Didn't do so well on my first SAT...

I guess test anxiety got the best of me. I got a 1240 on my SAT, and, seeing as how I’m trying to get into UT Austin, that’s not good. This is unusual for me, as I got a 29 ACT, 5 on my comp sci AP exam, and am in the top 7% of my class. I obviously plan to re-taking it. Should I at all be worried about this?

I would bring the SAT score up a bit more. Don’t worry, you did better than me.

You might want to focus on retaking the ACT, as your initial score seems higher in % terms. As far as I know, the vast majority of schools don’t have a preference about which formal you submit. So if you prefer the ACT, stick with that (unless you might be in contention for National Merit from your PSAT score).