Forsta AP Fonden Sells 58,300 Shares of Samsara Inc. (NYSE:IOT)

Key Points

• Forsta AP Fonden has reduced its stake in Samsara Inc. by 51.2%, now holding 55,600 shares worth approximately $2.13 million after selling 58,300 shares.
• Several institutional investors have increased their holdings in Samsara, with notable increases such as National Bank of Canada FI raising its stake by 184.1% and Citigroup Inc. by 96.9% during the first quarter of the year.
• Samsara reported quarterly earnings of $0.11 per share, surpassing estimates of $0.06, with a revenue increase of 30.7% year-over-year, totaling $366.88 million.

Forsta AP Fonden decreased its holdings in Samsara Inc. (NYSE:IOT - Free Report) by 51.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 55,600 shares of the company's stock after selling 58,300 shares during the period. Forsta AP Fonden's holdings in Samsara were worth $2,131,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. National Bank of Canada FI increased its holdings in shares of Samsara by 184.1% during the 1st quarter. National Bank of Canada FI now owns 2,929 shares of the company's stock worth $114,000 after buying an additional 1,898 shares during the last quarter. Citigroup Inc. increased its holdings in shares of Samsara by 96.9% during the 1st quarter. Citigroup Inc. now owns 223,144 shares of the company's stock worth $8,553,000 after buying an additional 109,807 shares during the last quarter. Swiss National Bank increased its holdings in Samsara by 18.8% in the 1st quarter. Swiss National Bank now owns 733,200 shares of the company's stock valued at $28,104,000 after purchasing an additional 116,100 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Samsara by 22.0% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 339,072 shares of the company's stock valued at $12,997,000 after purchasing an additional 61,060 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board increased its holdings in Samsara by 213.4% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 19,121 shares of the company's stock valued at $733,000 after purchasing an additional 13,020 shares during the last quarter. Institutional investors and hedge funds own 96.02% of the company's stock.

Samsara Trading Up 4.0%

Shares of IOT traded up $1.29 during midday trading on Friday, hitting $33.51. The stock had a trading volume of 3,775,054 shares, compared to its average volume of 4,670,207. Samsara Inc. has a fifty-two week low of $31.40 and a fifty-two week high of $61.90. The business has a 50-day simple moving average of $38.09 and a two-hundred day simple moving average of $42.01. The firm has a market cap of $19.08 billion, a P/E ratio of -152.32 and a beta of 1.62.

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

Insider Activity at Samsara

In other Samsara news, Director Marc L. Andreessen sold 399,026 shares of the business's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $41.33, for a total value of $16,491,744.58. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider John Bicket sold 170,000 shares of the business's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $39.42, for a total transaction of $6,701,400.00. Following the completion of the sale, the insider directly owned 367,642 shares in the company, valued at $14,492,447.64. This trade represents a 31.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,926,739 shares of company stock valued at $119,969,024 in the last 90 days. 46.49% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Piper Sandler reiterated an "overweight" rating and issued a $47.00 target price (down previously from $53.00) on shares of Samsara in a report on Thursday, August 7th. Evercore ISI set a $45.00 price target on shares of Samsara in a research report on Wednesday, June 25th. Wall Street Zen cut shares of Samsara from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. BMO Capital Markets raised their price target on shares of Samsara from $48.00 to $54.00 and gave the company an "outperform" rating in a research report on Monday, June 2nd. Finally, Wells Fargo & Company raised their price target on shares of Samsara from $48.00 to $50.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Nine research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $50.21.

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.