Samsara (NYSE:IOT) Stock Price Up 6.3% – Here’s Why

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

Analyst Upgrades and Downgrades

IOT has been the topic of a number of recent research reports. Wells Fargo & Company cut their target price on shares of Samsara from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Friday, March 7th. Loop Capital upped their target price on shares of Samsara from $46.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Raymond James initiated coverage on shares of Samsara in a research note on Wednesday, February 26th. They set a “market perform” rating on the stock. Cowen restated a “buy” rating on shares of Samsara in a research note on Friday, March 7th. Finally, Morgan Stanley upped their target price on shares of Samsara from $40.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 20th. Nine research 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.com, Samsara has a consensus rating of “Moderate Buy” and a consensus price target of $49.60.

Samsara Stock Up 2.1 %

The company has a fifty day moving average of $48.42 and a two-hundred day moving average of $48.12. The stock has a market capitalization of $21.28 billion, a price-to-earnings ratio of -80.67 and a beta of 1.63.

Insider Buying and Selling

In other Samsara news, insider Adam Eltoukhy sold 23,960 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $43.81, for a total value of $1,049,687.60. Following the completion of the sale, the insider now owns 331,106 shares of the company’s stock, valued at approximately $14,505,753.86. This trade represents a 6.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sanjit Biswas sold 13,086 shares of the firm’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $55.75, for a total value of $729,544.50. Following the completion of the sale, the insider now directly owns 1,571,848 shares of the company’s stock, valued at approximately $87,630,526. This trade represents a 0.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,585,272 shares of company stock valued at $70,167,096 over the last three months. 60.04% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Samsara

A number of hedge funds and other institutional investors have recently bought and sold shares of IOT. FMR LLC lifted its holdings in Samsara by 24.0% in the fourth quarter. FMR LLC now owns 14,743,175 shares of the company’s stock valued at $644,129,000 after acquiring an additional 2,852,575 shares during the period. Jordan Park Trust Co LLC purchased a new position in shares of Samsara in the fourth quarter valued at $112,041,000. Norges Bank purchased a new position in shares of Samsara in the fourth quarter valued at $106,274,000. Arrowstreet Capital Limited Partnership increased its position in shares of Samsara by 107.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,143,855 shares of the company’s stock valued at $181,045,000 after buying an additional 2,148,081 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its position in shares of Samsara by 1,909.4% in the third quarter. Lord Abbett & CO. LLC now owns 1,870,864 shares of the company’s stock valued at $90,026,000 after buying an additional 1,777,757 shares in the last quarter. Institutional investors and hedge funds 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.