Symbotic Inc. (NASDAQ:SYM) Insider William M. Boyd III Sells 2,660 Shares of Stock

Symbotic Inc. (NASDAQ:SYM) insider William M. Boyd III sold 2,660 shares of the company’s stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $48.86, for a total value of $129,967.60. Following the completion of the sale, the insider owned 31,884 shares in the company, valued at approximately $1,557,852.24. This represents a 7.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Symbotic Stock Performance

Shares of NASDAQ:SYM traded up $0.42 during mid-day trading on Friday, hitting $54.60. 366,876 shares of the company traded hands, compared to its average volume of 2,079,011. The firm has a market cap of $32.19 billion, a P/E ratio of -1,365.05, a PEG ratio of 54.96 and a beta of 2.03. Symbotic Inc. has a 52-week low of $16.32 and a 52-week high of $54.93. The firm’s 50 day simple moving average is $34.74 and its 200 day simple moving average is $27.77.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). Symbotic had a negative net margin of 0.23% and a negative return on equity of 1.26%. The company had revenue of $549.65 million for the quarter, compared to analyst estimates of $522.36 million. During the same quarter in the prior year, the firm earned ($0.07) EPS. The company’s revenue for the quarter was up 39.7% compared to the same quarter last year. Equities research analysts expect that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Analyst Ratings Changes

SYM has been the subject of several recent research reports. Northland Securities increased their price objective on Symbotic from $35.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft downgraded Symbotic from a “buy” rating to a “hold” rating and set a $51.00 price objective for the company. in a research note on Friday. BWS Financial reiterated a “sell” rating and set a $10.00 price target on shares of Symbotic in a report on Wednesday, April 2nd. Arete assumed coverage on Symbotic in a report on Wednesday, June 25th. They set a “buy” rating and a $50.00 price target on the stock. Finally, Oppenheimer reiterated an “outperform” rating and set a $54.00 price target (up previously from $35.00) on shares of Symbotic in a report on Wednesday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.24.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SYM. Charles Schwab Investment Management Inc. raised its stake in shares of Symbotic by 5.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 230,996 shares of the company’s stock worth $5,477,000 after buying an additional 11,922 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Symbotic by 146.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,832 shares of the company’s stock worth $91,000 after purchasing an additional 2,275 shares during the period. Amundi raised its position in shares of Symbotic by 30.0% during the fourth quarter. Amundi now owns 47,199 shares of the company’s stock worth $1,119,000 after purchasing an additional 10,895 shares during the period. HighTower Advisors LLC raised its position in shares of Symbotic by 13.0% during the fourth quarter. HighTower Advisors LLC now owns 26,371 shares of the company’s stock worth $625,000 after purchasing an additional 3,033 shares during the period. Finally, Swiss National Bank raised its position in shares of Symbotic by 2.4% during the fourth quarter. Swiss National Bank now owns 81,700 shares of the company’s stock worth $1,937,000 after purchasing an additional 1,900 shares during the period.

About Symbotic

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.