,235 shares of the company’s stock worth $7,786,000 after purchasing an additional 7,990 shares in the last quarter.

Analysts Set New Price Targets

SYM has been the subject of a number of research analyst reports. The Goldman Sachs Group decreased their target price on Symbotic from $28.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, February 6th. Needham & Company LLC lowered their target price on Symbotic from $35.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday, February 6th. Citigroup reissued a “buy” rating and issued a $37.00 price target on shares of Symbotic in a research report on Monday, January 13th. UBS Group decreased their price target on shares of Symbotic from $32.00 to $30.00 and set a “neutral” rating for the company in a research note on Tuesday, February 25th. Finally, TD Cowen lifted their price objective on shares of Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Symbotic presently has a consensus rating of “Hold” and a consensus price target of $38.20.

Symbotic Stock Down 0.5 %

SYM stock opened at $23.38 on Wednesday. The firm has a market cap of $13.76 billion, a PE ratio of -333.95, a P/E/G ratio of 6.48 and a beta of 1.85. The business has a 50 day moving average of $26.02 and a 200-day moving average of $26.68. Symbotic Inc. has a 12-month low of $17.11 and a 12-month high of $50.26.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Wednesday, February 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Symbotic had a positive return on equity of 5.11% and a negative net margin of 0.38%. On average, research analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In other news, insider William M. Boyd III sold 2,455 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $22.31, for a total transaction of $54,771.05. Following the completion of the transaction, the insider now owns 39,659 shares in the company, valued at approximately $884,792.29. This represents a 5.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Rollin L. Ford sold 28,740 shares of the business’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $26.02, for a total value of $747,814.80. Following the completion of the sale, the director now owns 10,447 shares in the company, valued at $271,830.94. This represents a 73.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 76,442 shares of company stock worth $2,120,023. Insiders own 0.60% of the company’s stock.

Symbotic 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.