Symbotic (NASDAQ:SYM) CFO Izilda Martins Sells 7,224 Shares of Stock

Symbotic Inc. (NASDAQ:SYM) CFO Izilda Martins sold 7,224 shares of the firm’s stock in a transaction that occurred on Wednesday, October 28th. The stock was sold at an average price of $38.93, for a total transaction of $281,230.32. Following the sale, the chief financial officer directly owned 42,732 shares of the company’s stock, valued at approximately $1,663,556.76. The trade was a 14.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Symbotic Stock Down 0.0%

Shares of NASDAQ SYM opened at $38.97 on Thursday. Symbotic Inc. has a 12-month low of $36.47 and a 12-month high of $87.88. The firm’s 50-day simple moving average is $41.48 and its 200 day simple moving average is $48.53. The company has a market cap of $23.57 billion, a price-to-earnings ratio of 433.00, a price-to-earnings-growth ratio of 3.71 and a beta of 1.97.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). Symbotic had a net margin of 0.48% and a return on equity of 1.40%. The company had revenue of $720.84 million during the quarter, compared to analyst estimates of $715.03 million. During the same period in the prior year, the business earned ($0.05) EPS. The business’s revenue for the quarter was up 21.7% on a year-over-year basis. On average, equities analysts expect that Symbotic Inc. will post 0.21 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SYM. Needham & Company LLC decreased their price objective on Symbotic from C$75.00 to C$60.00 and set a “buy” rating for the company in a research note on Tuesday, September 15th. Zacks Research raised shares of Symbotic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 5th. Robert W. Baird set a $51.00 target price on Symbotic in a report on Thursday, August 6th. Barclays lowered their target price on Symbotic from $44.00 to $38.00 and set an “underweight” rating for the company in a report on Tuesday, September 8th. Finally, TD Cowen dropped their price target on Symbotic from $75.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, October 22nd. Seven research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $65.83.

Key Stories Impacting Symbotic

Here are the key news stories impacting Symbotic this week:

• Positive Sentiment: Coverage of Symbotic’s growth with Walmart highlights how major “anchor customers” can help robotics companies scale deployments and establish recurring expansion opportunities. What Symbotic’s Walmart growth teaches robotics startups about anchor customers
• Neutral Sentiment: Analyst opinions remain divided. Symbotic has a consensus rating of “Hold,” with seven Buy, five Hold and two Sell ratings; the consensus price target of $65.83 remains well above the recent trading range, although TD Cowen lowered its target to $70 while maintaining a Buy rating. Symbotic Inc. Stock Rated Hold by Wall Street Analysts
• Negative Sentiment: Several insiders reported stock sales, including CFO Izilda Martins, SVP Brian Alexander, CTO James Kuffner, insider Maria Freve and William Boyd III. The largest disclosed transactions were Alexander’s sale of 9,225 shares and Kuffner’s sale of 19,201 shares. Because the filings state that the shares were sold to meet tax-withholding obligations, they do not necessarily indicate declining confidence; however, the cluster of sales could pressure investor sentiment.
• Negative Sentiment: Symbotic continues to trade below its 50-day and 200-day moving averages after a sharp retreat from its 52-week high. Its elevated valuation and prior earnings miss also leave investors sensitive to execution and profitability concerns, despite revenue growth.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Concurrent Investment Advisors LLC increased its stake in Symbotic by 5.2% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 5,811 shares of the company’s stock valued at $261,000 after buying an additional 287 shares during the last quarter. Toth Financial Advisory Corp lifted its position in Symbotic by 88.7% during the 3rd quarter. Toth Financial Advisory Corp now owns 632 shares of the company’s stock worth $27,000 after buying an additional 297 shares in the last quarter. International Assets Investment Management LLC boosted its stake in shares of Symbotic by 5.4% during the 1st quarter. International Assets Investment Management LLC now owns 5,844 shares of the company’s stock worth $320,000 after buying an additional 300 shares during the last quarter. QRG Capital Management Inc. boosted its stake in shares of Symbotic by 7.2% during the 2nd quarter. QRG Capital Management Inc. now owns 5,100 shares of the company’s stock worth $229,000 after buying an additional 344 shares during the last quarter. Finally, IAG Wealth Partners LLC boosted its stake in shares of Symbotic by 29.4% during the 1st quarter. IAG Wealth Partners LLC now owns 1,752 shares of the company’s stock worth $93,000 after buying an additional 398 shares during the last quarter.

Symbotic Company Profile

Symbotic Inc is an automation technology company that develops artificial intelligence-enabled robotics and software for supply chain and warehouse operations. Its systems are designed to automate the movement, storage, retrieval and replenishment of pallets and cases within large distribution centers, helping customers manage inventory and fulfill orders more efficiently.

The company’s platform combines mobile robots, automated storage and retrieval systems, robotic palletizing and depalletizing equipment, and warehouse-control software.