Samsara (NYSE:IOT) Sees Large Volume Increase - Here's What Happened

Shares of Samsara Inc. (NYSE:IOT - Get Free Report) saw unusually-high trading volume on Tuesday . Approximately 6,185,604 shares traded hands during mid-day trading, an increase of 65% from the previous session's volume of 3,738,978 shares.The stock last traded at $41.53 and had previously closed at $44.69.

Analyst Upgrades and Downgrades

IOT has been the subject of a number of research reports. Truist Financial reduced their price target on shares of Samsara from $50.00 to $42.00 and set a "hold" rating for the company in a report on Friday, March 7th. Wall Street Zen downgraded shares of Samsara from a "buy" rating to a "hold" rating in a report on Friday, May 30th. Piper Sandler reiterated an "overweight" rating and set a $53.00 target price (up from $44.00) on shares of Samsara in a research report on Wednesday, May 14th. Craig Hallum reiterated a "hold" rating on shares of Samsara in a research report on Friday, March 7th. Finally, BMO Capital Markets lifted 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. Nine research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $50.00.

Samsara Price Performance

The company has a market capitalization of $22.28 billion, a P/E ratio of -83.28 and a beta of 1.74. The stock's 50 day simple moving average is $42.29 and its two-hundred day simple moving average is $44.96.

Samsara (NYSE:IOT - Get Free Report) last announced its 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. Samsara had a negative net margin of 21.80% and a negative return on equity of 19.44%. The company had revenue of $366.88 million during the quarter, compared to the consensus estimate of $351.44 million. During the same period in the previous year, the firm posted $0.03 earnings per share. The company's revenue was up 30.7% on a year-over-year basis. As a group, equities research analysts expect that Samsara Inc. will post -0.3 earnings per share for the current year.

Insider Buying and Selling

In other Samsara news, Director Marc L. Andreessen sold 399,026 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $41.33, for a total value of $16,491,744.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Sanjit Biswas sold 94,020 shares of the company's stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $42.68, for a total transaction of $4,012,773.60. Following the completion of the sale, the insider now directly owns 114,000 shares of the company's stock, valued at $4,865,520. The trade was a 45.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,136,917 shares of company stock valued at $89,546,904 over the last ninety days. Insiders own 60.04% of the company's stock.

Institutional Investors Weigh In On Samsara

Several large investors have recently bought and sold shares of IOT. Brighton Jones LLC bought a new stake in Samsara in the fourth quarter valued at approximately $13,464,000. Sumitomo Mitsui Trust Group Inc. increased its stake in Samsara by 22.1% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 459,416 shares of the company's stock valued at $20,072,000 after purchasing an additional 83,133 shares in the last quarter. Blue Trust Inc. increased its stake in Samsara by 10,923.1% in the fourth quarter. Blue Trust Inc. now owns 7,165 shares of the company's stock valued at $313,000 after purchasing an additional 7,100 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its holdings in shares of Samsara by 3.9% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 81,334 shares of the company's stock valued at $3,553,000 after buying an additional 3,047 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in shares of Samsara by 5.5% in the fourth quarter. CIBC Asset Management Inc now owns 5,791 shares of the company's stock valued at $253,000 after buying an additional 300 shares during the period. Institutional investors own 96.02% of the company's stock.

Samsara Company 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.