Samsara (NYSE:IOT) Trading Down 3.9% After Analyst Downgrade

Samsara Inc. (NYSE:IOT) shares traded down 3.9% during mid-day trading on Thursday after Morgan Stanley lowered their price target on the stock from $56.00 to $50.00. Morgan Stanley currently has an equal weight rating on the stock. Samsara traded as low as $36.92 and last traded at $37.35. 1,540,068 shares were traded during trading, a decline of 64% from the average session volume of 4,307,281 shares. The stock had previously closed at $38.85.

A number of other equities research analysts also recently weighed in on the company. Piper Sandler reduced their target price on Samsara from $50.00 to $44.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Wells Fargo & Company dropped their target price on shares of Samsara from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Friday, March 7th. Truist Financial dropped their price objective on shares of Samsara from $50.00 to $42.00 and set a “hold” rating for the company in a research note on Friday, March 7th. Craig Hallum reiterated a “hold” rating on shares of Samsara in a research note on Friday, March 7th. Finally, Royal Bank of Canada dropped their target price on Samsara from $64.00 to $54.00 and set an “outperform” rating for the company in a research report on Friday, March 7th. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Samsara presently has an average rating of “Moderate Buy” and an average target price of $49.07.

Insiders Place Their Bets

In related news, Director Jonathan Chadwick sold 22,500 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $38.72, for a total transaction of $871,200.00. Following the completion of the sale, the director now owns 373,579 shares in the company, valued at approximately $14,464,978.88. This represents a 5.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Horowitz Lsv Fund I. Andreessen sold 292,931 shares of Samsara stock in a transaction on Monday, March 10th. The stock was sold at an average price of $34.19, for a total transaction of $10,015,310.89. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,264,146 shares of company stock worth $53,291,272. Insiders own 60.04% of the company’s stock.

Institutional Trading of Samsara

Several institutional investors and hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC grew its position in Samsara by 262.0% in the 4th quarter. NewEdge Advisors LLC now owns 572 shares of the company’s stock worth $25,000 after purchasing an additional 414 shares in the last quarter. Jones Financial Companies Lllp bought a new stake in Samsara during the fourth quarter worth $31,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Samsara during the first quarter worth $31,000. IFP Advisors Inc boosted its position in Samsara by 290.3% in the fourth quarter. IFP Advisors Inc now owns 804 shares of the company’s stock worth $35,000 after purchasing an additional 598 shares during the last quarter. Finally, Fourth Dimension Wealth LLC bought a new position in Samsara in the 4th quarter valued at $38,000. Hedge funds and other institutional investors own 96.02% of the company’s stock.

Samsara Trading Down 3.4 %

The stock has a market capitalization of $21.37 billion, a PE ratio of -79.85 and a beta of 1.71. The firm has a 50-day moving average price of $42.91 and a 200-day moving average price of $46.81.

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.