Zacks Investment Research Upgrades Samsara (NYSE:IOT) to “Buy”

Samsara (NYSE:IOTGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Zacks.com reports. The brokerage currently has a $11.00 target price on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 2.23% from the stock’s previous close.

Other analysts have also issued research reports about the company. Cowen reduced their target price on Samsara from $31.00 to $27.00 in a report on Thursday, March 3rd. The Goldman Sachs Group reduced their target price on Samsara from $30.00 to $27.00 and set a “buy” rating for the company in a report on Thursday, April 14th. StockNews.com initiated coverage on Samsara in a report on Thursday, March 31st. They issued a “sell” rating for the company. Morgan Stanley reduced their target price on Samsara from $30.00 to $28.00 and set an “overweight” rating for the company in a report on Thursday, March 3rd. Finally, Wells Fargo & Company reduced their target price on Samsara to $20.00 and set an “overweight” rating for the company in a report on Wednesday, May 18th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $26.11.

Shares of IOT traded up $1.05 during trading hours on Wednesday, hitting $10.76. 1,539,874 shares of the company were exchanged, compared to its average volume of 1,547,795. The business’s fifty day moving average is $13.53. Samsara has a one year low of $8.72 and a one year high of $31.41.

Samsara (NYSE:IOTGet Rating) last released its quarterly earnings data on Wednesday, March 2nd. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.03. The company had revenue of $125.75 million for the quarter, compared to the consensus estimate of $116.15 million. On average, equities research analysts expect that Samsara will post -0.24 EPS for the current fiscal year.

In other Samsara news, insider Kiren Sekar sold 60,534 shares of the firm’s stock in a transaction dated Tuesday, March 15th. The stock was sold at an average price of $13.34, for a total transaction of $807,523.56. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 81.12% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bessemer Group Inc. acquired a new stake in shares of Samsara in the fourth quarter valued at about $28,000. Bank of America Corp DE acquired a new stake in shares of Samsara in the fourth quarter valued at about $38,000. Royal Bank of Canada grew its position in shares of Samsara by 61.6% in the first quarter. Royal Bank of Canada now owns 6,127 shares of the company’s stock valued at $98,000 after purchasing an additional 2,335 shares during the last quarter. Advisor Group Holdings Inc. acquired a new stake in shares of Samsara in the fourth quarter valued at about $93,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Samsara in the fourth quarter valued at about $195,000. Institutional investors own 45.47% of the company’s stock.

Samsara Company Profile (Get Rating)

Samsara Inc provides solutions that connect 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; and applications for video-based safety, vehicle telematics, apps and driver workflows, equipment monitoring, and site visibility.

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