Charles Kane Sells 4,000 Shares of Symbotic (NASDAQ:SYM) Stock

Symbotic Inc. (NASDAQ:SYM) Director Charles Kane sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $47.86, for a total value of $191,440.00. Following the transaction, the director directly owned 89,852 shares of the company’s stock, valued at $4,300,316.72. The trade was a 4.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Symbotic Stock Performance

NASDAQ SYM opened at $50.58 on Friday. The stock has a market cap of $30.46 billion, a P/E ratio of -505.75, a price-to-earnings-growth ratio of 5.11 and a beta of 2.13. Symbotic Inc. has a fifty-two week low of $16.32 and a fifty-two week high of $87.88. The stock has a 50 day simple moving average of $58.99 and a two-hundred day simple moving average of $60.65.

Symbotic (NASDAQ:SYM) last posted its earnings results on Wednesday, February 4th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.06). The business had revenue of $629.99 million for the quarter, compared to analysts’ expectations of $622.58 million. Symbotic had a negative net margin of 0.45% and a negative return on equity of 1.88%. Symbotic’s quarterly revenue was up 29.4% on a year-over-year basis. During the same period last year, the firm posted ($0.03) earnings per share. Sell-side analysts predict that Symbotic Inc. will post 0.13 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Centerpoint Advisors LLC lifted its position in Symbotic by 16.7% during the 3rd quarter. Centerpoint Advisors LLC now owns 1,400 shares of the company’s stock valued at $75,000 after acquiring an additional 200 shares during the period. Federation des caisses Desjardins du Quebec grew its holdings in Symbotic by 5.2% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 4,493 shares of the company’s stock worth $267,000 after purchasing an additional 224 shares during the period. Barton Investment Management grew its holdings in Symbotic by 0.8% in the fourth quarter. Barton Investment Management now owns 30,658 shares of the company’s stock worth $1,824,000 after purchasing an additional 233 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Symbotic by 2.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 11,375 shares of the company’s stock valued at $677,000 after purchasing an additional 236 shares in the last quarter. Finally, Parallel Advisors LLC increased its stake in shares of Symbotic by 67.3% during the fourth quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock valued at $37,000 after purchasing an additional 249 shares in the last quarter.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Needham & Company LLC upped their price objective on shares of Symbotic from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Cantor Fitzgerald lifted their target price on shares of Symbotic from $60.00 to $82.00 and gave the company an “overweight” rating in a research note on Tuesday, November 25th. Robert W. Baird boosted their price target on shares of Symbotic from $55.00 to $58.00 and gave the company a “neutral” rating in a research report on Wednesday, November 26th. Northland Securities set a $73.00 price target on shares of Symbotic in a research note on Thursday, February 5th. Finally, TD Cowen restated a “buy” rating on shares of Symbotic in a report on Wednesday, December 3rd. Six analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $60.57.

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.