Samsara Inc. (NYSE:IOT) Sees Significant Drop in Short Interest

Samsara Inc. (NYSE:IOT - Get Free Report) was the recipient of a significant drop in short interest during the month of February. As of February 28th, there was short interest totalling 10,460,000 shares, a drop of 13.4% from the February 13th total of 12,080,000 shares. Based on an average daily volume of 3,910,000 shares, the short-interest ratio is currently 2.7 days. Approximately 4.2% of the company's stock are sold short.

Insider Activity

In other Samsara news, insider Adam Eltoukhy sold 9,043 shares of the company's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $53.88, for a total transaction of $487,236.84. Following the transaction, the insider now owns 331,106 shares in the company, valued at approximately $17,839,991.28. This represents a 2.66 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Sanjit Biswas sold 13,086 shares of the stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $55.75, for a total value of $729,544.50. Following the transaction, the insider now directly owns 1,571,848 shares in the company, valued at $87,630,526. The trade was a 0.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,573,317 shares of company stock worth $69,108,479. Insiders own 60.04% of the company's stock.

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Hedge Funds Weigh In On Samsara

A number of institutional investors have recently bought and sold shares of the company. GLOBALT Investments LLC GA grew its stake in shares of Samsara by 0.3% in the fourth quarter. GLOBALT Investments LLC GA now owns 55,943 shares of the company's stock valued at $2,444,000 after buying an additional 182 shares in the last quarter. Continuum Advisory LLC boosted its holdings in shares of Samsara by 39.1% in the 3rd quarter. Continuum Advisory LLC now owns 879 shares of the company's stock valued at $45,000 after buying an additional 247 shares in the last quarter. Private Trust Co. NA lifted its position in Samsara by 19.2% in the third quarter. Private Trust Co. NA now owns 1,550 shares of the company's stock valued at $75,000 after acquiring an additional 250 shares during the last quarter. Tidal Investments LLC boosted its stake in Samsara by 4.6% in the fourth quarter. Tidal Investments LLC now owns 6,403 shares of the company's stock valued at $280,000 after acquiring an additional 281 shares in the last quarter. Finally, CIBC Asset Management Inc increased its position in shares of Samsara by 5.5% during the fourth quarter. CIBC Asset Management Inc now owns 5,791 shares of the company's stock worth $253,000 after purchasing an additional 300 shares in the last quarter. 96.02% of the stock is owned by hedge funds and other institutional investors.

Samsara Trading Up 1.9 %

IOT stock traded up $0.77 during mid-day trading on Friday, reaching $40.26. The company's stock had a trading volume of 7,499,106 shares, compared to its average volume of 3,546,326. The company's 50 day moving average is $47.80 and its two-hundred day moving average is $48.16. The stock has a market cap of $22.59 billion, a PE ratio of -85.65 and a beta of 1.63. Samsara has a fifty-two week low of $27.14 and a fifty-two week high of $61.90.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Raymond James started coverage on shares of Samsara in a research note on Wednesday, February 26th. They set a "market perform" rating on the stock. Cowen restated a "buy" rating on shares of Samsara in a research report on Friday, March 7th. JPMorgan Chase & Co. raised their price target on Samsara from $40.00 to $44.00 and gave the company a "neutral" rating in a report on Friday, December 6th. Berenberg Bank began coverage on Samsara in a report on Monday, February 3rd. They set a "hold" rating and a $57.00 price target on the stock. Finally, BMO Capital Markets raised shares of Samsara from a "market perform" rating to an "outperform" rating and set a $48.00 target price for the company in a research note on Monday, March 10th. Nine equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $49.60.

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.