Insider Selling: Symbotic (NASDAQ:SYM) Insider Sells $963,326.15 in Stock

Symbotic Inc. (NASDAQ:SYM) insider William Boyd III sold 11,735 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $82.09, for a total transaction of $963,326.15. Following the sale, the insider owned 26,769 shares of the company’s stock, valued at approximately $2,197,467.21. This represents a 30.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Symbotic Stock Performance

Shares of NASDAQ SYM opened at $69.80 on Friday. The firm’s 50 day moving average price is $61.66 and its 200-day moving average price is $46.77. Symbotic Inc. has a 52-week low of $16.32 and a 52-week high of $84.00. The company has a market cap of $41.22 billion, a PE ratio of -997.00, a P/E/G ratio of 11.75 and a beta of 2.10.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.08). The firm had revenue of $592.12 million during the quarter, compared to analysts’ expectations of $533.55 million. Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.Symbotic’s revenue was up 25.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.02) earnings per share. On average, analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Symbotic

Institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC purchased a new stake in Symbotic during the third quarter valued at approximately $34,296,000. Amanah Holdings Trust bought a new stake in shares of Symbotic during the 2nd quarter valued at $19,824,000. Canada Pension Plan Investment Board bought a new stake in shares of Symbotic during the 1st quarter valued at $4,968,000. ARK Investment Management LLC increased its stake in shares of Symbotic by 106.9% in the 1st quarter. ARK Investment Management LLC now owns 393,293 shares of the company’s stock worth $7,948,000 after purchasing an additional 203,226 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Symbotic by 16.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company’s stock worth $27,155,000 after purchasing an additional 187,538 shares during the period.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Needham & Company LLC increased their price objective on Symbotic from $32.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Northcoast Research set a $65.00 target price on shares of Symbotic and gave the company a “buy” rating in a research note on Thursday, October 2nd. Oppenheimer raised 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. Citigroup reissued a “buy” rating on shares of Symbotic in a report on Monday, July 14th. Finally, UBS Group restated a “sell” rating and issued a $35.00 target price (up previously from $27.00) on shares of Symbotic in a report on Tuesday, September 23rd. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $44.61.

Symbotic Company Profile

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.