Hodges Capital Management Inc. Cuts Stock Position in Symbotic Inc. (NASDAQ:SYM)

Hodges Capital Management Inc. cut its holdings in Symbotic Inc. (NASDAQ:SYM) by 23.1% in the first quarter, HoldingsChannel reports. The firm owned 315,891 shares of the company’s stock after selling 94,875 shares during the quarter. Hodges Capital Management Inc.’s holdings in Symbotic were worth $14,215,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Van ECK Associates Corp bought a new stake in Symbotic in the fourth quarter worth $26,000. Pingora Partners LLC bought a new stake in Symbotic in the fourth quarter worth $51,000. Centerpoint Advisors LLC bought a new stake in Symbotic in the fourth quarter worth $62,000. TFC Financial Management Inc. lifted its position in Symbotic by 97.1% in the fourth quarter. TFC Financial Management Inc. now owns 1,226 shares of the company’s stock worth $63,000 after buying an additional 604 shares during the last quarter. Finally, Rakuten Securities Inc. bought a new stake in Symbotic in the fourth quarter worth $85,000.

Insiders Place Their Bets

In other Symbotic news, Director Rollin L. Ford sold 49,998 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $37.29, for a total value of $1,864,425.42. Following the completion of the transaction, the director now directly owns 10,447 shares in the company, valued at $389,568.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Michael David Dunn sold 1,200 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $44.02, for a total transaction of $52,824.00. Following the transaction, the insider now owns 70,832 shares in the company, valued at $3,118,024.64. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Rollin L. Ford sold 49,998 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $37.29, for a total transaction of $1,864,425.42. Following the transaction, the director now owns 10,447 shares in the company, valued at approximately $389,568.63. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 150,214 shares of company stock worth $6,030,760. 38.30% of the stock is owned by corporate insiders.

Symbotic Stock Down 0.1 %

NASDAQ:SYM traded down $0.04 during mid-day trading on Friday, reaching $35.16. The company’s stock had a trading volume of 1,353,911 shares, compared to its average volume of 1,406,457. Symbotic Inc. has a 1 year low of $29.62 and a 1 year high of $64.14. The stock has a fifty day moving average of $39.54 and a 200-day moving average of $43.21.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, May 6th. The company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.25. The business had revenue of $424.30 million during the quarter, compared to the consensus estimate of $415.98 million. Symbotic had a negative net margin of 1.27% and a positive return on equity of 5.27%. As a group, research analysts anticipate that Symbotic Inc. will post -0.07 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Robert W. Baird boosted their target price on shares of Symbotic from $52.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday, May 7th. Needham & Company LLC reissued a “buy” rating and set a $54.00 target price on shares of Symbotic in a research note on Tuesday, May 7th. William Blair reissued a “market perform” rating on shares of Symbotic in a research note on Friday, May 10th. Northland Securities boosted their target price on shares of Symbotic from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, April 10th. Finally, Craig Hallum boosted their target price on shares of Symbotic from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Symbotic presently has an average rating of “Moderate Buy” and an average target price of $55.69.

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.