Bank of New York Mellon Corp Acquires 32,253 Shares of Samsara Inc. (NYSE:IOT)

Bank of New York Mellon Corp boosted its holdings in Samsara Inc. (NYSE:IOT) by 4.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 782,661 shares of the company’s stock after purchasing an additional 32,253 shares during the period. Bank of New York Mellon Corp owned approximately 0.14% of Samsara worth $29,999,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. FMR LLC grew its holdings in Samsara by 24.0% in the fourth quarter. FMR LLC now owns 14,743,175 shares of the company’s stock worth $644,129,000 after purchasing an additional 2,852,575 shares during the period. Norges Bank bought a new stake in shares of Samsara during the 4th quarter valued at $106,274,000. Arrowstreet Capital Limited Partnership grew its stake in Samsara by 107.6% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,143,855 shares of the company’s stock valued at $181,045,000 after acquiring an additional 2,148,081 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Samsara by 577.7% in the 4th quarter. Franklin Resources Inc. now owns 1,458,813 shares of the company’s stock worth $63,736,000 after buying an additional 1,243,561 shares in the last quarter. Finally, Bessemer Group Inc. boosted its stake in shares of Samsara by 2,635,339.0% during the 1st quarter. Bessemer Group Inc. now owns 1,080,530 shares of the company’s stock worth $41,418,000 after purchasing an additional 1,080,489 shares during the period. Hedge funds and other institutional investors own 96.02% of the company’s stock.

Insider Activity at Samsara

In related news, Director Jonathan Chadwick sold 22,500 shares of the company’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $39.07, for a total transaction of $879,075.00. Following the sale, the director owned 37,494 shares in the company, valued at approximately $1,464,890.58. This represents a 37.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Sanjit Biswas sold 45,736 shares of the company’s stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $39.18, for a total value of $1,791,936.48. Following the completion of the sale, the insider owned 1,105,902 shares in the company, valued at $43,329,240.36. This represents a 3.97% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,532,323 shares of company stock worth $105,452,742 in the last three months. Company insiders own 46.49% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on IOT. Morgan Stanley reduced their price target on shares of Samsara from $56.00 to $50.00 and set an “equal weight” rating for the company in a report on Wednesday, April 16th. Evercore ISI set a $45.00 target price on shares of Samsara in a report on Wednesday, June 25th. Wall Street Zen lowered shares of Samsara from a “buy” rating to a “hold” rating in a research note on Friday, May 30th. BMO Capital Markets raised their target price on shares of Samsara from $48.00 to $54.00 and gave the company an “outperform” rating in a report on Monday, June 2nd. Finally, Wells Fargo & Company raised their price objective on shares of Samsara from $48.00 to $50.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Nine research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $50.64.

Samsara Trading Up 0.2%

IOT stock opened at $37.65 on Wednesday. The firm has a market cap of $21.43 billion, a P/E ratio of -171.12 and a beta of 1.63. Samsara Inc. has a 12-month low of $31.40 and a 12-month high of $61.90. The stock’s 50 day simple moving average is $42.43 and its 200 day simple moving average is $43.45.

Samsara (NYSE:IOT) last released its quarterly earnings results on Thursday, June 5th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.05. Samsara had a negative return on equity of 11.14% and a negative net margin of 9.04%. The business had revenue of $366.88 million during the quarter, compared to analyst estimates of $351.44 million. During the same quarter last year, the company posted $0.03 EPS. Samsara’s revenue for the quarter was up 30.7% on a year-over-year basis. On average, research analysts forecast that Samsara Inc. will post -0.3 EPS for the current fiscal year.

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.