Samsara Inc. (NYSE:IOT) Sees Significant Decrease in Short Interest

Samsara Inc. (NYSE:IOT) saw a large decrease in short interest during the month of January. As of January 15th, there was short interest totalling 10,310,000 shares, a decrease of 8.9% from the December 31st total of 11,320,000 shares. Based on an average trading volume of 2,960,000 shares, the short-interest ratio is presently 3.5 days. Currently, 4.3% of the shares of the stock are short sold.

Analysts Set New Price Targets

A number of brokerages have weighed in on IOT. Piper Sandler increased their price target on Samsara from $40.00 to $50.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. StockNews.com upgraded Samsara from a “sell” rating to a “hold” rating in a report on Friday, November 8th. TD Cowen increased their price target on Samsara from $46.00 to $56.00 and gave the stock a “buy” rating in a report on Friday, October 11th. Craig Hallum began coverage on Samsara in a report on Tuesday, October 22nd. They set a “hold” rating and a $48.00 price target for the company. Finally, JPMorgan Chase & Co. increased their price target on Samsara from $40.00 to $44.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $51.29.

Insider Activity

In related news, insider John Bicket sold 64,137 shares of the stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $47.48, for a total value of $3,045,224.76. Following the completion of the sale, the insider now directly owns 41,288 shares in the company, valued at $1,960,354.24. This represents a 60.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Sanjit Biswas sold 73,762 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $47.08, for a total value of $3,472,714.96. Following the completion of the sale, the insider now owns 13,231 shares of the company’s stock, valued at $622,915.48. The trade was a 84.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,657,460 shares of company stock worth $80,657,496. Insiders own 60.04% of the company’s stock.

Hedge Funds Weigh In On Samsara

Several large investors have recently added to or reduced their stakes in the business. Handelsbanken Fonder AB lifted its position in Samsara by 12.8% in the 4th quarter. Handelsbanken Fonder AB now owns 53,000 shares of the company’s stock valued at $2,316,000 after acquiring an additional 6,000 shares in the last quarter. Alberta Investment Management Corp bought a new position in Samsara in the 4th quarter valued at about $3,460,000. Atria Wealth Solutions Inc. lifted its position in Samsara by 15.8% in the 4th quarter. Atria Wealth Solutions Inc. now owns 13,348 shares of the company’s stock valued at $583,000 after acquiring an additional 1,818 shares in the last quarter. CIBC Asset Management Inc lifted its position in Samsara by 5.5% in the 4th quarter. CIBC Asset Management Inc now owns 5,791 shares of the company’s stock valued at $253,000 after acquiring an additional 300 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D lifted its position in Samsara by 3.9% in the 4th 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 acquiring an additional 3,047 shares in the last quarter. Institutional investors own 96.02% of the company’s stock.

Samsara Price Performance

Shares of IOT opened at $51.38 on Monday. Samsara has a one year low of $27.14 and a one year high of $57.51. The company has a market cap of $28.83 billion, a PE ratio of -109.31 and a beta of 1.61. The stock has a 50-day moving average of $47.80 and a 200-day moving average of $45.92.

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.