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

Samsara (NYSE:IOT) had its price objective trimmed by Wells Fargo & Company from $55.00 to $51.00 in a research report released on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

IOT has been the topic of several other reports. Morgan Stanley increased their target price on Samsara from $40.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 20th. Piper Sandler increased their target price on Samsara from $40.00 to $50.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Royal Bank of Canada increased their target price on Samsara from $49.00 to $64.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. JPMorgan Chase & Co. increased their target price on Samsara from $40.00 to $44.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Finally, BMO Capital Markets reduced their target price on Samsara from $57.00 to $48.00 and set a “market perform” rating on the stock in a research report on Friday. Eleven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Samsara has a consensus rating of “Hold” and an average target price of $49.60.

Samsara Stock Down 15.7 %

Shares of NYSE:IOT opened at $35.32 on Friday. Samsara has a 52-week low of $27.14 and a 52-week high of $61.90. The stock’s fifty day simple moving average is $49.02 and its 200-day simple moving average is $48.36. The company has a market capitalization of $19.82 billion, a P/E ratio of -75.14 and a beta of 1.63.

Insider Activity

In other news, insider Sanjit Biswas sold 145,392 shares of the stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $44.27, for a total value of $6,436,503.84. Following the completion of the sale, the insider now owns 120,000 shares in the company, valued at approximately $5,312,400. This trade represents a 54.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Parallel Fund Iv L.P. Ah sold 112,380 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $45.92, for a total value of $5,160,489.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,369,776 shares of company stock worth $64,065,203. 60.04% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Samsara

Large investors have recently modified their holdings of the stock. NewEdge Advisors LLC grew its stake in shares of Samsara by 262.0% in the fourth quarter. NewEdge Advisors LLC now owns 572 shares of the company’s stock valued at $25,000 after buying an additional 414 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in Samsara in the fourth quarter valued at about $31,000. Hobbs Group Advisors LLC purchased a new position in Samsara in the third quarter valued at about $34,000. IFP Advisors Inc boosted its holdings in Samsara by 290.3% in the fourth quarter. IFP Advisors Inc now owns 804 shares of the company’s stock valued at $35,000 after purchasing an additional 598 shares during the last quarter. Finally, Fourth Dimension Wealth LLC purchased a new position in Samsara in the fourth quarter valued at about $38,000. Institutional investors and hedge funds own 96.02% 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.