Wells Fargo & Company Forecasts Strong Price Appreciation for Samsara (NYSE:IOT) Stock

Samsara (NYSE:IOT) had its price target lifted by equities researchers at Wells Fargo & Company from $48.00 to $50.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 10.60% from the stock’s current price.

IOT has been the topic of a number of other reports. Royal Bank of Canada reduced their target price on shares of Samsara from $64.00 to $54.00 and set an “outperform” rating on the stock in a research note on Friday, March 7th. Raymond James started coverage on shares of Samsara in a research report on Wednesday, February 26th. They set a “market perform” rating on the stock. BMO Capital Markets upped their price objective on Samsara from $48.00 to $54.00 and gave the company an “outperform” rating in a report on Monday, June 2nd. Morgan Stanley lowered their price objective on Samsara from $56.00 to $50.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 16th. Finally, Craig Hallum restated a “hold” rating on shares of Samsara in a research report on Friday, March 7th. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Samsara presently has a consensus rating of “Moderate Buy” and an average target price of $50.00.

Samsara Stock Performance

NYSE:IOT opened at $45.21 on Friday. Samsara has a one year low of $27.14 and a one year high of $61.90. The stock has a market cap of $25.74 billion, a PE ratio of -96.19 and a beta of 1.74. The stock has a 50 day moving average price of $41.58 and a 200 day moving average price of $45.37.

Samsara (NYSE:IOT) last issued its earnings results on Thursday, June 5th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.05. Samsara had a negative return on equity of 19.44% and a negative net margin of 21.80%. The company had revenue of $366.88 million during the quarter, compared to analysts’ expectations of $351.44 million. During the same period in the prior year, the business earned $0.03 EPS. The firm’s quarterly revenue was up 30.7% on a year-over-year basis. As a group, analysts predict that Samsara will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Samsara news, insider Adam Eltoukhy sold 3,903 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $34.07, for a total value of $132,975.21. Following the completion of the transaction, the insider now owns 320,936 shares in the company, valued at $10,934,289.52. The trade was a 1.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Sanjit Biswas sold 54,457 shares of the company’s stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $47.33, for a total value of $2,577,449.81. Following the sale, the insider now directly owns 90,000 shares in the company, valued at $4,259,700. This represents a 37.70% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,595,655 shares of company stock valued at $64,985,532. Corporate insiders own 60.04% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Brighton Jones LLC acquired a new stake in Samsara in the 4th quarter valued at about $13,464,000. abrdn plc raised its holdings in Samsara by 11.6% in the fourth quarter. abrdn plc now owns 4,792 shares of the company’s stock valued at $210,000 after acquiring an additional 498 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Samsara by 22.1% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 459,416 shares of the company’s stock worth $20,072,000 after acquiring an additional 83,133 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Samsara by 37.7% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 19,753 shares of the company’s stock worth $863,000 after acquiring an additional 5,410 shares in the last quarter. Finally, Entropy Technologies LP acquired a new position in Samsara during the 4th quarter worth approximately $1,521,000. 96.02% of the stock is 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.