Symbotic (NASDAQ:SYM) Shares Down 1.3% on Insider Selling

Symbotic Inc. (NASDAQ:SYM)’s stock price fell 1.3% on Friday following insider selling activity. The company traded as low as $40.59 and last traded at $40.94. 293,251 shares traded hands during trading, a decline of 79% from the average session volume of 1,389,323 shares. The stock had previously closed at $41.48.

Specifically, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $39.39, for a total value of $78,780.00. Following the completion of the transaction, the director now directly owns 10,447 shares of the company’s stock, valued at approximately $411,507.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Todd Krasnow sold 2,000 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $39.39, for a total transaction of $78,780.00. Following the sale, the director now directly owns 10,447 shares in the company, valued at approximately $411,507.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Richard B. Cohen sold 5,000,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $38.32, for a total transaction of $191,600,000.00. The disclosure for this sale can be found here. Insiders have sold 7,186,647 shares of company stock worth $278,589,353 over the last ninety days. 38.30% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Symbotic from $57.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Northland Securities boosted their price target on shares of Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. DA Davidson upgraded shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Wednesday, February 7th. Robert W. Baird boosted their price target on shares of Symbotic from $52.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 7th. Finally, Needham & Company LLC reissued a “buy” rating and set a $54.00 target price on shares of Symbotic in a research note on Tuesday, May 7th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $55.69.

Symbotic Stock Performance

The firm’s 50 day simple moving average is $43.40 and its 200-day simple moving average is $44.85. The company has a market capitalization of $23.92 billion, a price-to-earnings ratio of -170.45 and a beta of 1.97.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Van ECK Associates Corp purchased a new stake in Symbotic in the 4th quarter worth about $26,000. RiverPark Advisors LLC acquired a new position in shares of Symbotic in the 1st quarter valued at about $37,000. Providence Capital Advisors LLC purchased a new stake in shares of Symbotic in the third quarter worth approximately $33,000. Pingora Partners LLC acquired a new stake in shares of Symbotic during the fourth quarter worth approximately $51,000. Finally, Global Retirement Partners LLC grew its position in Symbotic by 166.7% during the first quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock valued at $48,000 after purchasing an additional 660 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.