Insider Selling: Symbotic Inc. (NASDAQ:SYM) CFO Sells 4,628 Shares of Stock

Symbotic Inc. (NASDAQ:SYM - Get Free Report) CFO Carol J. Hibbard sold 4,628 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $22.62, for a total transaction of $104,685.36. Following the sale, the chief financial officer now directly owns 54,011 shares of the company's stock, valued at approximately $1,221,728.82. The trade was a 7.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Symbotic Stock Performance

Shares of NASDAQ:SYM traded up $0.81 during trading on Friday, reaching $24.75. The stock had a trading volume of 1,218,214 shares, compared to its average volume of 1,917,030. The business has a fifty day moving average price of $21.24 and a 200-day moving average price of $25.76. Symbotic Inc. has a 1-year low of $16.32 and a 1-year high of $47.42. The stock has a market cap of $14.56 billion, a PE ratio of -353.52, a PEG ratio of 6.48 and a beta of 1.85.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.09). The business had revenue of $549.65 million for the quarter, compared to analysts' expectations of $522.36 million. Symbotic had a negative net margin of 0.38% and a positive return on equity of 5.11%. The firm's revenue was up 39.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.07) EPS. Sell-side analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current year.

Institutional Trading of Symbotic

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Alberta Investment Management Corp acquired a new position in shares of Symbotic in the 4th quarter valued at $586,000. Vanguard Group Inc. boosted its stake in Symbotic by 41.3% during the fourth quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company's stock worth $117,846,000 after buying an additional 1,452,627 shares during the period. Hodges Capital Management Inc. increased its position in shares of Symbotic by 7.9% during the fourth quarter. Hodges Capital Management Inc. now owns 273,841 shares of the company's stock valued at $6,492,000 after acquiring an additional 20,111 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Symbotic in the 4th quarter worth approximately $20,754,000. Finally, Robocap Asset Management Ltd purchased a new position in shares of Symbotic during the 4th quarter worth approximately $1,368,000.

Analysts Set New Price Targets

SYM has been the topic of a number of research analyst reports. Northland Securities boosted their price target on Symbotic from $35.00 to $41.00 and gave the stock an "outperform" rating in a research note on Friday, January 17th. Raymond James lowered shares of Symbotic from an "outperform" rating to a "market perform" rating in a research note on Thursday, February 6th. Citigroup decreased their price target on shares of Symbotic from $37.00 to $29.00 and set a "buy" rating for the company in a report on Monday, April 14th. Cantor Fitzgerald reissued an "overweight" rating and issued a $60.00 price objective on shares of Symbotic in a report on Thursday, February 6th. Finally, BWS Financial reaffirmed a "sell" rating and issued a $10.00 price objective on shares of Symbotic in a report on Wednesday, April 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $37.20.

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.