Baker Avenue Asset Management LP Purchases New Holdings in Samsara Inc. (NYSE:IOT)

Key Points

• Baker Avenue Asset Management LP has invested approximately $1.49 million in Samsara Inc., acquiring 38,916 shares in the first quarter.
• Samsara's stock has recently seen a decline of 5.3%, currently trading at $36.02, amidst overall market capitalization of $20.51 billion.
• Despite the downturn, analyst opinions vary, with nine analysts rating it as a hold and eight giving it a buy rating, while the consensus target price sits at $50.64.

Baker Avenue Asset Management LP bought a new position in Samsara Inc. (NYSE:IOT - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 38,916 shares of the company's stock, valued at approximately $1,492,000.

Other hedge funds also recently made changes to their positions in the company. Teacher Retirement System of Texas bought a new stake in shares of Samsara in the 1st quarter worth $1,457,000. Wells Fargo & Company MN raised its stake in shares of Samsara by 101.4% in the 4th quarter. Wells Fargo & Company MN now owns 129,176 shares of the company's stock worth $5,644,000 after buying an additional 65,028 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Samsara by 30.4% in the 4th quarter. Renaissance Technologies LLC now owns 764,300 shares of the company's stock worth $33,392,000 after buying an additional 178,102 shares in the last quarter. Park Avenue Securities LLC bought a new stake in shares of Samsara in the 1st quarter worth $273,000. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Samsara by 99.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,909,336 shares of the company's stock worth $74,082,000 after purchasing an additional 952,791 shares during the period. Institutional investors and hedge funds own 96.02% of the company's stock.

Samsara Price Performance

NYSE IOT traded up $1.61 during trading on Monday, reaching $37.62. 2,632,722 shares of the company's stock were exchanged, compared to its average volume of 3,986,727. The business has a 50 day moving average price of $40.50 and a 200-day moving average price of $42.90. The stock has a market capitalization of $21.41 billion, a P/E ratio of -170.98 and a beta of 1.62. Samsara Inc. has a fifty-two week low of $31.40 and a fifty-two week high of $61.90.

Samsara (NYSE:IOT - Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.05. The firm had revenue of $366.88 million for the quarter, compared to the consensus estimate of $351.44 million. Samsara had a negative return on equity of 11.14% and a negative net margin of 9.04%. The business's revenue was up 30.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.03 earnings per share. On average, analysts forecast that Samsara Inc. will post -0.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Wall Street Zen downgraded Samsara from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. BMO Capital Markets raised their price objective on Samsara from $48.00 to $54.00 and gave the company an "outperform" rating in a research note on Monday, June 2nd. Wells Fargo & Company raised their price objective on Samsara from $48.00 to $50.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Morgan Stanley decreased their target price on Samsara from $56.00 to $50.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Finally, Piper Sandler set a $53.00 price target on shares of Samsara and gave the stock an "overweight" rating in a research report on Wednesday, June 25th. Nine investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Samsara has an average rating of "Hold" and a consensus price target of $50.64.

Insiders Place Their Bets

In other news, insider Sanjit Biswas sold 160,000 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $39.58, for a total transaction of $6,332,800.00. Following the completion of the sale, the insider owned 78,000 shares in the company, valued at $3,087,240. The trade was a 67.23% 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 John Bicket sold 170,000 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $39.42, for a total value of $6,701,400.00. Following the sale, the insider owned 367,642 shares of the company's stock, valued at approximately $14,492,447.64. This represents a 31.62% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,691,872 shares of company stock worth $111,982,470 in the last three months. 46.49% of the stock is owned by corporate insiders.

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.