Symbotic Inc. (NASDAQ:SYM) Insider William M. Boyd III Sells 2,660 Shares

Symbotic Inc. (NASDAQ:SYM - Get Free Report) insider William M. Boyd III sold 2,660 shares of the stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $48.86, for a total value of $129,967.60. Following the completion of the sale, the insider owned 31,884 shares of the company's stock, valued at $1,557,852.24. The trade was a 7.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Symbotic Trading Up 2.7%

Shares of SYM stock traded up $1.42 during trading hours on Thursday, hitting $54.18. 3,570,744 shares of the company were exchanged, compared to its average volume of 2,080,804. Symbotic Inc. has a 52-week low of $16.32 and a 52-week high of $54.20. The stock has a market capitalization of $31.95 billion, a price-to-earnings ratio of -1,354.50, a P/E/G ratio of 50.57 and a beta of 2.03. The firm has a fifty day simple moving average of $34.13 and a 200 day simple moving average of $27.57.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. The company had revenue of $549.65 million for the quarter, compared to the consensus estimate of $522.36 million. During the same period in the prior year, the firm posted ($0.07) earnings per share. The business's revenue was up 39.7% on a year-over-year basis. Sell-side analysts anticipate that Symbotic Inc. will post 0.13 EPS for the current year.

Analysts Set New Price Targets

SYM has been the topic of a number of research analyst reports. Citigroup reaffirmed a "buy" rating on shares of Symbotic in a research report on Monday. BWS Financial reaffirmed a "sell" rating and issued a $10.00 price target on shares of Symbotic in a research report on Wednesday, April 2nd. The Goldman Sachs Group dropped their price target on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Northland Securities raised their price target on shares of Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $54.00 price objective (up previously from $35.00) on shares of Symbotic in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Symbotic currently has an average rating of "Moderate Buy" and a consensus price target of $40.71.

Institutional Trading of Symbotic

Hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its position in Symbotic by 5.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 230,996 shares of the company's stock worth $5,477,000 after purchasing an additional 11,922 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Symbotic by 146.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,832 shares of the company's stock worth $91,000 after purchasing an additional 2,275 shares during the last quarter. Amundi raised its position in Symbotic by 30.0% in the fourth quarter. Amundi now owns 47,199 shares of the company's stock worth $1,119,000 after acquiring an additional 10,895 shares during the period. HighTower Advisors LLC lifted its stake in shares of Symbotic by 13.0% during the 4th quarter. HighTower Advisors LLC now owns 26,371 shares of the company's stock valued at $625,000 after buying an additional 3,033 shares in the last quarter. Finally, Swiss National Bank lifted its stake in shares of Symbotic by 2.4% during the 4th quarter. Swiss National Bank now owns 81,700 shares of the company's stock valued at $1,937,000 after buying an additional 1,900 shares in the last quarter.

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.

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