Insider Selling: Symbotic Inc. (NASDAQ:SYM) Major Shareholder Sells $1,081,500.00 in Stock

Symbotic Inc. (NASDAQ:SYM) major shareholder Janet L. Cohen sold 25,000 shares of Symbotic stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $43.26, for a total value of $1,081,500.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Symbotic Stock Performance

NASDAQ SYM opened at $40.91 on Monday. Symbotic Inc. has a fifty-two week low of $29.62 and a fifty-two week high of $64.14. The stock has a 50-day simple moving average of $43.40 and a two-hundred day simple moving average of $44.93. The firm has a market capitalization of $23.92 billion, a P/E ratio of -170.46 and a beta of 1.97.

Hedge Funds Weigh In On Symbotic

Several institutional investors and hedge funds have recently modified their holdings of the business. Cetera Advisors LLC increased its stake in shares of Symbotic by 11.2% in the 1st quarter. Cetera Advisors LLC now owns 8,372 shares of the company’s stock valued at $377,000 after purchasing an additional 841 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of Symbotic in the 1st quarter valued at about $770,000. Washington Harbour Partners LP increased its stake in shares of Symbotic by 45.6% in the 1st quarter. Washington Harbour Partners LP now owns 85,300 shares of the company’s stock valued at $3,838,000 after purchasing an additional 26,700 shares in the last quarter. Vista Investment Partners LLC increased its stake in shares of Symbotic by 11.1% in the 1st quarter. Vista Investment Partners LLC now owns 20,496 shares of the company’s stock valued at $922,000 after purchasing an additional 2,046 shares in the last quarter. Finally, Comerica Bank increased its stake in shares of Symbotic by 1,347.0% in the 1st quarter. Comerica Bank now owns 16,641 shares of the company’s stock valued at $749,000 after purchasing an additional 15,491 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. The Goldman Sachs Group lowered their price target on Symbotic from $51.00 to $44.00 and set a “neutral” rating for the company in a research report on Tuesday, February 6th. Deutsche Bank Aktiengesellschaft lifted their price target on Symbotic from $57.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. DA Davidson raised Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Wednesday, February 7th. KeyCorp lowered their price target on Symbotic from $63.00 to $55.00 and set an “overweight” rating for the company in a research report on Tuesday, February 6th. Finally, Robert W. Baird lifted their price target on Symbotic from $52.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 7th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.69.

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.