Samsara (NYSE:IOT) Shares Gap Down After Insider Selling

Samsara Inc. (NYSE:IOT) shares gapped down before the market opened on Friday after an insider sold shares in the company. The stock had previously closed at $41.88, but opened at $39.00. Samsara shares last traded at $37.64, with a volume of 1,243,579 shares traded.

Specifically, insider Sanjit Biswas sold 145,392 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $44.27, for a total transaction of $6,436,503.84. Following the completion of the sale, the insider now owns 120,000 shares of the company’s stock, valued at $5,312,400. This trade represents a 54.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on IOT. StockNews.com upgraded Samsara from a “sell” rating to a “hold” rating in a report on Friday, November 8th. Morgan Stanley upped their price objective on shares of Samsara from $40.00 to $52.00 and gave the company an “equal weight” rating in a report on Wednesday, November 20th. Truist Financial increased their price target on Samsara from $40.00 to $50.00 and gave the stock a “hold” rating in a report on Monday, November 18th. Piper Sandler lifted their target price on Samsara from $40.00 to $50.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. upped their price objective on Samsara from $40.00 to $44.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Eleven 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, Samsara has a consensus rating of “Hold” and an average price target of $51.07.

Samsara Price Performance

The stock has a market capitalization of $20.72 billion, a PE ratio of -78.69 and a beta of 1.63. The firm’s 50 day simple moving average is $49.21 and its 200 day simple moving average is $48.29.

Hedge Funds Weigh In On Samsara

A number of large investors have recently added to or reduced their stakes in IOT. Baillie Gifford & Co. boosted its position in Samsara by 23.4% during the third quarter. Baillie Gifford & Co. now owns 33,844,390 shares of the company’s stock valued at $1,628,592,000 after buying an additional 6,411,178 shares during the period. FMR LLC lifted its stake in shares of Samsara by 24.0% in the 4th 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 last quarter. Jordan Park Trust Co LLC purchased a new stake in Samsara during the 4th quarter valued at about $112,041,000. Norges Bank bought a new position in Samsara during the 4th quarter worth approximately $106,274,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in Samsara by 107.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,143,855 shares of the company’s stock worth $181,045,000 after purchasing an additional 2,148,081 shares during the period. Hedge funds and other institutional investors own 96.02% of the company’s stock.

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.