Samsara (NYSE:IOT) Stock Rating Upgraded by Piper Sandler

Piper Sandler upgraded shares of Samsara (NYSE:IOT - Free Report) from a neutral rating to an overweight rating in a research report report published on Monday, MarketBeat.com reports. Piper Sandler currently has $50.00 price target on the stock.

Several other research firms have also recently weighed in on IOT. Truist Financial decreased their price target on Samsara from $50.00 to $42.00 and set a "hold" rating for the company in a research note on Friday, March 7th. Royal Bank of Canada reduced their price target on shares of Samsara from $64.00 to $54.00 and set an "outperform" rating for the company in a research report on Friday, March 7th. Berenberg Bank started coverage on Samsara in a research note on Monday, February 3rd. They issued a "hold" rating and a $57.00 price objective on the stock. Loop Capital upped their target price on shares of Samsara from $46.00 to $63.00 and gave the stock a "buy" rating in a report on Thursday, December 5th. Finally, JPMorgan Chase & Co. upped their price target on Samsara from $40.00 to $44.00 and gave the stock a "neutral" rating in a research note on Friday, December 6th. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $49.60.

Samsara Stock Performance

Shares of NYSE IOT traded down $0.88 during midday trading on Monday, hitting $37.14. 6,097,500 shares of the company traded hands, compared to its average volume of 3,815,246. Samsara has a 12-month low of $27.14 and a 12-month high of $61.90. The stock has a 50-day moving average price of $48.56 and a 200 day moving average price of $48.20. The firm has a market cap of $20.84 billion, a P/E ratio of -79.02 and a beta of 1.63.

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Insiders Place Their Bets

In other news, insider Dominic Phillips sold 64,629 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $45.95, for a total transaction of $2,969,702.55. Following the transaction, the insider now owns 755,001 shares in the company, valued at $34,692,295.95. This trade represents a 7.89 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Adam Eltoukhy sold 3,903 shares of the business's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $34.07, for a total transaction of $132,975.21. Following the completion of the sale, the insider now directly owns 320,936 shares of the company's stock, valued at approximately $10,934,289.52. The trade was a 1.20 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,585,272 shares of company stock worth $70,167,096. 60.04% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Samsara

Large investors have recently bought and sold shares of the company. Farther Finance Advisors LLC increased its position in shares of Samsara by 77.5% during the third quarter. Farther Finance Advisors LLC now owns 1,881 shares of the company's stock worth $91,000 after purchasing an additional 821 shares in the last quarter. State of New Jersey Common Pension Fund D grew its holdings in shares of Samsara by 2.8% during the third quarter. State of New Jersey Common Pension Fund D now owns 78,287 shares of the company's stock worth $3,767,000 after buying an additional 2,114 shares in the last quarter. Baillie Gifford & Co. boosted its position in Samsara by 23.4% during the third quarter. Baillie Gifford & Co. now owns 33,844,390 shares of the company's stock worth $1,628,592,000 after acquiring an additional 6,411,178 shares during the last quarter. Rakuten Securities Inc. lifted its stake in Samsara by 100.4% in the 3rd quarter. Rakuten Securities Inc. now owns 46,903 shares of the company's stock worth $2,257,000 after purchasing an additional 23,495 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in shares of Samsara by 4.6% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 376,283 shares of the company's stock valued at $18,107,000 after purchasing an additional 16,528 shares in the last quarter. 96.02% of the stock is currently owned by hedge funds and other institutional investors.

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.