Symbotic (NASDAQ:SYM) Insider William Boyd III Sells 9,194 Shares of Stock

Symbotic Inc. (NASDAQ:SYM) insider William Boyd III sold 9,194 shares of the stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $41.04, for a total value of $377,321.76. Following the sale, the insider directly owned 57,112 shares in the company, valued at $2,343,876.48. This represents a 13.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Symbotic Stock Performance

NASDAQ SYM opened at $42.34 on Wednesday. The stock has a 50-day simple moving average of $44.00 and a two-hundred day simple moving average of $51.98. The firm has a market capitalization of $25.52 billion, a P/E ratio of -846.63, a PEG ratio of 6.12 and a beta of 1.93. Symbotic Inc. has a fifty-two week low of $38.19 and a fifty-two week high of $87.88.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.11). Symbotic had a negative net margin of 0.20% and a negative return on equity of 0.68%. The company had revenue of $676.48 million during the quarter, compared to analyst estimates of $662.65 million. During the same period last year, the firm earned ($0.04) EPS. The business’s quarterly revenue was up 23.1% compared to the same quarter last year. As a group, analysts forecast that Symbotic Inc. will post 0.23 earnings per share for the current year.

Hedge Funds Weigh In On Symbotic

Several institutional investors and hedge funds have recently modified their holdings of SYM. Parkside Financial Bank & Trust raised its holdings in Symbotic by 100.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock worth $32,000 after purchasing an additional 268 shares during the period. Quarry LP acquired a new stake in Symbotic in the fourth quarter valued at approximately $36,000. Parallel Advisors LLC grew its holdings in Symbotic by 67.3% in the fourth quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock valued at $37,000 after purchasing an additional 249 shares during the period. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Symbotic in the fourth quarter valued at approximately $48,000. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in shares of Symbotic in the fourth quarter valued at approximately $55,000.

Analysts Set New Price Targets

Several equities research analysts have commented on SYM shares. Weiss Ratings lowered Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 11th. The Goldman Sachs Group cut their target price on shares of Symbotic from $54.00 to $45.00 and set a “sell” rating for the company in a report on Tuesday, May 26th. DA Davidson reiterated a “buy” rating and issued a $70.00 target price on shares of Symbotic in a research note on Monday, May 11th. Finally, Zacks Research cut shares of Symbotic from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 7th. Seven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat, Symbotic presently has an average rating of “Hold” and an average price target of $66.50.

About Symbotic

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.