Insider Selling: Symbotic (NASDAQ:SYM) Director Sells $78,000.00 in Stock

Key Points

• Symbotic director Charles Kane sold 2,000 shares at an average price of $39, generating $78,000. The transaction was conducted under a pre-arranged Rule 10b5-1 plan and reduced his holdings by 2.18% to 89,852 shares.
• Symbotic shares recently traded at $41.60, near the lower end of their 52-week range of $37.68 to $87.88. The stock carries a market capitalization of $25.16 billion and a notably high price-to-earnings ratio of 462.22.
• The company’s latest quarterly revenue rose 21.7% year over year to $720.84 million, beating estimates, although earnings of $0.09 per share missed expectations. Analysts’ average rating is Hold, with an average price target of $65.92.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) Director Charles Kane sold 2,000 shares of the stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $39.00, for a total transaction of $78,000.00. Following the transaction, the director directly owned 89,852 shares of the company's stock, valued at approximately $3,504,228. This trade represents a 2.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 Price Performance

Shares of NASDAQ:SYM traded up $1.73 during mid-day trading on Thursday, reaching $41.60. 1,343,569 shares of the company were exchanged, compared to its average volume of 1,848,039. Symbotic Inc. has a 1 year low of $37.68 and a 1 year high of $87.88. The firm's 50-day simple moving average is $41.96 and its 200 day simple moving average is $48.30. The firm has a market cap of $25.16 billion, a price-to-earnings ratio of 462.22, a P/E/G ratio of 5.14 and a beta of 1.94.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.09 EPS for the quarter, missing analysts' consensus estimates of $0.13 by ($0.04). The firm had revenue of $720.84 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the company earned ($0.05) earnings per share. On average, research analysts forecast that Symbotic Inc. will post 0.25 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SYM. Weiss Ratings upgraded Symbotic from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, August 21st. Robert W. Baird set a $51.00 target price on shares of Symbotic in a research note on Thursday, August 6th. Zacks Research upgraded shares of Symbotic from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 5th. DA Davidson reaffirmed a "buy" rating and set a $70.00 price target on shares of Symbotic in a research note on Monday, May 11th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $75.00 price target on shares of Symbotic in a report on Thursday, August 6th. Seven research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $65.92.

Institutional Trading of Symbotic

Hedge funds and other institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System boosted its position in Symbotic by 5,964.6% during the 2nd quarter. California State Teachers Retirement System now owns 3,388,331 shares of the company's stock valued at $152,305,000 after purchasing an additional 3,332,460 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Symbotic by 47.6% during the fourth quarter. Vanguard Group Inc. now owns 6,932,158 shares of the company's stock valued at $412,463,000 after acquiring an additional 2,237,137 shares during the period. JPMorgan Chase & Co. grew its position in shares of Symbotic by 51,346.1% during the fourth quarter. JPMorgan Chase & Co. now owns 2,174,372 shares of the company's stock worth $129,375,000 after acquiring an additional 2,178,615 shares during the last quarter. Morgan Stanley increased its holdings in shares of Symbotic by 85.4% in the 4th quarter. Morgan Stanley now owns 2,530,874 shares of the company's stock worth $150,587,000 after acquiring an additional 1,165,513 shares during the period. Finally, Ghisallo Capital Management LLC acquired a new stake in shares of Symbotic in the 4th quarter worth about $63,034,000.

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.

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