Samsara (NYSE:IOT) Price Target Cut to $54.00 by Analysts at Royal Bank of Canada

Samsara (NYSE:IOT) had its target price reduced by analysts at Royal Bank of Canada from $64.00 to $54.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 52.91% from the stock’s previous close.

Several other brokerages have also commented on IOT. BMO Capital Markets cut their target price on Samsara from $57.00 to $48.00 and set a “market perform” rating on the stock in a research report on Friday. 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. Truist Financial dropped their price target on Samsara from $50.00 to $42.00 and set a “hold” rating on the stock in a research note on Friday. Raymond James assumed coverage on Samsara in a research note on Wednesday, February 26th. They set a “market perform” rating on the stock. Finally, StockNews.com raised Samsara from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. Eleven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Samsara has an average rating of “Hold” and an average target price of $49.60.

Samsara Price Performance

Shares of Samsara stock opened at $35.32 on Friday. Samsara has a one year low of $27.14 and a one year high of $61.90. The stock’s 50-day moving average is $49.02 and its 200 day moving average is $48.31. The firm has a market cap of $19.82 billion, a price-to-earnings ratio of -75.14 and a beta of 1.63.

Insider Activity at Samsara

In related news, insider Sanjit Biswas sold 145,392 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $44.27, for a total transaction of $6,436,503.84. Following the completion of the sale, the insider now directly owns 120,000 shares of the company’s stock, valued at approximately $5,312,400. This trade represents a 54.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Adam Eltoukhy sold 23,960 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $43.81, for a total value of $1,049,687.60. Following the sale, the insider now directly owns 331,106 shares of the company’s stock, valued at $14,505,753.86. The trade was a 6.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,389,912 shares of company stock valued at $65,081,064. 60.04% of the stock is owned by insiders.

Institutional Trading of Samsara

Institutional investors and hedge funds have recently modified their holdings of the business. NewEdge Advisors LLC increased its position in shares of Samsara by 262.0% during the fourth quarter. NewEdge Advisors LLC now owns 572 shares of the company’s stock valued at $25,000 after acquiring an additional 414 shares during the last quarter. Jones Financial Companies Lllp bought a new position in Samsara during the fourth quarter valued at $31,000. Hobbs Group Advisors LLC bought a new position in Samsara during the third quarter valued at $34,000. IFP Advisors Inc grew its holdings in Samsara by 290.3% during the fourth quarter. IFP Advisors Inc now owns 804 shares of the company’s stock valued at $35,000 after purchasing an additional 598 shares during the period. Finally, Fourth Dimension Wealth LLC bought a new position in Samsara during the fourth quarter valued at $38,000. 96.02% of the stock is 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.