Symbotic (NASDAQ:SYM) Trading Down 2.1% on Insider Selling

Symbotic Inc. (NASDAQ:SYM)’s stock price traded down 2.1% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $39.02 and last traded at $39.42. 133,266 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 1,391,311 shares. The stock had previously closed at $40.26.

Specifically, insider Richard B. Cohen sold 5,000,000 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $38.32, for a total transaction of $191,600,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Michael David Dunn sold 1,747 shares of the firm’s stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $40.08, for a total value of $70,019.76. Following the completion of the transaction, the insider now owns 74,032 shares in the company, valued at $2,967,202.56. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Richard B. Cohen sold 5,000,000 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $38.32, for a total value of $191,600,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,110,447 shares of company stock valued at $275,433,529. 38.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a research note on Tuesday, February 6th. Robert W. Baird dropped their target price on Symbotic from $54.00 to $52.00 and set an “outperform” rating on the stock in a report on Tuesday, February 6th. Needham & Company LLC dropped their target price on Symbotic from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, February 6th. The Goldman Sachs Group dropped their target price on Symbotic from $51.00 to $44.00 and set a “neutral” rating on the stock in a report on Tuesday, February 6th. Finally, William Blair reiterated a “market perform” rating on shares of Symbotic in a report on Tuesday, February 6th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $54.00.

Symbotic Price Performance

The business’s 50-day simple moving average is $42.97 and its 200-day simple moving average is $44.24.

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

Institutional Trading of Symbotic

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Taylor Frigon Capital Management LLC raised its stake in shares of Symbotic by 0.5% in the third quarter. Taylor Frigon Capital Management LLC now owns 63,576 shares of the company’s stock worth $2,125,000 after acquiring an additional 336 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Symbotic by 8.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,875 shares of the company’s stock valued at $250,000 after buying an additional 400 shares during the period. Natixis Advisors L.P. lifted its position in shares of Symbotic by 4.3% in the fourth quarter. Natixis Advisors L.P. now owns 10,983 shares of the company’s stock worth $563,000 after purchasing an additional 456 shares in the last quarter. Van ECK Associates Corp bought a new stake in shares of Symbotic in the fourth quarter worth $26,000. Finally, Bourne Lent Asset Management Inc. lifted its position in shares of Symbotic by 1.0% in the fourth quarter. Bourne Lent Asset Management Inc. now owns 58,260 shares of the company’s stock worth $2,990,000 after purchasing an additional 600 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.