Truist Financial Increases Samsara (NYSE:IOT) Price Target to $50.00

Samsara (NYSE:IOT) had its price target lifted by equities research analysts at Truist Financial from $40.00 to $50.00 in a report issued on Monday,Benzinga reports. The firm currently has a “hold” rating on the stock. Truist Financial’s price target indicates a potential upside of 0.26% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Craig Hallum started coverage on shares of Samsara in a research note on Tuesday, October 22nd. They set a “hold” rating and a $48.00 price target on the stock. Piper Sandler raised their target price on shares of Samsara from $36.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, September 6th. Evercore ISI raised their target price on shares of Samsara from $40.00 to $42.00 and gave the stock an “in-line” rating in a report on Friday, September 6th. JPMorgan Chase & Co. raised their target price on shares of Samsara from $37.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, September 6th. Finally, Bank of America lifted their price target on shares of Samsara from $45.00 to $47.00 and gave the company a “buy” rating in a report on Friday, September 6th. Nine analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $44.87.

Samsara Stock Performance

IOT traded up $0.36 on Monday, reaching $49.87. The company had a trading volume of 380,913 shares, compared to its average volume of 3,544,395. The business has a 50 day simple moving average of $48.61 and a 200 day simple moving average of $40.93. The company has a market cap of $27.75 billion, a price-to-earnings ratio of -103.90 and a beta of 1.52. Samsara has a 52-week low of $25.76 and a 52-week high of $53.98.

Samsara (NYSE:IOT) last posted its quarterly earnings results on Thursday, September 5th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.01 by $0.04. The firm had revenue of $300.20 million for the quarter, compared to the consensus estimate of $289.53 million. Samsara had a negative net margin of 24.19% and a negative return on equity of 20.39%. The business’s revenue was up 36.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.11) earnings per share. As a group, equities research analysts predict that Samsara will post -0.34 EPS for the current fiscal year.

Insider Activity

In other news, CEO Sanjit Biswas sold 78,295 shares of Samsara stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $40.50, for a total value of $3,170,947.50. Following the completion of the transaction, the chief executive officer now owns 908,004 shares of the company’s stock, valued at $36,774,162. The trade was a 7.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Bicket sold 64,137 shares of Samsara stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $47.48, for a total value of $3,045,224.76. Following the completion of the transaction, the insider now directly owns 41,288 shares of the company’s stock, valued at approximately $1,960,354.24. This represents a 60.84 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,864,730 shares of company stock worth $84,375,885. Corporate insiders own 60.04% of the company’s stock.

Hedge Funds Weigh In On Samsara

Hedge funds have recently bought and sold shares of the business. International Assets Investment Management LLC raised its position in Samsara by 2,787.2% in the 3rd quarter. International Assets Investment Management LLC now owns 10,827 shares of the company’s stock worth $521,000 after buying an additional 10,452 shares during the last quarter. Bank of Montreal Can purchased a new position in Samsara in the 2nd quarter worth about $537,000. Magnetar Financial LLC purchased a new position in Samsara in the 2nd quarter worth about $1,240,000. RFG Advisory LLC grew its stake in shares of Samsara by 41.5% during the 2nd quarter. RFG Advisory LLC now owns 12,486 shares of the company’s stock valued at $421,000 after purchasing an additional 3,662 shares during the period. Finally, Ensign Peak Advisors Inc grew its stake in shares of Samsara by 486.8% during the 2nd quarter. Ensign Peak Advisors Inc now owns 114,432 shares of the company’s stock valued at $3,856,000 after purchasing an additional 94,932 shares during the period. Hedge funds and other 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.