Insider Selling: Symbotic Inc. (NASDAQ:SYM) CFO Sells 22,821 Shares of Stock

Symbotic Inc. (NASDAQ:SYM) CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total transaction of $660,896.16. Following the completion of the transaction, the chief financial officer now owns 34,188 shares of the company’s stock, valued at $990,084.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Symbotic Price Performance

NASDAQ SYM opened at $31.63 on Thursday. Symbotic Inc. has a 12 month low of $17.11 and a 12 month high of $59.82. The company has a 50-day moving average of $24.82 and a 200-day moving average of $31.57. The company has a market cap of $18.52 billion, a P/E ratio of -166.47 and a beta of 1.81.

Wall Street Analyst Weigh In

Several research analysts have weighed in on SYM shares. The Goldman Sachs Group lowered their target price on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 31st. KeyCorp dropped their price objective on Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company in a research note on Tuesday, July 30th. Citigroup decreased their target price on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a research report on Friday, October 11th. Finally, Needham & Company LLC decreased their price objective on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $43.23.

Institutional Trading of Symbotic

Institutional investors and hedge funds have recently made changes to their positions in the company. Baillie Gifford & Co. raised its position in Symbotic by 32.0% in the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after purchasing an additional 3,410,050 shares during the period. Vanguard Group Inc. increased its stake in shares of Symbotic by 16.6% in the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after buying an additional 345,386 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Symbotic by 76.8% during the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after purchasing an additional 379,726 shares during the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of Symbotic by 191.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after acquiring an additional 509,700 shares during the last quarter. Finally, Raymond James & Associates lifted its position in shares of Symbotic by 8.4% in the 2nd quarter. Raymond James & Associates now owns 668,103 shares of the company’s stock worth $23,491,000 after buying an additional 51,712 shares during the last quarter.

Symbotic Company Profile

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.