Mitsubishi UFJ Asset Management Co. Ltd. Buys 61,060 Shares of Samsara Inc. (NYSE:IOT)

Key Points

• Mitsubishi UFJ Asset Management significantly increased its holdings in Samsara Inc. by 22.0% during the first quarter, owning approximately 339,072 shares valued at about $12.99 million.
• Shares of Samsara saw a decrease of 3.8%, with the stock currently trading at $32.47 and experiencing a 52-week range between $31.40 and $61.90.
• Despite a negative net margin of 9.04%, Samsara reported a revenue increase of 30.7% year-over-year, with earnings per share beating the consensus estimate by $0.05 in the last quarter.

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Samsara Inc. (NYSE:IOT - Free Report) by 22.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 339,072 shares of the company's stock after acquiring an additional 61,060 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.06% of Samsara worth $12,997,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in IOT. Teacher Retirement System of Texas purchased a new stake in Samsara in the first quarter worth about $1,457,000. Wells Fargo & Company MN increased its position in shares of Samsara by 101.4% during the fourth quarter. Wells Fargo & Company MN now owns 129,176 shares of the company's stock valued at $5,644,000 after acquiring an additional 65,028 shares in the last quarter. Avantax Advisory Services Inc. bought a new stake in shares of Samsara during the first quarter valued at approximately $357,000. Ontario Teachers Pension Plan Board increased its position in shares of Samsara by 213.4% during the first quarter. Ontario Teachers Pension Plan Board now owns 19,121 shares of the company's stock valued at $733,000 after acquiring an additional 13,020 shares in the last quarter. Finally, Park Avenue Securities LLC bought a new stake in shares of Samsara during the first quarter valued at approximately $273,000. Institutional investors own 96.02% of the company's stock.

Analyst Ratings Changes

IOT has been the subject of a number of recent research reports. Wall Street Zen downgraded shares of Samsara from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Piper Sandler reissued an "overweight" rating and issued a $47.00 price objective (down from $53.00) on shares of Samsara in a research report on Thursday, August 7th. Evercore ISI set a $45.00 target price on shares of Samsara in a research note on Wednesday, June 25th. BMO Capital Markets increased their price objective 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. Finally, Wells Fargo & Company raised their price target on shares of Samsara from $48.00 to $50.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Nine equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, Samsara currently has a consensus rating of "Hold" and a consensus target price of $50.21.

Samsara Price Performance

NYSE IOT traded up $1.25 on Friday, hitting $33.47. 2,261,282 shares of the company were exchanged, compared to its average volume of 4,687,161. The firm has a market capitalization of $19.06 billion, a P/E ratio of -152.34 and a beta of 1.62. Samsara Inc. has a twelve month low of $31.40 and a twelve month high of $61.90. The company's 50 day moving average price is $38.33 and its 200-day moving average price is $42.14.

Samsara (NYSE:IOT - Get Free Report) last issued its earnings results on Thursday, June 5th. The company reported $0.11 EPS for the quarter, beating analysts' consensus estimates 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 was up 30.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.03 earnings per share. As a group, equities analysts expect that Samsara Inc. will post -0.3 EPS for the current year.

Insiders Place Their Bets

In related news, 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 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Marc L. Andreessen sold 399,026 shares of the business's stock in a transaction 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. Over the last quarter, insiders have sold 2,926,739 shares of company stock worth $119,969,024. 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.