Samsara (NYSE:IOT) Price Target Raised to $50.00

Samsara (NYSE:IOT - Free Report) had its price objective boosted by Wells Fargo & Company from $48.00 to $50.00 in a research note issued to investors on Friday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other brokerages have also recently commented on IOT. Truist Financial dropped their price target on shares of Samsara from $50.00 to $42.00 and set a "hold" rating on the stock in a research note on Friday, March 7th. Cowen reissued a "buy" rating on shares of Samsara in a report on Friday, March 7th. Raymond James initiated coverage on Samsara in a research report on Wednesday, February 26th. They set a "market perform" rating on the stock. Royal Bank of Canada cut their price target on Samsara from $64.00 to $54.00 and set an "outperform" rating for the company in a report on Friday, March 7th. Finally, Piper Sandler reiterated an "overweight" rating and set a $53.00 price objective (up from $44.00) on shares of Samsara in a research note on Wednesday, May 14th. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $50.00.

Samsara Price Performance

Shares of NYSE IOT traded down $2.04 during trading on Friday, reaching $45.21. 14,848,818 shares of the stock traded hands, compared to its average volume of 3,781,273. The stock has a market capitalization of $25.74 billion, a P/E ratio of -96.19 and a beta of 1.74. Samsara has a 52-week low of $27.14 and a 52-week high of $61.90. The company has a 50-day moving average of $41.58 and a 200-day moving average of $45.42.

Samsara (NYSE:IOT - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 19.44% and a negative net margin of 21.80%. The firm's quarterly revenue was up 30.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.03 EPS. Analysts expect that Samsara will post -0.3 earnings per share for the current fiscal year.

Insider Activity at Samsara

In other news, insider Adam Eltoukhy sold 3,903 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $34.07, for a total value of $132,975.21. Following the transaction, the insider now owns 320,936 shares of the company's stock, valued at $10,934,289.52. This represents a 1.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Horowitz Lsv Fund I. Andreessen sold 292,931 shares of the firm's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $34.19, for a total transaction of $10,015,310.89. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,595,655 shares of company stock valued at $64,985,532. Company insiders own 60.04% of the company's stock.

Institutional Investors Weigh In On Samsara

A number of large investors have recently added to or reduced their stakes in IOT. NewEdge Advisors LLC increased its position in shares of Samsara by 262.0% during the 4th quarter. NewEdge Advisors LLC now owns 572 shares of the company's stock valued at $25,000 after purchasing an additional 414 shares during the last quarter. Keystone Financial Group Inc. lifted its position in Samsara by 300.0% in the 1st quarter. Keystone Financial Group Inc. now owns 600 shares of the company's stock worth $25,000 after buying an additional 450 shares during the last quarter. Jones Financial Companies Lllp purchased a new stake in Samsara in the fourth quarter worth approximately $31,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Samsara during the first quarter valued at approximately $31,000. Finally, IFP Advisors Inc grew its position in Samsara by 290.3% during the fourth quarter. IFP Advisors Inc now owns 804 shares of the company's stock valued at $35,000 after acquiring an additional 598 shares during the last quarter. Hedge funds and other institutional investors own 96.02% 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.