Institute for Wealth Management LLC. Takes Position in Samsara Inc. (NYSE:IOT)

Institute for Wealth Management LLC. bought a new stake in Samsara Inc. (NYSE:IOT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 7,635 shares of the company's stock, valued at approximately $293,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IOT. NewEdge Advisors LLC increased its stake in shares of Samsara by 262.0% during the 4th quarter. NewEdge Advisors LLC now owns 572 shares of the company's stock worth $25,000 after purchasing an additional 414 shares during the last quarter. Jones Financial Companies Lllp bought a new stake in Samsara in the 4th quarter valued at about $31,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Samsara during the first quarter worth approximately $31,000. IFP Advisors Inc increased its position in shares of Samsara by 290.3% in the fourth quarter. IFP Advisors Inc now owns 804 shares of the company's stock worth $35,000 after purchasing an additional 598 shares during the period. Finally, Fourth Dimension Wealth LLC acquired a new position in shares of Samsara in the 4th quarter valued at approximately $38,000. 96.02% of the stock is currently owned by institutional investors and hedge funds.

Samsara Price Performance

NYSE IOT traded up $1.10 during trading hours on Tuesday, reaching $40.33. 7,543,338 shares of the stock traded hands, compared to its average volume of 3,855,775. The stock has a 50 day simple moving average of $42.45 and a two-hundred day simple moving average of $44.20. Samsara Inc. has a 1 year low of $28.69 and a 1 year high of $61.90. The company has a market cap of $22.96 billion, a price-to-earnings ratio of -183.33 and a beta of 1.74.

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Raymond James Financial initiated coverage on shares of Samsara in a report on Wednesday, February 26th. They issued a "market perform" rating for the company. Royal Bank Of Canada cut their price objective on Samsara from $64.00 to $54.00 and set an "outperform" rating on the stock in a research note on Friday, March 7th. Cowen reaffirmed a "buy" rating on shares of Samsara in a research report on Friday, March 7th. Piper Sandler restated an "overweight" rating and set a $53.00 price target (up from $44.00) on shares of Samsara in a report on Wednesday, May 14th. Finally, Morgan Stanley reduced 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. Nine analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $50.00.

Insider Buying and Selling at Samsara

In related news, insider Dominic Phillips sold 21,157 shares of the company's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $38.37, for a total transaction of $811,794.09. Following the completion of the sale, the insider now directly owns 638,642 shares in the company, valued at $24,504,693.54. This represents a 3.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Sanjit Biswas sold 160,000 shares of the firm's stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $34.89, for a total transaction of $5,582,400.00. Following the completion of the sale, the insider now directly owns 108,000 shares in the company, valued at approximately $3,768,120. This trade represents a 59.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,043,397 shares of company stock worth $85,588,393 over the last three months. Company insiders own 46.49% 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.