Cinctive Capital Management LP Makes New $9.62 Million Investment in Samsara Inc. (NYSE:IOT)

Cinctive Capital Management LP purchased a new stake in Samsara Inc. (NYSE:IOT) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 220,126 shares of the company’s stock, valued at approximately $9,617,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Jones Financial Companies Lllp bought a new stake in shares of Samsara during the fourth quarter worth $31,000. Hobbs Group Advisors LLC acquired a new stake in shares of Samsara during the 3rd quarter valued at $34,000. IFP Advisors Inc grew its position in Samsara by 290.3% during the 4th quarter. IFP Advisors Inc now owns 804 shares of the company’s stock worth $35,000 after acquiring an additional 598 shares during the last quarter. Continuum Advisory LLC increased its holdings in Samsara by 39.1% in the 3rd quarter. Continuum Advisory LLC now owns 879 shares of the company’s stock worth $45,000 after purchasing an additional 247 shares in the last quarter. Finally, National Bank of Canada FI bought a new position in Samsara in the fourth quarter valued at about $45,000. 96.02% of the stock is owned by institutional investors.

Samsara Price Performance

IOT stock opened at $38.73 on Wednesday. Samsara Inc. has a 1 year low of $27.14 and a 1 year high of $61.90. The stock has a market capitalization of $21.73 billion, a PE ratio of -82.40 and a beta of 1.63. The company’s 50-day moving average is $47.06 and its 200-day moving average is $47.93.

Insider Activity

In related news, insider Sanjit Biswas sold 85,063 shares of the business’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $43.84, for a total value of $3,729,161.92. Following the transaction, the insider now directly owns 150,676 shares of the company’s stock, valued at approximately $6,605,635.84. The trade was a 36.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jonathan Chadwick sold 22,500 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $38.72, for a total transaction of $871,200.00. Following the sale, the director now owns 373,579 shares of the company’s stock, valued at $14,464,978.88. This trade represents a 5.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,607,296 shares of company stock worth $70,334,047 over the last three months. 60.04% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Craig Hallum restated a “hold” rating on shares of Samsara in a report on Friday, March 7th. Wells Fargo & Company reduced their price objective on shares of Samsara from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Friday, March 7th. Royal Bank of Canada cut their target price on Samsara from $64.00 to $54.00 and set an “outperform” rating on the stock in a report on Friday, March 7th. Berenberg Bank started coverage on Samsara in a research report on Monday, February 3rd. They issued a “hold” rating and a $57.00 price target on the stock. Finally, JPMorgan Chase & Co. raised their price objective on Samsara from $40.00 to $44.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $49.60.

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.