Insider Selling: Symbotic (NASDAQ:SYM) Insider Sells 1,666 Shares of Stock

Symbotic Inc. (NASDAQ:SYM) insider Maria Freve sold 1,666 shares of the stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $58.18, for a total transaction of $96,927.88. Following the sale, the insider owned 544 shares of the company’s stock, valued at approximately $31,649.92. This represents a 75.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Symbotic Price Performance

NASDAQ:SYM traded up $1.02 during mid-day trading on Wednesday, reaching $53.96. 1,117,513 shares of the company’s stock traded hands, compared to its average volume of 1,989,266. The company has a 50 day moving average price of $63.75 and a 200-day moving average price of $48.91. The firm has a market capitalization of $31.86 billion, a price-to-earnings ratio of -770.75, a PEG ratio of 9.58 and a beta of 2.10. Symbotic Inc. has a 12-month low of $16.32 and a 12-month high of $84.00.

Institutional Investors Weigh In On Symbotic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Symbotic by 2.1% in the third quarter. Vanguard Group Inc. now owns 4,695,021 shares of the company’s stock worth $253,062,000 after purchasing an additional 98,384 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Symbotic by 16.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company’s stock valued at $27,155,000 after buying an additional 187,538 shares in the last quarter. UBS Group AG grew its position in shares of Symbotic by 22.3% in the 3rd quarter. UBS Group AG now owns 1,105,770 shares of the company’s stock worth $59,601,000 after buying an additional 201,547 shares during the period. Raymond James Financial Inc. grew its position in shares of Symbotic by 12.1% in the 1st quarter. Raymond James Financial Inc. now owns 980,922 shares of the company’s stock worth $19,824,000 after buying an additional 105,616 shares during the period. Finally, TCW Group Inc. increased its stake in shares of Symbotic by 1.8% in the 1st quarter. TCW Group Inc. now owns 593,442 shares of the company’s stock worth $11,993,000 after acquiring an additional 10,487 shares in the last quarter.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SYM. Needham & Company LLC boosted their target price on Symbotic from $32.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Oppenheimer lifted their price target on shares of Symbotic from $54.00 to $59.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. DA Davidson reissued a “neutral” rating and set a $47.00 price objective (up from $35.00) on shares of Symbotic in a research report on Monday, August 25th. Zacks Research upgraded shares of Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 1st. Finally, Barclays initiated coverage on shares of Symbotic in a research report on Tuesday, October 7th. They issued an “underweight” rating and a $38.00 target price for the company. Seven research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $44.41.

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.