Samsara (NYSE:IOT) Trading Up 6.3% – Still a Buy?

Shares of Samsara Inc. (NYSE:IOT) were up 6.3% during trading on Wednesday . The stock traded as high as $38.33 and last traded at $38.16. Approximately 1,678,800 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 3,638,616 shares. The stock had previously closed at $35.90.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Piper Sandler upgraded shares of Samsara from a “neutral” rating to an “overweight” rating and set a $50.00 price target for the company in a research note on Monday. Wells Fargo & Company lowered their target price on Samsara from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Friday, March 7th. BMO Capital Markets upgraded Samsara from a “market perform” rating to an “outperform” rating and set a $48.00 price target on the stock in a report on Monday. Loop Capital lifted their price objective on Samsara from $46.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Finally, Truist Financial cut their target price 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. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.60.

Samsara Stock Performance

The company has a market capitalization of $21.48 billion, a PE ratio of -81.53 and a beta of 1.63. The firm’s 50-day simple moving average is $48.67 and its 200 day simple moving average is $48.27.

Insiders Place Their Bets

In other news, Director Jonathan Chadwick sold 22,500 shares of Samsara stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $45.37, for a total transaction of $1,020,825.00. Following the completion of the transaction, the director now owns 396,079 shares of the company’s stock, valued at $17,970,104.23. The trade was a 5.38 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Adam Eltoukhy sold 3,903 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $34.07, for a total transaction of $132,975.21. Following the completion of the sale, the insider now directly owns 320,936 shares in the company, valued at approximately $10,934,289.52. The trade was a 1.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,292,341 shares of company stock worth $60,151,786. 60.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On Samsara

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IOT. NewEdge Advisors LLC raised 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 worth $25,000 after purchasing an additional 414 shares during the last quarter. Jones Financial Companies Lllp acquired a new position in shares of Samsara in the fourth quarter worth $31,000. Hobbs Group Advisors LLC purchased a new stake in shares of Samsara in the third quarter valued at $34,000. IFP Advisors Inc lifted its position in shares of Samsara by 290.3% in 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 in the last quarter. Finally, Fourth Dimension Wealth LLC acquired a new stake in shares of Samsara during the fourth quarter valued at $38,000. Institutional investors and hedge funds 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.