Insider Selling: Symbotic (NASDAQ:SYM) Insider Sells $90,388.32 in Stock

Symbotic Inc. (NASDAQ:SYM) insider Maria Freve sold 2,244 shares of Symbotic stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $40.28, for a total transaction of $90,388.32. Following the completion of the sale, the insider owned 3,096 shares of the company’s stock, valued at $124,706.88. This trade represents a 42.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Symbotic Stock Up 6.4%

Shares of NASDAQ SYM opened at $42.94 on Friday. The business’s 50 day moving average is $43.65 and its two-hundred day moving average is $51.57. Symbotic Inc. has a 52-week low of $38.19 and a 52-week high of $87.88. The firm has a market cap of $25.88 billion, a price-to-earnings ratio of -858.63, a PEG ratio of 5.95 and a beta of 1.93.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.11). Symbotic had a negative return on equity of 0.68% and a negative net margin of 0.20%.The firm had revenue of $676.48 million for the quarter, compared to analysts’ expectations of $662.65 million. During the same quarter in the prior year, the business earned ($0.04) earnings per share. The company’s quarterly revenue was up 23.1% on a year-over-year basis. Analysts anticipate that Symbotic Inc. will post 0.23 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have weighed in on SYM shares. The Goldman Sachs Group dropped their target price on Symbotic from $54.00 to $45.00 and set a “sell” rating for the company in a research report on Tuesday, May 26th. DA Davidson reissued a “buy” rating and issued a $70.00 price objective on shares of Symbotic in a research note on Monday, May 11th. Weiss Ratings lowered shares of Symbotic from a “hold (c-)” rating to a “sell (d+)” rating 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 report on Tuesday, July 7th. Seven research analysts have rated the stock with a Buy rating, three have given a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $66.50.

Institutional Trading of Symbotic

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Symbotic by 47.6% in the fourth quarter. Vanguard Group Inc. now owns 6,932,158 shares of the company’s stock valued at $412,463,000 after buying an additional 2,237,137 shares during the last quarter. Handelsbanken Fonder AB raised its stake in Symbotic by 54.3% in the fourth quarter. Handelsbanken Fonder AB now owns 423,020 shares of the company’s stock valued at $25,170,000 after buying an additional 148,842 shares in the last quarter. M&T Bank Corp lifted its holdings in Symbotic by 1,108.8% during the 4th quarter. M&T Bank Corp now owns 330,882 shares of the company’s stock worth $19,687,000 after buying an additional 303,510 shares during the last quarter. Wealthfront Advisers LLC purchased a new stake in Symbotic during the 4th quarter worth about $1,581,000. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Symbotic by 23.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 726,411 shares of the company’s stock worth $47,122,000 after acquiring an additional 136,111 shares in the last quarter.

Symbotic Company Profile

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.