Stock Traders Buy Large Volume of Samsara Put Options (NYSE:IOT)

Samsara Inc. (NYSE:IOT) saw unusually large options trading on Tuesday. Stock investors purchased 11,841 put options on the stock. This is an increase of approximately 58% compared to the typical daily volume of 7,485 put options.

Samsara Stock Down 6.0%

Shares of IOT opened at $42.00 on Wednesday. The company has a 50-day simple moving average of $41.87 and a 200-day simple moving average of $45.20. The company has a market capitalization of $23.91 billion, a PE ratio of -89.36 and a beta of 1.74. Samsara has a 52-week low of $27.14 and a 52-week high of $61.90.

Samsara (NYSE:IOT) last announced its quarterly earnings results on Thursday, June 5th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.05. The business had revenue of $366.88 million during the quarter, compared to the consensus estimate of $351.44 million. Samsara had a negative net margin of 21.80% and a negative return on equity of 19.44%. The business’s revenue was up 30.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.03 EPS. On average, research analysts anticipate that Samsara will post -0.3 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on IOT shares. Truist Financial reduced their price target on shares of Samsara from $50.00 to $42.00 and set a “hold” rating for the company in a research report on Friday, March 7th. Craig Hallum reiterated a “hold” rating on shares of Samsara in a research report on Friday, March 7th. Raymond James assumed coverage on shares of Samsara in a research report on Wednesday, February 26th. They set a “market perform” rating for the company. Wall Street Zen downgraded shares of Samsara from a “buy” rating to a “hold” rating in a research report on Friday, May 30th. Finally, BMO Capital Markets upped their price objective on shares of Samsara from $48.00 to $54.00 and gave the stock an “outperform” rating in a research report on Monday, June 2nd. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Samsara presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.00.

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 shares were sold at an average price of $38.72, for a total value of $871,200.00. Following the completion of the sale, the director now owns 373,579 shares in the company, valued at $14,464,978.88. This represents a 5.68% 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 Adam Eltoukhy sold 11,343 shares of the company’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $39.76, for a total transaction of $450,997.68. Following the completion of the sale, the insider now owns 271,922 shares of the company’s stock, valued at approximately $10,811,618.72. This trade represents a 4.00% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,319,355 shares of company stock valued at $55,759,017. 60.04% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Samsara

A number of large investors have recently made changes to their positions in IOT. Baillie Gifford & Co. increased its holdings in Samsara by 7.1% during the 1st quarter. Baillie Gifford & Co. now owns 35,277,488 shares of the company’s stock valued at $1,352,186,000 after acquiring an additional 2,348,101 shares in the last quarter. Vanguard Group Inc. increased its holdings in Samsara by 12.0% during the 1st quarter. Vanguard Group Inc. now owns 23,495,471 shares of the company’s stock valued at $900,581,000 after acquiring an additional 2,516,882 shares in the last quarter. FMR LLC increased its holdings in Samsara by 24.0% during the 4th quarter. FMR LLC now owns 14,743,175 shares of the company’s stock valued at $644,129,000 after acquiring an additional 2,852,575 shares in the last quarter. Jennison Associates LLC increased its holdings in Samsara by 1,881.8% during the 1st quarter. Jennison Associates LLC now owns 11,763,133 shares of the company’s stock valued at $450,881,000 after acquiring an additional 11,169,571 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Samsara by 20.1% during the 1st quarter. Invesco Ltd. now owns 4,174,153 shares of the company’s stock worth $159,995,000 after purchasing an additional 697,208 shares during the last quarter. Hedge funds and other institutional investors own 96.02% 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.