Samsara (NYSE:IOT) Given New $55.00 Price Target at Wells Fargo & Company

Samsara (NYSE:IOT) had its price objective lifted by Wells Fargo & Company from $46.00 to $55.00 in a research report report published on Friday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other research firms also recently commented on IOT. BMO Capital Markets upped their price objective on Samsara from $44.00 to $57.00 and gave the company a “market perform” rating in a research note on Friday. BNP Paribas initiated coverage on Samsara in a report on Tuesday, October 8th. They set a “neutral” rating and a $46.00 price target for the company. Bank of America boosted their price objective on shares of Samsara from $45.00 to $47.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Craig Hallum started coverage on shares of Samsara in a research note on Tuesday, October 22nd. They issued a “hold” rating and a $48.00 target price for the company. Finally, Royal Bank of Canada boosted their price target on shares of Samsara from $49.00 to $64.00 and gave the stock an “overweight” rating in a research note on Thursday. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $51.29.

Samsara Price Performance

IOT stock opened at $52.27 on Friday. The company has a market cap of $29.08 billion, a price-to-earnings ratio of -111.21 and a beta of 1.53. The company has a fifty day moving average price of $50.44 and a 200 day moving average price of $42.42. Samsara has a 12 month low of $27.14 and a 12 month high of $57.51.

Samsara (NYSE:IOT) last announced its earnings results on Thursday, September 5th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.04. Samsara had a negative net margin of 24.19% and a negative return on equity of 20.39%. The business had revenue of $300.20 million during the quarter, compared to analysts’ expectations of $289.53 million. During the same period in the prior year, the company earned ($0.11) earnings per share. The business’s revenue was up 36.9% compared to the same quarter last year. As a group, analysts anticipate that Samsara will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In other Samsara news, CEO Sanjit Biswas sold 96,000 shares of Samsara stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $46.88, for a total transaction of $4,500,480.00. Following the completion of the transaction, the chief executive officer now owns 698,299 shares in the company, valued at approximately $32,736,257.12. The trade was a 12.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Horowitz Lsv Fund I. Andreessen sold 330,538 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $45.06, for a total transaction of $14,894,042.28. The disclosure for this sale can be found here. Insiders have sold a total of 1,873,300 shares of company stock worth $91,752,243 in the last quarter. Company insiders own 60.04% of the company’s stock.

Hedge Funds Weigh In On Samsara

Institutional investors have recently made changes to their positions in the stock. Cetera Advisors LLC increased its position in Samsara by 6.8% during the 1st quarter. Cetera Advisors LLC now owns 7,805 shares of the company’s stock worth $295,000 after purchasing an additional 497 shares in the last quarter. RFG Advisory LLC grew its holdings in shares of Samsara by 41.5% during the second quarter. RFG Advisory LLC now owns 12,486 shares of the company’s stock worth $421,000 after buying an additional 3,662 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Samsara by 165.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 15,848 shares of the company’s stock valued at $534,000 after buying an additional 9,875 shares during the last quarter. Baader Bank Aktiengesellschaft purchased a new position in shares of Samsara during the second quarter valued at approximately $506,000. Finally, Swedbank AB acquired a new stake in Samsara during the second quarter worth approximately $105,000. 89.39% of the stock is owned by institutional investors and hedge funds.

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.