Empirical Financial Services LLC d.b.a. Empirical Wealth Management Sells 12,221 Shares of Samsara Inc. (NYSE:IOT)

Key Points

• Empirical Financial Services LLC reduced its stake in Samsara Inc. by 31.6%, selling 12,221 shares and bringing its ownership down to 26,458 shares worth $1,014,000.
• Insiders have sold a significant amount of Samsara stock recently, with Sanjit Biswas and Marc L. Andreessen selling a total of nearly $23 million in shares.
• Analyst ratings are mixed, with BMO Capital Markets increasing its price target to $54, while Wall Street Zen downgraded the stock from "buy" to "hold," contributing to a consensus rating of "Hold" for Samsara.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management cut its stake in Samsara Inc. (NYSE:IOT - Free Report) by 31.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,458 shares of the company's stock after selling 12,221 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Samsara were worth $1,014,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Teacher Retirement System of Texas purchased a new stake in Samsara during the first quarter valued at approximately $1,457,000. Wells Fargo & Company MN boosted its position 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 purchasing an additional 65,028 shares in the last quarter. Renaissance Technologies LLC raised its stake in Samsara by 30.4% in the fourth quarter. Renaissance Technologies LLC now owns 764,300 shares of the company's stock valued at $33,392,000 after buying an additional 178,102 shares during the last quarter. Park Avenue Securities LLC purchased a new stake in shares of Samsara during the first quarter worth about $273,000. Finally, Allspring Global Investments Holdings LLC increased its holdings 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 valued at $74,082,000 after acquiring an additional 952,791 shares in the last quarter. 96.02% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

IOT has been the topic of a number of recent analyst reports. BMO Capital Markets upped their price target on shares of Samsara from $48.00 to $54.00 and gave the company an "outperform" rating in a research note on Monday, June 2nd. Wall Street Zen lowered Samsara from a "buy" rating to a "hold" rating in a report on Friday, May 30th. Morgan Stanley reduced their price objective 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. Wells Fargo & Company lifted their target price on Samsara from $48.00 to $50.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Finally, Piper Sandler set a $53.00 price target on shares of Samsara and gave the stock an "overweight" rating in a report on Wednesday, June 25th. Nine equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $50.64.

Insider Buying and Selling

In other news, insider Sanjit Biswas sold 160,000 shares of Samsara stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $39.58, for a total transaction of $6,332,800.00. Following the sale, the insider owned 78,000 shares of the company's stock, valued at approximately $3,087,240. The trade was a 67.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Marc L. Andreessen sold 399,026 shares of the stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $41.33, for a total value of $16,491,744.58. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,691,872 shares of company stock worth $111,982,470. 46.49% of the stock is owned by corporate insiders.

Samsara Stock Performance

Samsara stock opened at $36.02 on Friday. The stock has a market capitalization of $20.51 billion, a P/E ratio of -163.73 and a beta of 1.62. The company's fifty day moving average price is $40.50 and its 200 day moving average price is $42.94. Samsara Inc. has a 1 year low of $31.40 and a 1 year high of $61.90.

Samsara (NYSE:IOT - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.06 by $0.05. The firm had revenue of $366.88 million for the quarter, compared to analyst estimates of $351.44 million. Samsara had a negative net margin of 9.04% and a negative return on equity of 11.14%. Samsara's quarterly revenue was up 30.7% compared to the same quarter last year. During the same period last year, the company posted $0.03 EPS. Sell-side analysts predict that Samsara Inc. will post -0.3 EPS for the current year.

Samsara 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.

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