Wells Fargo & Company Cuts Samsara (NYSE:IOT) Price Target to $48.00

Samsara (NYSE:IOT - Get Free Report) had its target price cut by analysts at Wells Fargo & Company from $51.00 to $48.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's price objective indicates a potential upside of 35.17% from the company's current price.

IOT has been the topic of several other research reports. Berenberg Bank initiated coverage on Samsara in a research report on Monday, February 3rd. They issued a "hold" rating and a $57.00 price objective on the stock. Piper Sandler lowered their price objective on shares of Samsara from $50.00 to $44.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Cowen reissued a "buy" rating on shares of Samsara in a research report on Friday, March 7th. Craig Hallum reiterated a "hold" rating on shares of Samsara in a research note on Friday, March 7th. Finally, BMO Capital Markets raised shares of Samsara from a "market perform" rating to an "outperform" rating and set a $48.00 target price on the stock 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 stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $48.87.

Samsara Stock Performance

Samsara stock opened at $35.51 on Tuesday. The stock has a market cap of $20.22 billion, a PE ratio of -75.55 and a beta of 1.71. Samsara has a fifty-two week low of $27.14 and a fifty-two week high of $61.90. The firm's 50-day simple moving average is $42.15 and its 200 day simple moving average is $46.68.

Insider Buying and Selling

In related news, major shareholder Horowitz Lsv Fund I. Andreessen sold 292,931 shares of the business's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $34.19, for a total transaction of $10,015,310.89. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Bicket sold 107,152 shares of the business's stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $51.13, for a total transaction of $5,478,681.76. Following the completion of the transaction, the insider now owns 138,000 shares in the company, valued at $7,055,940. The trade was a 43.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,190,384 shares of company stock worth $49,818,557 in the last 90 days. 60.04% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Samsara

Hedge funds have recently made changes to their positions in the company. Blue Trust Inc. increased its stake in shares of Samsara by 12.7% during the first quarter. Blue Trust Inc. now owns 8,076 shares of the company's stock worth $310,000 after acquiring an additional 911 shares during the period. Institute for Wealth Management LLC. acquired a new position in Samsara in the first quarter valued at $293,000. Cornerstone Wealth Management LLC lifted its holdings in shares of Samsara by 14.9% during the 1st quarter. Cornerstone Wealth Management LLC now owns 6,277 shares of the company's stock valued at $241,000 after acquiring an additional 815 shares in the last quarter. Rakuten Securities Inc. boosted its stake in shares of Samsara by 1,434.0% in the first quarter. Rakuten Securities Inc. now owns 59,088 shares of the company's stock valued at $2,265,000 after purchasing an additional 55,236 shares during the period. Finally, Hanson & Doremus Investment Management increased its position in shares of Samsara by 4.7% in the 1st quarter. Hanson & Doremus Investment Management now owns 78,937 shares of the company's stock worth $3,026,000 after purchasing an additional 3,527 shares during the last quarter. Hedge funds and other institutional investors own 96.02% of the company's stock.

Samsara Company Profile

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.

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