Symbotic (NASDAQ:SYM) CTO Sells 19,201 Shares of Company Stock

Symbotic Inc. (NASDAQ:SYM) CTO James Kuffner sold 19,201 shares of Symbotic stock in a transaction on Monday, October 26th. The shares were sold at an average price of $38.24, for a total value of $734,246.24. Following the sale, the chief technology officer directly owned 248,580 shares in the company, valued at $9,505,699.20. The trade was a 7.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

James Kuffner also recently made the following trade(s):

• On Tuesday, October 27th, James Kuffner sold 198 shares of Symbotic stock. The stock was sold at an average price of $38.34, for a total value of $7,591.32.
• On Monday, August 24th, James Kuffner sold 3,952 shares of Symbotic stock. The stock was sold at an average price of $40.59, for a total value of $160,411.68.

Symbotic Price Performance

Shares of SYM traded down $0.01 during trading hours on Wednesday, reaching $38.97. 2,149,909 shares of the company’s stock traded hands, compared to its average volume of 1,806,783. The firm has a market capitalization of $23.57 billion, a price-to-earnings ratio of 433.00, a P/E/G ratio of 3.71 and a beta of 1.97. Symbotic Inc. has a twelve month low of $36.47 and a twelve month high of $87.88. The business’s fifty day simple moving average is $41.48 and its two-hundred day simple moving average is $48.53.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). The company had revenue of $720.84 million for the quarter, compared to the consensus estimate of $715.03 million. Symbotic had a net margin of 0.48% and a return on equity of 1.40%. Symbotic’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.05) earnings per share. On average, equities research analysts expect that Symbotic Inc. will post 0.21 EPS for the current year.

Key Symbotic News

Here are the key news stories impacting Symbotic this week:

• Positive Sentiment: Coverage of Symbotic’s growth with Walmart highlights how major “anchor customers” can help robotics companies scale deployments and establish recurring expansion opportunities. What Symbotic’s Walmart growth teaches robotics startups about anchor customers
• Neutral Sentiment: Analyst opinions remain divided. Symbotic has a consensus rating of “Hold,” with seven Buy, five Hold and two Sell ratings; the consensus price target of $65.83 remains well above the recent trading range, although TD Cowen lowered its target to $70 while maintaining a Buy rating. Symbotic Inc. Stock Rated Hold by Wall Street Analysts
• Negative Sentiment: Several insiders reported stock sales, including CFO Izilda Martins, SVP Brian Alexander, CTO James Kuffner, insider Maria Freve and William Boyd III. The largest disclosed transactions were Alexander’s sale of 9,225 shares and Kuffner’s sale of 19,201 shares. Because the filings state that the shares were sold to meet tax-withholding obligations, they do not necessarily indicate declining confidence; however, the cluster of sales could pressure investor sentiment.
• Negative Sentiment: Symbotic continues to trade below its 50-day and 200-day moving averages after a sharp retreat from its 52-week high. Its elevated valuation and prior earnings miss also leave investors sensitive to execution and profitability concerns, despite revenue growth.

Wall Street Analysts Forecast Growth

SYM has been the topic of a number of recent analyst reports. Weiss Ratings upgraded shares of Symbotic from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, September 21st. Needham & Company LLC decreased their price objective on shares of Symbotic from C$75.00 to C$60.00 and set a “buy” rating for the company in a report on Tuesday, September 15th. TD Cowen lowered their price objective on shares of Symbotic from $75.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, October 22nd. Robert W. Baird set a $51.00 target price on Symbotic in a report on Thursday, August 6th. Finally, Barclays dropped their target price on Symbotic from $44.00 to $38.00 and set an “underweight” rating on the stock in a report on Tuesday, September 8th. Seven research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $65.83.

Hedge Funds Weigh In On Symbotic

Several hedge funds have recently made changes to their positions in SYM. USS Investment Management Ltd bought a new stake in shares of Symbotic in the 1st quarter worth approximately $15,004,000. Sei Investments Co. lifted its stake in Symbotic by 21.0% during the first quarter. Sei Investments Co. now owns 144,420 shares of the company’s stock valued at $7,683,000 after purchasing an additional 25,024 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Symbotic by 26.6% during the first quarter. Dimensional Fund Advisors LP now owns 109,015 shares of the company’s stock worth $5,789,000 after buying an additional 22,895 shares in the last quarter. Amundi boosted its holdings in Symbotic by 68.5% during the first quarter. Amundi now owns 108,553 shares of the company’s stock worth $5,775,000 after buying an additional 44,132 shares in the last quarter. Finally, Royal Bank of Canada boosted its holdings in Symbotic by 41.1% during the first quarter. Royal Bank of Canada now owns 100,018 shares of the company’s stock worth $5,321,000 after buying an additional 29,152 shares in the last quarter.

About Symbotic

Symbotic Inc is an automation technology company that develops artificial intelligence-enabled robotics and software for supply chain and warehouse operations. Its systems are designed to automate the movement, storage, retrieval and replenishment of pallets and cases within large distribution centers, helping customers manage inventory and fulfill orders more efficiently.

The company’s platform combines mobile robots, automated storage and retrieval systems, robotic palletizing and depalletizing equipment, and warehouse-control software.