Short Interest in Samsara Inc. (NYSE:IOT) Declines By 13.4%

Samsara Inc. (NYSE:IOT) saw a significant decline in short interest during the month of February. As of February 28th, there was short interest totalling 10,460,000 shares, a decline of 13.4% from the February 13th total of 12,080,000 shares. Approximately 4.2% of the company’s shares are sold short. Based on an average trading volume of 3,910,000 shares, the days-to-cover ratio is currently 2.7 days.

Analysts Set New Price Targets

Several analysts have issued reports on IOT shares. Royal Bank of Canada decreased their price objective on shares of Samsara from $64.00 to $54.00 and set an “outperform” rating for the company in a research note on Friday, March 7th. Berenberg Bank initiated coverage on Samsara in a research note on Monday, February 3rd. They set a “hold” rating and a $57.00 price target for the company. Wells Fargo & Company dropped their price objective on Samsara from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Friday, March 7th. Truist Financial reduced their target price on Samsara from $50.00 to $42.00 and set a “hold” rating on the stock in a research note on Friday, March 7th. Finally, Raymond James began coverage on shares of Samsara in a research note on Wednesday, February 26th. They set a “market perform” rating for the company. Nine research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.60.

Samsara Stock Down 0.7 %

Samsara stock opened at $39.53 on Friday. The business has a fifty day moving average of $47.87 and a two-hundred day moving average of $48.04. Samsara has a twelve month low of $27.14 and a twelve month high of $61.90. The firm has a market cap of $22.19 billion, a P/E ratio of -84.11 and a beta of 1.63.

Insiders Place Their Bets

In other news, insider Adam Eltoukhy sold 3,903 shares of Samsara stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $34.07, for a total value of $132,975.21. Following the completion of the transaction, the insider now owns 320,936 shares in the company, valued at approximately $10,934,289.52. The trade was a 1.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jonathan Chadwick sold 22,500 shares of the stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $45.37, for a total value of $1,020,825.00. Following the sale, the director now owns 396,079 shares in the company, valued at $17,970,104.23. The trade was a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,573,317 shares of company stock valued at $69,108,479 over the last ninety days. 60.04% of the stock is owned by insiders.

Institutional Investors Weigh In On Samsara

Institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. lifted its holdings in shares of Samsara by 12.6% during the 3rd quarter. Victory Capital Management Inc. now owns 67,851 shares of the company’s stock valued at $3,265,000 after purchasing an additional 7,613 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new stake in Samsara in the third quarter valued at about $1,180,000. KBC Group NV boosted its holdings in Samsara by 103.9% in the third quarter. KBC Group NV now owns 24,243 shares of the company’s stock worth $1,167,000 after acquiring an additional 12,356 shares in the last quarter. CIBC Asset Management Inc acquired a new stake in Samsara in the third quarter worth about $264,000. Finally, Empowered Funds LLC grew its stake in shares of Samsara by 55.1% during the third quarter. Empowered Funds LLC now owns 9,750 shares of the company’s stock worth $469,000 after acquiring an additional 3,463 shares during the last quarter. 96.02% of the stock is currently owned by institutional investors and hedge funds.

Samsara Company Profile

Samsara Inc provides solutions that connects physical operations data to its connected operations cloud in the United States and internationally. The company's Connected Operations Cloud includes Data Platform, which ingests, aggregates, and enriches data from its IoT devices and has embedded capabilities for AI, workflows and analytics, alerts, API connections, and data security and privacy.