Wells Fargo & Company Issues Positive Forecast for Samsara (NYSE:IOT) Stock Price

Samsara (NYSE:IOT) had its price target raised by analysts at Wells Fargo & Company from $46.00 to $55.00 in a report released on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 3.87% from the stock’s previous close.

Several other equities analysts have also recently weighed in on IOT. JPMorgan Chase & Co. raised their target price on shares of Samsara from $37.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, September 6th. Royal Bank of Canada lifted their price objective on shares of Samsara from $49.00 to $64.00 and gave the stock an “overweight” rating in a research report on Thursday. Truist Financial lifted their price objective on shares of Samsara from $40.00 to $50.00 and gave the stock a “hold” rating in a research 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 report on Friday. Finally, Morgan Stanley lifted their target price on Samsara from $40.00 to $52.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 20th. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Samsara has a consensus rating of “Hold” and an average target price of $51.00.

Samsara Trading Down 4.0 %

Shares of NYSE:IOT traded down $2.18 during mid-day trading on Friday, reaching $52.95. The stock had a trading volume of 2,793,780 shares, compared to its average volume of 3,501,594. The firm has a market cap of $29.46 billion, a PE ratio of -110.31 and a beta of 1.53. The firm has a 50 day simple moving average of $50.35 and a two-hundred day simple moving average of $42.33. Samsara has a twelve month low of $27.14 and a twelve 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, topping the consensus estimate 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 firm had revenue of $300.20 million for the quarter, compared to the consensus estimate of $289.53 million. During the same period last year, the company posted ($0.11) EPS. The business’s quarterly revenue was up 36.9% on a year-over-year basis. On average, equities analysts anticipate that Samsara will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Dominic Phillips sold 66,642 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $45.88, for a total transaction of $3,057,534.96. Following the sale, the insider now directly owns 882,664 shares in the company, valued at approximately $40,496,624.32. The trade was a 7.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Horowitz Lsv Fund I. Andreessen sold 330,538 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $45.06, for a total value of $14,894,042.28. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,873,300 shares of company stock valued at $91,752,243. 60.04% of the stock is currently owned by corporate insiders.

Institutional Trading of Samsara

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Franklin Resources Inc. bought a new stake in shares of Samsara during the third quarter worth about $10,868,000. Wilmington Savings Fund Society FSB bought a new stake in Samsara in the third quarter valued at approximately $546,000. Virtu Financial LLC bought a new stake in Samsara in the third quarter valued at approximately $1,689,000. Hobbs Group Advisors LLC bought a new position in shares of Samsara during the 3rd quarter worth approximately $34,000. Finally, Teachers Retirement System of The State of Kentucky raised its position in shares of Samsara by 2.0% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 149,789 shares of the company’s stock worth $7,208,000 after purchasing an additional 3,000 shares during the period. 89.39% of the stock is currently owned by institutional investors.

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.