Zweig DiMenna Associates LLC Reduces Holdings in Samsara Inc. (NYSE:IOT)

Key Points

• Zweig DiMenna Associates LLC has reduced its stake in Samsara Inc. by 60.6%, owning 145,800 shares worth $5.59 million at the end of the first quarter.
• Analyst ratings for Samsara are mixed, with a consensus "Hold" rating and an average target price of $50.64, reflecting a competitive outlook.
• Insider sales have been significant, with total shares sold amounting to 2,712,406, valued at over $112 million in the past three months.

Zweig DiMenna Associates LLC cut its stake in shares of Samsara Inc. (NYSE:IOT - Free Report) by 60.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 145,800 shares of the company's stock after selling 224,050 shares during the quarter. Zweig DiMenna Associates LLC's holdings in Samsara were worth $5,589,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Teacher Retirement System of Texas purchased a new position in Samsara in the first quarter worth $1,457,000. Wells Fargo & Company MN grew its holdings in Samsara by 101.4% in the fourth quarter. Wells Fargo & Company MN now owns 129,176 shares of the company's stock worth $5,644,000 after purchasing an additional 65,028 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Samsara by 30.4% in the fourth quarter. Renaissance Technologies LLC now owns 764,300 shares of the company's stock worth $33,392,000 after purchasing an additional 178,102 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Samsara by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 20,978,589 shares of the company's stock worth $916,555,000 after buying an additional 863,197 shares during the period. Finally, Park Avenue Securities LLC acquired a new stake in shares of Samsara during the first quarter worth $273,000. 96.02% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Samsara

In other Samsara news, Director Marc L. Andreessen sold 399,026 shares of the 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sanjit Biswas sold 160,000 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $39.58, for a total transaction of $6,332,800.00. Following the completion of the sale, the insider owned 78,000 shares of the company's stock, valued at approximately $3,087,240. The trade was a 67.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,712,406 shares of company stock worth $112,812,044 in the last quarter. Company insiders own 46.49% of the company's stock.

Samsara Trading Down 1.6%

Shares of Samsara stock traded down $0.63 during trading hours on Tuesday, reaching $39.04. The stock had a trading volume of 1,308,101 shares, compared to its average volume of 4,656,697. Samsara Inc. has a twelve month low of $31.40 and a twelve month high of $61.90. The stock's 50 day moving average is $41.16 and its 200 day moving average is $43.09. The firm has a market capitalization of $22.22 billion, a PE ratio of -177.45 and a beta of 1.63.

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 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 during the quarter, compared to the consensus estimate of $351.44 million. During the same quarter in the prior year, the firm earned $0.03 EPS. The company's revenue for the quarter was up 30.7% on a year-over-year basis. As a group, sell-side analysts predict that Samsara Inc. will post -0.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

IOT has been the subject of several research reports. Morgan Stanley lowered their price objective on shares of Samsara from $56.00 to $50.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Wall Street Zen downgraded shares of Samsara from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. Wells Fargo & Company lifted their price objective on shares of Samsara from $48.00 to $50.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. BMO Capital Markets boosted their target price 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, Piper Sandler set a $53.00 target price on shares of Samsara and gave the company an "overweight" rating in a research report on Wednesday, June 25th. Nine equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $50.64.

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.