Symbotic (NASDAQ:SYM) Director Charles Kane Sells 2,000 Shares of Stock

Symbotic Inc. (NASDAQ:SYM) Director Charles Kane sold 2,000 shares of Symbotic stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $39.00, for a total transaction of $78,000.00. Following the completion of the transaction, the director directly owned 89,852 shares in the company, valued at $3,504,228. This represents a 2.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Charles Kane also recently made the following trade(s):

• On Monday, August 3rd, Charles Kane sold 2,000 shares of Symbotic stock. The shares were sold at an average price of $43.21, for a total transaction of $86,420.00.
• On Wednesday, July 1st, Charles Kane sold 2,000 shares of Symbotic stock. The stock was sold at an average price of $44.90, for a total transaction of $89,800.00.

Symbotic Stock Performance

NASDAQ SYM opened at $41.60 on Friday. Symbotic Inc. has a twelve month low of $37.68 and a twelve month high of $87.88. The stock has a market cap of $25.16 billion, a PE ratio of 462.22, a PEG ratio of 5.36 and a beta of 1.94. The firm has a 50-day simple moving average of $41.97 and a 200 day simple moving average of $48.20.

Symbotic (NASDAQ:SYM) last posted its earnings results on Wednesday, August 5th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.04). The firm had revenue of $720.84 million during the quarter, compared to the consensus estimate of $715.03 million. Symbotic had a return on equity of 1.40% and a net margin of 0.48%.The firm’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.05) EPS. Research analysts forecast that Symbotic Inc. will post 0.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Parkside Financial Bank & Trust raised its holdings in shares of Symbotic by 100.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock valued at $32,000 after purchasing an additional 268 shares during the period. Quarry LP acquired a new position in Symbotic during the fourth quarter worth approximately $36,000. Parallel Advisors LLC lifted its position in shares of Symbotic by 67.3% in the fourth quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock valued at $37,000 after buying an additional 249 shares during the last quarter. Gordian Capital Singapore Pte Ltd acquired a new stake in Symbotic during the 4th quarter valued at $48,000. Finally, NewEdge Advisors LLC boosted its holdings in shares of Symbotic by 81.5% during the second quarter. NewEdge Advisors LLC now owns 1,276 shares of the company’s stock worth $50,000 after acquiring an additional 573 shares during the period.

Analysts Set New Price Targets

SYM has been the subject of several research analyst reports. Weiss Ratings upgraded shares of Symbotic from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, August 21st. The Goldman Sachs Group dropped their target price on Symbotic from $54.00 to $45.00 and set a “sell” rating on the stock in a research report on Tuesday, May 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $75.00 price target on shares of Symbotic in a research note on Thursday, August 6th. DA Davidson reissued a “buy” rating and issued a $70.00 price objective on shares of Symbotic in a research report on Monday, May 11th. Finally, Robert W. Baird set a $51.00 price target on Symbotic in a research report on Thursday, August 6th. Seven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $65.92.

Symbotic Company Profile

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.