Truist Financial Forecasts Strong Price Appreciation for Samsara (NYSE:IOT) Stock

Samsara (NYSE:IOT) had its price target increased by research analysts at Truist Financial from $40.00 to $50.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “hold” rating on the stock. Truist Financial’s price objective points to a potential downside of 4.29% from the company’s current price.

Several other research analysts have also recently weighed in on IOT. Bank of America increased their price objective on Samsara from $45.00 to $47.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Loop Capital lifted their price objective on shares of Samsara from $42.00 to $46.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. JPMorgan Chase & Co. increased their target price on shares of Samsara from $37.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, September 6th. BNP Paribas assumed coverage on shares of Samsara in a research report on Tuesday, October 8th. They issued a “neutral” rating and a $46.00 price target for the company. Finally, Royal Bank of Canada increased their price target on Samsara from $47.00 to $49.00 and gave the stock an “outperform” rating in a research report on Friday, September 6th. Nine research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $44.87.

Samsara Price Performance

IOT stock opened at $52.24 on Monday. Samsara has a one year low of $25.76 and a one year high of $53.98. The stock has a market cap of $29.06 billion, a price-to-earnings ratio of -108.83 and a beta of 1.52. The company has a fifty day moving average price of $48.78 and a two-hundred day moving average price of $41.12.

Samsara (NYSE:IOT) last announced its quarterly earnings results on Thursday, September 5th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $300.20 million for the quarter, compared to analyst estimates of $289.53 million. During the same quarter in the prior year, the business earned ($0.11) EPS. Samsara’s quarterly revenue was up 36.9% on a year-over-year basis. Research analysts anticipate that Samsara will post -0.34 EPS for the current fiscal year.

Insider Activity

In other Samsara news, major shareholder Horowitz Lsv Fund I. Andreessen sold 330,538 shares of the 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Sanjit Biswas sold 84,030 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $41.94, for a total value of $3,524,218.20. Following the sale, the chief executive officer now owns 806,269 shares in the company, valued at approximately $33,814,921.86. This trade represents a 9.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,717,614 shares of company stock worth $78,501,134. Corporate insiders own 60.04% of the company’s stock.

Institutional Investors Weigh In On Samsara

Hedge funds have recently added to or reduced their stakes in the business. Hobbs Group Advisors LLC bought a new position in shares of Samsara during the third quarter valued at $34,000. Continuum Advisory LLC increased its holdings in Samsara by 39.1% in the third quarter. Continuum Advisory LLC now owns 879 shares of the company’s stock valued at $45,000 after purchasing an additional 247 shares during the period. Resources Management Corp CT ADV raised its position in Samsara by 104.0% during the 2nd quarter. Resources Management Corp CT ADV now owns 961 shares of the company’s stock worth $32,000 after purchasing an additional 490 shares during the last quarter. UMB Bank n.a. lifted its holdings in Samsara by 69.1% during the 3rd quarter. UMB Bank n.a. now owns 1,023 shares of the company’s stock worth $49,000 after buying an additional 418 shares during the period. Finally, National Bank of Canada FI bought a new stake in shares of Samsara in the 2nd quarter valued at about $38,000. 89.39% of the stock is currently owned by institutional investors and hedge funds.

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.