Royal Bank of Canada Boosts Samsara (NYSE:IOT) Price Target to $64.00

Samsara (NYSE:IOT) had its price target hoisted by research analysts at Royal Bank of Canada from $49.00 to $64.00 in a research report issued to clients and investors on Thursday, MarketBeat.com reports. The firm presently has an “overweight” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 22.46% from the stock’s previous close.

IOT has been the topic of a number of other reports. Morgan Stanley upped their target price on Samsara from $40.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 20th. StockNews.com raised shares of Samsara from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. lifted their target price on shares of Samsara from $37.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, September 6th. Loop Capital increased their price target on shares of Samsara from $42.00 to $46.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, TD Cowen lifted their price objective on shares of Samsara from $46.00 to $56.00 and gave the stock a “buy” rating in a report on Friday, October 11th. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $51.29.

Samsara Stock Down 5.2 %

IOT stock opened at $52.26 on Thursday. The stock has a 50-day simple moving average of $50.35 and a two-hundred day simple moving average of $42.33. Samsara has a twelve month low of $27.14 and a twelve month high of $57.51. The firm has a market capitalization of $29.08 billion, a PE ratio of -109.98 and a beta of 1.53.

Samsara (NYSE:IOT) last posted its earnings results on Thursday, September 5th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $289.53 million. During the same period in the prior year, the company posted ($0.11) EPS. The business’s revenue for the quarter was up 36.9% compared to the same quarter last year. On average, equities research analysts anticipate that Samsara will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Sanjit Biswas sold 83,333 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $53.81, for a total transaction of $4,484,148.73. Following the completion of the transaction, the insider now directly owns 19,200 shares of the company’s stock, valued at approximately $1,033,152. This represents a 81.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Adam Eltoukhy sold 5,008 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $47.30, for a total value of $236,878.40. Following the completion of the sale, the insider now directly owns 455,797 shares in the company, valued at $21,559,198.10. The trade was a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,873,300 shares of company stock worth $91,752,243 in the last ninety days. 60.04% of the stock is owned by insiders.

Hedge Funds Weigh In On Samsara

A number of hedge funds and other institutional investors have recently made changes to their positions in IOT. Resources Management Corp CT ADV lifted its holdings in Samsara by 104.0% in the second quarter. Resources Management Corp CT ADV now owns 961 shares of the company’s stock worth $32,000 after buying an additional 490 shares during the period. Hobbs Group Advisors LLC purchased a new position in shares of Samsara in the 3rd quarter valued at approximately $34,000. National Bank of Canada FI bought a new stake in shares of Samsara during the second quarter valued at approximately $38,000. Nemes Rush Group LLC purchased a new stake in Samsara in the second quarter worth $45,000. Finally, Continuum Advisory LLC raised its holdings in Samsara by 39.1% in the third 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. Institutional investors 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.