Mitsubishi UFJ Trust & Banking Corp has reduced its stock holdings in Symbotic Inc., a move that reflects broader shifts in investor positions surrounding the automation technology company. The change in ownership comes amid several institutional investors adjusting their stakes in the company.
Institutional Investor Activity
Other institutional investors have also recently made changes to their holdings in Symbotic. For instance, Bank of New York Mellon Corp increased its stake in the company by 35.7% during the first quarter, acquiring an additional 15,947 shares. The bank now owns a total of 60,554 shares, valued at approximately $1.22 million.
Envestnet Asset Management Inc. also raised its holdings by 19.3% in the same period, purchasing 3,576 additional shares to reach a total of 22,118 shares, valued at $447,000. CWM LLC saw the most significant increase, growing its stake by an impressive 408.2%, adding 2,090 shares for a total holding of 2,602 shares, worth $53,000.
Other notable transactions include Victory Capital Management Inc., which bought a new position in Symbotic valued at around $1.9 million, and Pinnacle Associates Ltd., which made a new purchase worth approximately $349,000.
Insider Transactions
Insider trading has also been active. William M. Boyd III, a Symbotic insider, sold 11,735 shares on November 3rd at an average price of $82.09, totalling $963,326.15. This sale marked a 30.48% reduction in Boyd’s stake, leaving him with 26,769 shares valued at $2.2 million.
Similarly, major shareholder David A. Ladensohn sold 13,500 shares on October 16th at an average price of $74.44, totalling $1,004,940. After the sale, Ladensohn retained just 2,000 shares worth approximately $148,880, marking a significant 87.1% reduction in his holdings.
Over the past 90 days, insiders have sold a total of 313,494 shares, amounting to $16.18 million. Insiders now own 0.60% of Symbotic’s stock.
Analyst Ratings
Symbotic has received varied responses from analysts in recent months. Zacks Research upgraded the stock from a “strong sell” to a “hold” rating in early October. Meanwhile, Needham & Company raised its price target for Symbotic from $32 to $57, maintaining a “buy” rating. Other analysts have been more cautious: Robert W. Baird downgraded the stock from “outperform” to “neutral,” while Arete also lowered its rating to “neutral.”
Currently, the stock has a consensus “Hold” rating, with a target price of $44.61. Seven analysts have a “buy” rating, 13 recommend holding the stock, and three have issued a “sell” rating.
Stock Performance
Symbotic’s stock opened at $58.18 on Friday, with a 50-day moving average of $63.37 and a 200-day moving average of $48.23. The company’s market capitalisation stands at $34.35 billion, though it has a high price-to-earnings ratio of -831.02, reflecting its negative earnings at present. The company’s stock has fluctuated between a 52-week low of $16.32 and a high of $84.00.
| Company | Shares Owned | Value of Shares | Percentage Change |
|---|---|---|---|
| Bank of New York Mellon | 60,554 | $1.22 million | +35.7% |
| Envestnet Asset Mgmt | 22,118 | $447,000 | +19.3% |
| CWM LLC | 2,602 | $53,000 | +408.2% |
| Victory Capital | New Position | $1.9 million | – |
| Pinnacle Associates | New Position | $349,000 | – |
| William M. Boyd III | 26,769 | $2.2 million | -30.48% |
| David A. Ladensohn | 2,000 | $148,880 | -87.1% |
Company Overview
Symbotic Inc. is an automation technology company that specialises in developing systems to optimise warehouse operations. It primarily focuses on automating the handling of pallets and cases in large distribution centres, enhancing the efficiency of the supply chain for retail businesses.