RiverPark Advisors LLC Boosts Stock Holdings in Symbotic Inc. (NASDAQ:SYM)

RiverPark Advisors LLC increased its stake in Symbotic Inc. (NASDAQ:SYM) by 147.1% during the third quarter, according to its most recent filing with the SEC. The fund owned 2,034 shares of the company’s stock after buying an additional 1,211 shares during the quarter. RiverPark Advisors LLC’s holdings in Symbotic were worth $50,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Baillie Gifford & Co. lifted its position in shares of Symbotic by 32.0% during the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after acquiring an additional 3,410,050 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in Symbotic by 191.5% during the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after acquiring an additional 509,700 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in Symbotic by 76.8% during the 3rd 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 during the period. Vanguard Group Inc. lifted its stake in Symbotic by 16.6% in the 1st 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 in the last quarter. Finally, Millennium Management LLC boosted its holdings in Symbotic by 6,694.5% in the 2nd quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock valued at $11,801,000 after purchasing an additional 330,709 shares during the period.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SYM. Vertical Research initiated coverage on Symbotic in a research note on Tuesday, July 23rd. They issued a “hold” rating and a $45.00 target price on the stock. Needham & Company LLC cut their target price on Symbotic from $54.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Citigroup cut their price objective on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft lifted their price objective on Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Finally, The Goldman Sachs Group dropped their target price on Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $43.23.

Symbotic Stock Down 1.5 %

Symbotic stock opened at $29.49 on Friday. The stock’s 50 day moving average is $26.75 and its 200 day moving average is $31.21. Symbotic Inc. has a twelve month low of $17.11 and a twelve month high of $59.82. The company has a market capitalization of $17.27 billion, a P/E ratio of -155.21 and a beta of 1.81.

Insider Buying and Selling at Symbotic

In other Symbotic news, CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total value of $660,896.16. Following the transaction, the chief financial officer now directly owns 34,188 shares in the company, valued at approximately $990,084.48. This trade represents a 40.03 % decrease in their ownership of the stock. 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 on Tuesday, September 3rd. The stock was sold at an average price of $18.75, for a total transaction of $37,500.00. Following the transaction, the director now owns 214,036 shares in the company, valued at $4,013,175. This represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,878 shares of company stock worth $1,378,056. Company insiders own 38.30% 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.