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

Samsara Inc. (NYSE:IOT) gapped down before the market opened on Friday after an insider sold shares in the company. The stock had previously closed at $55.13, but opened at $52.53. Samsara shares last traded at $52.95, with a volume of 2,793,780 shares traded.

Specifically, insider John Bicket sold 83,091 shares of Samsara stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $53.81, for a total transaction of $4,471,126.71. Following the sale, the insider now directly owns 19,200 shares in the company, valued at $1,033,152. The trade was a 81.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Sanjit Biswas sold 83,333 shares of Samsara stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $53.81, for a total value of $4,484,148.73. Following the sale, the insider now owns 19,200 shares in the company, valued at $1,033,152. This represents a 81.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Samsara news, insider John Bicket sold 96,000 shares of Samsara stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $55.75, for a total transaction of $5,352,000.00. Following the sale, the insider now directly owns 931,400 shares in the company, valued at $51,925,550. The trade was a 9.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Loop Capital boosted their price target on Samsara from $46.00 to $63.00 and gave the company a “buy” rating in a report on Thursday. Piper Sandler boosted their price target on Samsara from $40.00 to $50.00 and gave the company a “neutral” rating in a report on Friday. Truist Financial boosted their price target on Samsara from $40.00 to $50.00 and gave the company a “hold” rating in a report on Monday, November 18th. BMO Capital Markets boosted their price target on Samsara from $44.00 to $57.00 and gave the company a “market perform” rating in a report on Friday. Finally, Wells Fargo & Company boosted their price target on Samsara from $46.00 to $55.00 and gave the company an “overweight” rating in a report on Friday. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $51.29.

Samsara Trading Down 5.2 %

The stock has a 50-day simple moving average of $50.35 and a 200-day simple moving average of $42.33. The company has a market cap of $29.08 billion, a price-to-earnings ratio of -109.98 and a beta of 1.53.

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, topping analysts’ consensus estimates of $0.01 by $0.04. Samsara had a negative return on equity of 20.39% and a negative net margin of 24.19%. The company had revenue of $300.20 million during the quarter, compared to analyst estimates of $289.53 million. During the same quarter in the previous year, the firm posted ($0.11) EPS. The firm’s quarterly revenue was up 36.9% on a year-over-year basis. As a group, research analysts expect that Samsara Inc. will post -0.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. boosted its position in Samsara by 23.4% during the 3rd quarter. Baillie Gifford & Co. now owns 33,844,390 shares of the company’s stock worth $1,628,592,000 after acquiring an additional 6,411,178 shares during the period. FMR LLC lifted its holdings in shares of Samsara by 15.6% in the third quarter. FMR LLC now owns 11,890,600 shares of the company’s stock valued at $572,176,000 after buying an additional 1,604,822 shares during the period. 1832 Asset Management L.P. lifted its holdings in shares of Samsara by 6.6% in the second quarter. 1832 Asset Management L.P. now owns 8,128,500 shares of the company’s stock valued at $273,930,000 after buying an additional 500,400 shares during the period. Westfield Capital Management Co. LP lifted its holdings in shares of Samsara by 4.1% in the third quarter. Westfield Capital Management Co. LP now owns 3,506,681 shares of the company’s stock valued at $168,741,000 after buying an additional 138,702 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Samsara by 9.5% in the third quarter. Geode Capital Management LLC now owns 2,279,383 shares of the company’s stock valued at $109,307,000 after buying an additional 196,867 shares during the period. Institutional investors and hedge funds own 89.39% of the company’s stock.

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.