Samsara (NYSE:IOT) Price Target Raised to $52.00

Samsara (NYSE:IOT) had its price target raised by Morgan Stanley from $40.00 to $52.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

IOT has been the subject of a number of other reports. Truist Financial increased their price objective on Samsara from $40.00 to $50.00 and gave the company a “hold” rating in a report on Monday, November 18th. Bank of America increased their price objective on Samsara from $45.00 to $47.00 and gave the company a “buy” rating in a report on Friday, September 6th. Craig Hallum began coverage on Samsara in a report on Tuesday, October 22nd. They issued a “hold” rating and a $48.00 price objective for the company. Evercore ISI increased their price objective on Samsara from $40.00 to $42.00 and gave the company an “in-line” rating in a report on Friday, September 6th. Finally, Wells Fargo & Company increased their price objective on Samsara from $42.00 to $46.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Nine investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $45.67.

Samsara Stock Performance

Shares of NYSE:IOT opened at $56.36 on Wednesday. The company has a fifty day moving average of $49.25 and a 200-day moving average of $41.41. The company has a market capitalization of $31.36 billion, a PE ratio of -117.42 and a beta of 1.52. Samsara has a 52-week low of $26.13 and a 52-week high of $56.76.

Samsara (NYSE:IOT) last announced its quarterly earnings results on Thursday, September 5th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.04. The company had revenue of $300.20 million during the quarter, compared to the consensus estimate of $289.53 million. Samsara had a negative net margin of 24.19% and a negative return on equity of 20.39%. The company’s revenue for the quarter was up 36.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.11) earnings per share. On average, equities analysts forecast that Samsara will post -0.34 EPS for the current fiscal year.

Insider Transactions at Samsara

In related news, CEO Sanjit Biswas sold 84,030 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $41.94, for a total value of $3,524,218.20. Following the transaction, the chief executive officer now owns 806,269 shares of the company’s stock, valued at approximately $33,814,921.86. This trade represents a 9.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Horowitz Lsv Fund I. Andreessen sold 330,538 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $45.06, for a total transaction of $14,894,042.28. The disclosure for this sale can be found here. Insiders have sold 1,826,114 shares of company stock valued at $84,024,779 in the last 90 days. 60.04% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Samsara

Several hedge funds have recently modified their holdings of IOT. Resources Management Corp CT ADV increased its stake in shares of Samsara by 104.0% during the 2nd quarter. Resources Management Corp CT ADV now owns 961 shares of the company’s stock worth $32,000 after purchasing an additional 490 shares during the last quarter. Hobbs Group Advisors LLC purchased a new stake in shares of Samsara during the 3rd quarter worth approximately $34,000. National Bank of Canada FI purchased a new stake in shares of Samsara during the 2nd quarter worth approximately $38,000. Nemes Rush Group LLC purchased a new stake in shares of Samsara during the 2nd quarter worth approximately $45,000. Finally, Continuum Advisory LLC increased its stake in shares of Samsara by 39.1% during the 3rd quarter. Continuum Advisory LLC now owns 879 shares of the company’s stock worth $45,000 after purchasing an additional 247 shares during the last quarter. Institutional investors own 89.39% of the company’s stock.

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.