Zevenbergen Capital Investments LLC Raises Stake in Samsara Inc. (NYSE:IOT)

Key Points

• Zevenbergen Capital Investments LLC increased its stake in Samsara Inc. by 42.0%, acquiring an additional 173,984 shares, bringing their total ownership to approximately 0.10% of the company valued at $22.5 million.
• Insider transactions revealed that Director Marc L. Andreessen and major shareholder Parallel Fund Iv L.P. Ah each sold 399,026 shares at an average price of $41.33, amounting to significant sales totaling over $16.4 million.
• Analysts have mixed ratings for Samsara, with a consensus target price of $50.21, as firms like Wells Fargo and Evercore ISI adjusted their price targets following recent quarterly earnings that exceeded expectations.

Zevenbergen Capital Investments LLC boosted its position in Samsara Inc. (NYSE:IOT - Free Report) by 42.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 587,809 shares of the company's stock after buying an additional 173,984 shares during the period. Zevenbergen Capital Investments LLC owned approximately 0.10% of Samsara worth $22,531,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of IOT. Brighton Jones LLC purchased a new stake in Samsara in the 4th quarter worth approximately $13,464,000. Wellington Management Group LLP raised its stake in shares of Samsara by 7.3% during the 4th quarter. Wellington Management Group LLP now owns 8,538 shares of the company's stock worth $373,000 after buying an additional 579 shares during the period. National Bank of Canada FI acquired a new position in shares of Samsara during the 4th quarter worth approximately $45,000. Wells Fargo & Company MN raised its stake in shares of Samsara by 101.4% during the 4th quarter. Wells Fargo & Company MN now owns 129,176 shares of the company's stock worth $5,644,000 after buying an additional 65,028 shares during the period. Finally, Envestnet Asset Management Inc. raised its stake in shares of Samsara by 44.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 48,549 shares of the company's stock worth $2,121,000 after buying an additional 15,039 shares during the period. Hedge funds and other institutional investors own 96.02% of the company's stock.

Insiders Place Their Bets

In related news, Director Marc L. Andreessen sold 399,026 shares of the firm's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $41.33, for a total transaction of $16,491,744.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Parallel Fund Iv L.P. Ah sold 399,026 shares of the firm's stock in a transaction dated Tuesday, June 10th. The shares were 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 quarter, insiders have sold 2,926,739 shares of company stock valued at $119,969,024. 46.49% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Wells Fargo & Company upped their target price on Samsara from $48.00 to $50.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. Evercore ISI set a $45.00 price objective on Samsara in a research note on Wednesday, June 25th. 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. Piper Sandler reissued an "overweight" rating and issued a $47.00 price objective (down from $53.00) on shares of Samsara in a research note on Thursday. Finally, BMO Capital Markets increased their price objective on Samsara from $48.00 to $54.00 and gave the company an "outperform" rating in a research note on Monday, June 2nd. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $50.21.

Samsara Trading Down 2.4%

NYSE IOT opened at $33.74 on Friday. The stock has a market cap of $19.21 billion, a PE ratio of -153.36 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 stock has a fifty day simple moving average of $39.45 and a 200-day simple moving average of $42.53.

Samsara (NYSE:IOT - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.05. The business had revenue of $366.88 million during 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 company's revenue was up 30.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.03 EPS. Research analysts predict that Samsara Inc. will post -0.3 EPS for the current year.

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.

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