Symbotic (NASDAQ:SYM) CTO James Kuffner Sells 19,201 Shares of Stock

Symbotic Inc. (NASDAQ:SYM) CTO James Kuffner sold 19,201 shares of the firm’s stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $38.24, for a total transaction of $734,246.24. Following the completion of the transaction, the chief technology officer owned 248,580 shares in the company, valued at approximately $9,505,699.20. The trade was a 7.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

James Kuffner also recently made the following trade(s):

• On Tuesday, October 27th, James Kuffner sold 198 shares of Symbotic stock. The shares were sold at an average price of $38.34, for a total transaction of $7,591.32.
• On Monday, August 24th, James Kuffner sold 3,952 shares of Symbotic stock. The shares were sold at an average price of $40.59, for a total transaction of $160,411.68.

Symbotic Trading Down 0.0%

SYM traded down $0.01 on Wednesday, hitting $38.97. 2,149,909 shares of the company’s stock were exchanged, compared to its average volume of 1,806,783. The firm has a market cap of $23.57 billion, a PE ratio of 433.00, a P/E/G ratio of 3.71 and a beta of 1.97. Symbotic Inc. has a twelve month low of $36.47 and a twelve month high of $87.88. The stock has a fifty day moving average of $41.48 and a two-hundred day moving average of $48.53.

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

Key Symbotic News

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.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SYM. Robert W. Baird set a $51.00 price target on Symbotic in a report on Thursday, August 6th. Barclays reduced their price objective on Symbotic from $44.00 to $38.00 and set an “underweight” rating for the company in a research report on Tuesday, September 8th. Needham & Company LLC lowered 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 Symbotic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 5th. Finally, TD Cowen cut their target price 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 equities 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’s stock. Based on data from MarketBeat, Symbotic currently has an average rating of “Hold” and a consensus price target of $65.83.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Financiere des Professionnels Fonds d investissement inc. acquired a new stake in shares of Symbotic in the first quarter valued at approximately $788,000. Amundi raised its holdings in shares of Symbotic by 68.5% during the first quarter. Amundi now owns 108,553 shares of the company’s stock valued at $5,775,000 after buying an additional 44,132 shares during the last quarter. Wealthfront Advisers LLC boosted its position in shares of Symbotic by 168.1% during the first quarter. Wealthfront Advisers LLC now owns 71,248 shares of the company’s stock worth $3,790,000 after buying an additional 44,676 shares during the period. Royal Bank of Canada boosted its position in shares of Symbotic by 41.1% during the first quarter. Royal Bank of Canada now owns 100,018 shares of the company’s stock worth $5,321,000 after buying an additional 29,152 shares during the period. Finally, Peregrine Asset Advisers Inc. acquired a new position in shares of Symbotic during the first quarter worth approximately $2,379,000.

About Symbotic

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.