Charles Kane Sells 2,000 Shares of Symbotic (NASDAQ:SYM) Stock

Symbotic Inc. (NASDAQ:SYM) Director Charles Kane sold 2,000 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $53.74, for a total transaction of $107,480.00. Following the sale, the director owned 89,852 shares in the company, valued at $4,828,646.48. This represents a 2.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Charles Kane also recently made the following trade(s):

• On Monday, March 9th, Charles Kane sold 4,000 shares of Symbotic stock. The shares were sold at an average price of $47.86, for a total transaction of $191,440.00.

Symbotic Price Performance

Shares of SYM opened at $53.37 on Friday. The firm has a 50 day simple moving average of $53.96 and a two-hundred day simple moving average of $61.15. Symbotic Inc. has a one year low of $16.32 and a one year high of $87.88. The company has a market cap of $32.14 billion, a P/E ratio of -533.65, a P/E/G ratio of 5.35 and a beta of 2.10.

Symbotic (NASDAQ:SYM) last issued its earnings results on Wednesday, February 4th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.06). Symbotic had a negative net margin of 0.45% and a negative return on equity of 1.88%. The business had revenue of $629.99 million during the quarter, compared to analyst estimates of $622.58 million. During the same period in the prior year, the business posted ($0.03) EPS. The company’s revenue for the quarter was up 29.4% compared to the same quarter last year. On average, analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Symbotic

A number of institutional investors and hedge funds have recently bought and sold shares of SYM. Vanguard Group Inc. boosted its stake in shares of Symbotic by 47.6% during the fourth quarter. Vanguard Group Inc. now owns 6,932,158 shares of the company’s stock valued at $412,463,000 after purchasing an additional 2,237,137 shares in the last quarter. Morgan Stanley increased its stake in shares of Symbotic by 85.4% in the fourth quarter. Morgan Stanley now owns 2,530,874 shares of the company’s stock valued at $150,587,000 after buying an additional 1,165,513 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Symbotic by 51,346.1% in the fourth quarter. JPMorgan Chase & Co. now owns 2,174,372 shares of the company’s stock valued at $129,375,000 after buying an additional 2,178,615 shares during the period. UBS Group AG raised its holdings in Symbotic by 22.3% in the 3rd quarter. UBS Group AG now owns 1,105,770 shares of the company’s stock valued at $59,601,000 after buying an additional 201,547 shares during the last quarter. Finally, Ghisallo Capital Management LLC bought a new position in Symbotic in the 4th quarter valued at approximately $63,034,000.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Wall Street Zen cut Symbotic from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Weiss Ratings reissued a “hold (c-)” rating on shares of Symbotic in a report on Thursday, January 22nd. Barclays raised their price target on shares of Symbotic from $42.00 to $44.00 and gave the company an “underweight” rating in a research note on Monday, March 16th. Citigroup reiterated an “outperform” rating on shares of Symbotic in a research report on Thursday, February 5th. Finally, Zacks Research raised shares of Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 18th. Six investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Symbotic presently has a consensus rating of “Hold” and a consensus price target of $64.62.

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.