Insider Selling: Symbotic (NASDAQ:SYM) SVP Sells $367,939.00 in Stock

Symbotic Inc. (NASDAQ:SYM – Get Free Report) SVP Brian Daniel Alexander sold 9,130 shares of the business’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $40.30, for a total value of $367,939.00. Following the completion of the sale, the senior vice president directly owned 55,611 shares in the company, valued at $2,241,123.30. This trade represents a 14.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Symbotic Trading Up 6.4%

NASDAQ SYM opened at $42.94 on Friday. Symbotic Inc. has a 12 month low of $38.19 and a 12 month high of $87.88. The stock has a market cap of $25.88 billion, a P/E ratio of -858.63, a P/E/G ratio of 5.95 and a beta of 1.93. The stock’s fifty day moving average price is $43.65 and its 200-day moving average price is $51.57.

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Symbotic (NASDAQ:SYM – Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.11). The company had revenue of $676.48 million during the quarter, compared to analysts’ expectations of $662.65 million. Symbotic had a negative return on equity of 0.68% and a negative net margin of 0.20%.Symbotic’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.04) EPS. As a group, analysts forecast that Symbotic Inc. will post 0.23 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SYM. The Goldman Sachs Group dropped their target price on shares of Symbotic from $54.00 to $45.00 and set a “sell” rating on the stock in a research note on Tuesday, May 26th. Zacks Research lowered shares of Symbotic from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 7th. Weiss Ratings cut Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 11th. Finally, DA Davidson reiterated a “buy” rating and set a $70.00 target price on shares of Symbotic in a research note on Monday, May 11th. Seven research analysts have rated the stock with a Buy rating, three have given a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $66.50.

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Institutional Investors Weigh In On Symbotic

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wealthcare Advisory Partners LLC raised its stake in Symbotic by 41.9% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 6,792 shares of the company’s stock valued at $305,000 after buying an additional 2,005 shares during the last quarter. Polianta Ltd boosted its stake in shares of Symbotic by 16.7% in the 2nd quarter. Polianta Ltd now owns 35,000 shares of the company’s stock worth $1,573,000 after buying an additional 5,000 shares during the last quarter. 180 Wealth Advisors LLC boosted its stake in shares of Symbotic by 3.6% in the 2nd quarter. 180 Wealth Advisors LLC now owns 61,717 shares of the company’s stock worth $2,774,000 after buying an additional 2,116 shares during the last quarter. Western Wealth Management LLC bought a new stake in shares of Symbotic in the first quarter worth $113,000. Finally, Centaurus Financial Inc. grew its holdings in shares of Symbotic by 62.1% in the first quarter. Centaurus Financial Inc. now owns 2,814 shares of the company’s stock worth $150,000 after acquiring an additional 1,078 shares during the period.

Symbotic Company Profile

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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.

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