Insider Selling: Symbotic (NASDAQ:SYM) Major Shareholder Sells $186,235,000.00 in Stock

Symbotic Inc. (NASDAQ:SYM) major shareholder Svf Sponsor Iii (De) Llc sold 3,500,000 shares of the firm’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $53.21, for a total transaction of $186,235,000.00. Following the completion of the transaction, the insider directly owned 5,590,000 shares in the company, valued at approximately $297,443,900. The trade was a 38.50% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Symbotic Stock Performance

Shares of SYM opened at $60.25 on Thursday. The firm has a market capitalization of $35.64 billion, a P/E ratio of -401.67, a P/E/G ratio of 17.64 and a beta of 2.10. Symbotic Inc. has a 52 week low of $16.32 and a 52 week high of $87.88. The stock has a 50 day moving average price of $68.42 and a two-hundred day moving average price of $53.35.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, November 24th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.11). Symbotic had a negative net margin of 0.75% and a negative return on equity of 3.89%. The company had revenue of $618.46 million for the quarter, compared to analysts’ expectations of $604.00 million. During the same period in the previous year, the firm earned $0.47 EPS. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. On average, equities analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current year.

Institutional Investors Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC bought a new position in shares of Symbotic in the third quarter worth $34,296,000. Amanah Holdings Trust purchased a new stake in Symbotic during the 2nd quarter worth about $19,824,000. Franklin Resources Inc. boosted its stake in Symbotic by 3,188.8% in the 3rd quarter. Franklin Resources Inc. now owns 274,155 shares of the company’s stock worth $14,777,000 after purchasing an additional 265,819 shares during the period. Canada Pension Plan Investment Board purchased a new position in Symbotic during the 1st quarter valued at about $4,968,000. Finally, Handelsbanken Fonder AB grew its holdings in Symbotic by 626.4% during the 3rd quarter. Handelsbanken Fonder AB now owns 274,178 shares of the company’s stock valued at $14,778,000 after buying an additional 236,435 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. UBS Group reaffirmed a “sell” rating and issued a $35.00 target price (up from $27.00) on shares of Symbotic in a report on Tuesday, September 23rd. Deutsche Bank Aktiengesellschaft upped their price objective on Symbotic from $55.00 to $63.00 and gave the company a “hold” rating in a research note on Tuesday, November 25th. DA Davidson reiterated a “neutral” rating and set a $47.00 target price on shares of Symbotic in a research note on Tuesday, November 25th. Northcoast Research downgraded shares of Symbotic from a “buy” rating to a “neutral” rating in a report on Tuesday, November 25th. Finally, Barclays raised their price objective on shares of Symbotic from $38.00 to $41.00 and gave the stock an “underweight” rating in a report on Wednesday, November 26th. Six investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, Symbotic currently has a consensus rating of “Hold” and an average target price of $56.50.

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.