Samsara (NYSE:IOT) Shares Gap Down on Insider Selling

Samsara Inc. (NYSE:IOT - Get Free Report) shares gapped down prior to trading on Friday after an insider sold shares in the company. The stock had previously closed at $55.13, but opened at $52.53. Samsara shares last traded at $52.95, with a volume of 2,793,780 shares traded.

Specifically, insider John Bicket sold 83,091 shares of the firm's stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $53.81, for a total transaction of $4,471,126.71. Following the completion of the sale, the insider now directly owns 19,200 shares of the company's stock, valued at $1,033,152. This trade represents a 81.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Sanjit Biswas sold 83,333 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $53.81, for a total transaction of $4,484,148.73. Following the transaction, the insider now owns 19,200 shares of the company's stock, valued at approximately $1,033,152. The trade was a 81.27 % decrease in their position. The disclosure for this sale can be found here. In other news, insider John Bicket sold 96,000 shares of the firm's stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $55.75, for a total transaction of $5,352,000.00. Following the completion of the sale, the insider now owns 931,400 shares in the company, valued at $51,925,550. This trade represents a 9.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analysts Set New Price Targets

Several brokerages have weighed in on IOT. Royal Bank of Canada increased their price objective on Samsara from $49.00 to $64.00 and gave the company an "overweight" rating in a report on Thursday. StockNews.com upgraded Samsara from a "sell" rating to a "hold" rating in a research note on Friday, November 8th. Bank of America increased their target price on shares of Samsara from $45.00 to $47.00 and gave the stock a "buy" rating in a research report on Friday, September 6th. Craig Hallum started coverage on shares of Samsara in a report on Tuesday, October 22nd. They issued a "hold" rating and a $48.00 price objective for the company. Finally, JPMorgan Chase & Co. boosted their target price on shares of Samsara from $40.00 to $44.00 and gave the company a "neutral" rating in a report on Friday. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $51.29.

Samsara Stock Down 5.2 %

The firm has a market capitalization of $29.08 billion, a P/E ratio of -111.21 and a beta of 1.53. The firm's 50-day simple moving average is $50.44 and its 200-day simple moving average is $42.40.

Samsara (NYSE:IOT - Get Free Report) last released its earnings results on Thursday, September 5th. The company reported $0.05 EPS for the quarter, beating analysts' consensus estimates of $0.01 by $0.04. The business had revenue of $300.20 million for the quarter, compared to analysts' expectations of $289.53 million. Samsara had a negative return on equity of 20.39% and a negative net margin of 24.19%. The firm's revenue was up 36.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.11) earnings per share. As a group, analysts expect that Samsara Inc. will post -0.34 EPS for the current fiscal year.

Institutional Trading of Samsara

A number of hedge funds have recently bought and sold shares of IOT. Swiss National Bank boosted its position in Samsara by 3.1% during the third quarter. Swiss National Bank now owns 615,600 shares of the company's stock valued at $29,623,000 after buying an additional 18,400 shares during the period. International Assets Investment Management LLC lifted its stake in shares of Samsara by 2,787.2% in the 3rd quarter. International Assets Investment Management LLC now owns 10,827 shares of the company's stock valued at $521,000 after acquiring an additional 10,452 shares during the last quarter. Bank of Montreal Can purchased a new stake in Samsara during the 2nd quarter valued at about $537,000. Magnetar Financial LLC bought a new position in Samsara during the 2nd quarter worth approximately $1,240,000. Finally, Bamco Inc. NY increased its stake in Samsara by 91.0% in the 3rd quarter. Bamco Inc. NY now owns 667,125 shares of the company's stock worth $32,102,000 after purchasing an additional 317,831 shares during the period. 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.