Symbotic (NASDAQ:SYM) Shares Down 0.4% on Insider Selling

Symbotic Inc. (NASDAQ:SYM - Get Free Report) shares fell 0.4% on Wednesday after an insider sold shares in the company. The stock traded as low as $38.26 and last traded at $38.42. 141,360 shares traded hands during trading, a decline of 90% from the average session volume of 1,385,453 shares. The stock had previously closed at $38.57.

Specifically, major shareholder David A. Ladensohn sold 2,085,296 shares of the business's stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $39.69, for a total value of $82,765,398.24. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider William M. Boyd III sold 8,825 shares of the business's stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $40.34, for a total value of $356,000.50. Following the sale, the insider now directly owns 23,012 shares in the company, valued at approximately $928,304.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder David A. Ladensohn sold 2,085,296 shares of the business's stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $39.69, for a total transaction of $82,765,398.24. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,110,447 shares of company stock worth $275,433,529. Insiders own 38.30% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on SYM shares. William Blair reiterated a "market perform" rating on shares of Symbotic in a report on Tuesday, February 6th. KeyCorp cut their price target on shares of Symbotic from $63.00 to $55.00 and set an "overweight" rating on the stock in a report on Tuesday, February 6th. Northland Securities upped their price target on shares of Symbotic from $55.00 to $60.00 and gave the company an "outperform" rating in a report on Wednesday, April 10th. Robert W. Baird cut their price target on shares of Symbotic from $54.00 to $52.00 and set an "outperform" rating on the stock in a report on Tuesday, February 6th. Finally, DA Davidson upgraded shares of Symbotic from a "neutral" rating to a "buy" rating and set a $50.00 price target on the stock in a report on Wednesday, February 7th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Symbotic currently has a consensus rating of "Moderate Buy" and an average target price of $54.00.

Symbotic Trading Down 0.4 %

The company has a market capitalization of $22.17 billion, a PE ratio of -142.30 and a beta of 1.91. The firm's 50-day simple moving average is $42.97 and its 200-day simple moving average is $44.24.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly earnings data on Monday, February 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.03. The company had revenue of $368.45 million during the quarter, compared to analysts' expectations of $370.28 million. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. As a group, analysts anticipate that Symbotic Inc. will post -0.03 EPS for the current year.

Institutional Investors Weigh In On Symbotic

Hedge funds have recently modified their holdings of the business. Van ECK Associates Corp purchased a new stake in shares of Symbotic in the 4th quarter worth approximately $26,000. Providence Capital Advisors LLC purchased a new stake in shares of Symbotic in the 3rd quarter worth approximately $33,000. Pingora Partners LLC purchased a new stake in shares of Symbotic in the 4th quarter worth approximately $51,000. Global Retirement Partners LLC lifted its position in shares of Symbotic by 166.7% in the 1st quarter. Global Retirement Partners LLC now owns 1,056 shares of the company's stock worth $48,000 after purchasing an additional 660 shares during the period. Finally, Centerpoint Advisors LLC bought a new position in shares of Symbotic during the 4th quarter worth approximately $62,000.

About Symbotic

Symbotic Inc, an automation technology company, engages in developing technologies to improve operating efficiencies in modern warehouses. The company automates the processing of pallets and cases in large warehouses or distribution centers for retail companies. Its systems enhance operations at the front end of the supply chain.