Zurcher Kantonalbank Zurich Cantonalbank Increases Holdings in Samsara Inc. (NYSE:IOT)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Samsara Inc. by 18.7%, now holding a total of 61,825 shares worth approximately $2.37 million.
• Insider selling activity has been notable, with Director Marc L. Andreessen selling 399,026 shares and another insider reducing their hold by 31.62%, which reflects a total insider sale of over $111 million in recent months.
• Analysts' ratings for Samsara are mixed, with a current consensus of "Hold" and average price target of $50.64, while some firms have recently upgraded their price targets.

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Samsara Inc. (NYSE:IOT - Free Report) by 18.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 61,825 shares of the company's stock after purchasing an additional 9,734 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Samsara were worth $2,370,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. NewEdge Advisors LLC boosted its stake in Samsara by 262.0% during the fourth quarter. NewEdge Advisors LLC now owns 572 shares of the company's stock valued at $25,000 after buying an additional 414 shares during the period. Keystone Financial Group Inc. boosted its stake in Samsara by 300.0% during the first quarter. Keystone Financial Group Inc. now owns 600 shares of the company's stock valued at $25,000 after buying an additional 450 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Samsara during the first quarter valued at $31,000. Fourth Dimension Wealth LLC bought a new stake in Samsara during the fourth quarter worth about $38,000. Finally, CWM LLC lifted its stake in Samsara by 385.3% during the first quarter. CWM LLC now owns 1,053 shares of the company's stock worth $40,000 after purchasing an additional 836 shares during the last quarter. 96.02% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Piper Sandler set a $53.00 price objective on Samsara and gave the stock an "overweight" rating in a report on Wednesday, June 25th. BMO Capital Markets lifted their price objective on Samsara from $48.00 to $54.00 and gave the stock an "outperform" rating in a report on Monday, June 2nd. Wall Street Zen downgraded Samsara from a "buy" rating to a "hold" rating in a report on Friday, May 30th. Wells Fargo & Company lifted their price objective on Samsara from $48.00 to $50.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Finally, Evercore ISI set a $45.00 price objective on Samsara in a report on Wednesday, June 25th. Nine analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $50.64.

Samsara Stock Performance

Shares of IOT traded up $1.61 during mid-day trading on Monday, reaching $37.62. The company had a trading volume of 2,632,722 shares, compared to its average volume of 3,986,727. The firm has a 50-day moving average price of $40.50 and a 200 day moving average price of $42.90. Samsara Inc. has a 52 week low of $31.40 and a 52 week high of $61.90. The company has a market capitalization of $21.41 billion, a price-to-earnings ratio of -170.98 and a beta of 1.62.

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

Insiders Place Their Bets

In related news, Director Marc L. Andreessen sold 399,026 shares of the company's 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Parallel Fund Iv L.P. Ah 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 transaction of $16,491,744.58. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,691,872 shares of company stock valued at $111,982,470. Insiders own 46.49% of the company's stock.

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.