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

Samsara Inc. (NYSE:IOT) rose 6.3% during mid-day trading on Wednesday . The company traded as high as $38.33 and last traded at $38.16. Approximately 1,678,800 shares changed 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 Ratings Changes

IOT has been the subject of several recent analyst reports. Truist Financial lowered their target price on shares of Samsara from $50.00 to $42.00 and set a “hold” rating for the company in a research note on Friday, March 7th. Piper Sandler raised Samsara from a “neutral” rating to an “overweight” rating and set a $50.00 price objective for the company in a research report on Monday. Raymond James initiated coverage on Samsara in a research report on Wednesday, February 26th. They set a “market perform” rating on the stock. Berenberg Bank initiated coverage on Samsara in a report on Monday, February 3rd. They issued a “hold” rating and a $57.00 price target for the company. Finally, JPMorgan Chase & Co. upped their price objective on shares of Samsara from $40.00 to $44.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Nine research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Samsara currently has an average rating of “Moderate Buy” and an average target price of $49.60.

Samsara Trading Up 6.6 %

The business’s 50-day moving average is $48.67 and its two-hundred day moving average is $48.27. The stock has a market capitalization of $21.48 billion, a PE ratio of -81.53 and a beta of 1.63.

Insider Activity at Samsara

In related news, insider Dominic Phillips sold 64,629 shares of Samsara stock in a transaction on Monday, December 16th. The shares were sold at an average price of $45.95, for a total transaction of $2,969,702.55. Following the sale, the insider now owns 755,001 shares of the company’s stock, valued at $34,692,295.95. The trade was a 7.89 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Adam Eltoukhy sold 23,960 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $43.81, for a total transaction of $1,049,687.60. Following the completion of the transaction, the insider now directly owns 331,106 shares of the company’s stock, valued at approximately $14,505,753.86. The trade was a 6.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,292,341 shares of company stock worth $60,151,786. 60.04% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Samsara

Hedge funds and other institutional investors have recently bought and sold shares of the business. NewEdge Advisors LLC grew its position in shares of Samsara by 262.0% during the fourth quarter. NewEdge Advisors LLC now owns 572 shares of the company’s stock worth $25,000 after buying an additional 414 shares in the last quarter. Jones Financial Companies Lllp bought a new position in Samsara during the 4th quarter valued at $31,000. Hobbs Group Advisors LLC acquired a new position in Samsara during the 3rd quarter worth $34,000. IFP Advisors Inc increased its position in shares of Samsara by 290.3% in the 4th quarter. IFP Advisors Inc now owns 804 shares of the company’s stock worth $35,000 after purchasing an additional 598 shares during the last quarter. Finally, Fourth Dimension Wealth LLC acquired a new stake in shares of Samsara in the 4th quarter valued at about $38,000. 96.02% of the stock is currently owned by hedge funds and other institutional investors.

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.