Fred Alger Management LLC Buys 1,503 Shares of Samsara Inc. (NYSE:IOT)

Fred Alger Management LLC raised its stake in shares of Samsara Inc. (NYSE:IOT) by 76.3% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 3,474 shares of the company’s stock after acquiring an additional 1,503 shares during the period. Fred Alger Management LLC’s holdings in Samsara were worth $117,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Resources Management Corp CT ADV lifted its stake in shares of Samsara by 104.0% in the 2nd quarter. Resources Management Corp CT ADV now owns 961 shares of the company’s stock worth $32,000 after purchasing an additional 490 shares during the period. Quarry LP bought a new position in shares of Samsara in the 4th quarter worth approximately $37,000. National Bank of Canada FI bought a new position in shares of Samsara in the 2nd quarter worth approximately $38,000. Tradition Wealth Management LLC bought a new position in shares of Samsara in the 4th quarter worth approximately $46,000. Finally, UniSuper Management Pty Ltd bought a new position in shares of Samsara in the 1st quarter worth approximately $94,000. Institutional investors own 89.39% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on IOT shares. Wolfe Research reiterated an “outperform” rating and issued a $44.00 price objective on shares of Samsara in a research note on Friday, June 28th. Royal Bank of Canada raised their target price on shares of Samsara from $47.00 to $49.00 and gave the stock an “outperform” rating in a research note on Friday, September 6th. Morgan Stanley upped their price target on shares of Samsara from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Friday, September 6th. Evercore ISI raised their price objective on shares of Samsara from $40.00 to $42.00 and gave the company an “in-line” rating in a research report on Friday, September 6th. Finally, BMO Capital Markets raised their price objective on shares of Samsara from $40.00 to $44.00 and gave the company a “market perform” rating in a research report on Friday, September 6th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Samsara has a consensus rating of “Moderate Buy” and a consensus target price of $42.07.

Insider Activity

In other news, insider Dominic Phillips sold 21,112 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $34.42, for a total transaction of $726,675.04. Following the sale, the insider now directly owns 1,010,326 shares in the company, valued at approximately $34,775,420.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Adam Eltoukhy sold 9,471 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $37.79, for a total transaction of $357,909.09. Following the sale, the insider now directly owns 465,967 shares in the company, valued at approximately $17,608,892.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Dominic Phillips sold 21,112 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $34.42, for a total transaction of $726,675.04. Following the completion of the sale, the insider now directly owns 1,010,326 shares in the company, valued at $34,775,420.92. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,036,399 shares of company stock worth $83,632,450. 60.04% of the stock is currently owned by corporate insiders.

Samsara Stock Performance

Shares of NYSE IOT opened at $47.52 on Friday. The company has a market cap of $26.44 billion, a P/E ratio of -95.04 and a beta of 1.50. The firm’s fifty day moving average is $41.60 and its two-hundred day moving average is $37.44. Samsara Inc. has a 52-week low of $21.48 and a 52-week high of $50.07.

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

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.