Bank of Nova Scotia Makes New Investment in Samsara Inc. (NYSE:IOT)

Bank of Nova Scotia acquired a new stake in shares of Samsara Inc. (NYSE:IOT) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 7,691 shares of the company’s stock, valued at approximately $336,000.

Other institutional investors and hedge funds have also modified their holdings of the company. GLOBALT Investments LLC GA boosted its holdings in shares of Samsara by 0.3% in the fourth quarter. GLOBALT Investments LLC GA now owns 55,943 shares of the company’s stock valued at $2,444,000 after buying an additional 182 shares during the period. CIBC Asset Management Inc lifted its position in Samsara by 5.5% in the 4th quarter. CIBC Asset Management Inc now owns 5,791 shares of the company’s stock valued at $253,000 after acquiring an additional 300 shares in the last quarter. Wellington Management Group LLP boosted its stake in Samsara by 5.1% in the 3rd quarter. Wellington Management Group LLP now owns 7,959 shares of the company’s stock worth $383,000 after purchasing an additional 388 shares during the period. abrdn plc increased its holdings in Samsara by 11.6% during the 4th quarter. abrdn plc now owns 4,792 shares of the company’s stock worth $210,000 after purchasing an additional 498 shares in the last quarter. Finally, IFP Advisors Inc increased its holdings in Samsara by 290.3% during the 4th quarter. IFP Advisors Inc now owns 804 shares of the company’s stock worth $35,000 after purchasing an additional 598 shares in the last quarter. 96.02% of the stock is currently owned by institutional investors and hedge funds.

Samsara Stock Up 3.8 %

IOT opened at $38.66 on Wednesday. The stock has a market cap of $22.01 billion, a price-to-earnings ratio of -82.26 and a beta of 1.71. Samsara Inc. has a 12-month low of $27.14 and a 12-month high of $61.90. The business has a 50 day moving average of $43.57 and a 200-day moving average of $46.94.

Insider Buying and Selling at Samsara

In other news, insider Adam Eltoukhy sold 9,043 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $53.88, for a total transaction of $487,236.84. Following the completion of the sale, the insider now owns 331,106 shares in the company, valued at $17,839,991.28. The trade was a 2.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Sanjit Biswas sold 72,077 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $46.40, for a total value of $3,344,372.80. Following the completion of the transaction, the insider now directly owns 31,654 shares in the company, valued at $1,468,745.60. The trade was a 69.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,336,223 shares of company stock valued at $56,635,645 in the last quarter. 60.04% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

IOT has been the subject of several recent research reports. Raymond James started coverage on Samsara in a research report on Wednesday, February 26th. They set a “market perform” rating for the company. Truist Financial decreased their price target on shares of Samsara from $50.00 to $42.00 and set a “hold” rating for the company in a research note on Friday, March 7th. Wells Fargo & Company lowered their price objective on shares of Samsara from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Friday, March 7th. Craig Hallum restated a “hold” rating on shares of Samsara in a report on Friday, March 7th. Finally, Cowen reiterated a “buy” rating on shares of Samsara in a research note on Friday, March 7th. Nine analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $49.20.

About Samsara

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.