Insider Selling: Symbotic (NASDAQ:SYM) Insider Sells $540,147.50 in Stock

Symbotic Inc. (NASDAQ:SYM) insider William Boyd III sold 9,194 shares of the business’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $58.75, for a total value of $540,147.50. Following the completion of the sale, the insider owned 62,227 shares in the company, valued at approximately $3,655,836.25. The trade was a 12.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Symbotic Price Performance

Shares of SYM opened at $57.35 on Thursday. The firm has a market cap of $34.53 billion, a PE ratio of -573.44, a PEG ratio of 5.97 and a beta of 2.10. The stock’s fifty day moving average price is $54.53 and its two-hundred day moving average price is $61.08. Symbotic Inc. has a 1 year low of $20.50 and a 1 year high of $87.88.

Symbotic (NASDAQ:SYM) last issued its earnings results on Wednesday, February 4th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.06). The firm had revenue of $629.99 million during the quarter, compared to the consensus estimate of $622.58 million. Symbotic had a negative net margin of 0.45% and a negative return on equity of 1.88%. The business’s quarterly revenue was up 29.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.03) earnings per share. Sell-side analysts anticipate that Symbotic Inc. will post 0.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SYM. Zacks Research upgraded Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 18th. UBS Group set a $70.00 price objective on Symbotic in a research note on Wednesday, February 18th. The Goldman Sachs Group reiterated a “sell” rating and set a $50.00 price objective on shares of Symbotic in a research note on Thursday, January 15th. Barclays boosted their price objective on Symbotic from $42.00 to $44.00 and gave the company an “underweight” rating in a research note on Monday, March 16th. Finally, Needham & Company LLC boosted their price objective on Symbotic from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Seven research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Symbotic currently has a consensus rating of “Hold” and an average target price of $65.62.

Institutional Trading of Symbotic

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. IAG Wealth Partners LLC increased its stake in Symbotic by 29.4% in the 1st quarter. IAG Wealth Partners LLC now owns 1,752 shares of the company’s stock worth $93,000 after acquiring an additional 398 shares during the last quarter. West Tower Group LLC bought a new position in Symbotic in the 1st quarter worth about $372,000. United Asset Strategies Inc. bought a new position in Symbotic in the 1st quarter worth about $598,000. QRG Capital Management Inc. bought a new position in Symbotic in the 1st quarter worth about $253,000. Finally, Private Advisor Group LLC increased its stake in Symbotic by 12.0% in the 1st quarter. Private Advisor Group LLC now owns 19,257 shares of the company’s stock worth $1,024,000 after acquiring an additional 2,070 shares during the last quarter.

About Symbotic

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.