Short Interest in Samsara Inc. (NYSE:IOT) Decreases By 13.4%

Samsara Inc. (NYSE:IOT) was the target of a large decrease in short interest in February. As of February 28th, there was short interest totalling 10,460,000 shares, a decrease of 13.4% from the February 13th total of 12,080,000 shares. Based on an average trading volume of 3,910,000 shares, the days-to-cover ratio is currently 2.7 days. Currently, 4.2% of the company’s stock are short sold.

Insider Activity at Samsara

In other news, insider Adam Eltoukhy sold 23,960 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $43.81, for a total transaction of $1,049,687.60. Following the transaction, the insider now directly owns 331,106 shares of the company’s stock, valued at $14,505,753.86. This represents a 6.75 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Horowitz Lsv Fund I. Andreessen sold 292,931 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $34.19, for a total value of $10,015,310.89. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,597,277 shares of company stock valued at $70,158,166. 60.04% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Samsara

Several institutional investors have recently bought and sold shares of the business. State Street Corp lifted its position in Samsara by 4.7% during the third quarter. State Street Corp now owns 2,125,584 shares of the company’s stock valued at $102,283,000 after purchasing an additional 95,006 shares during the period. SBI Securities Co. Ltd. acquired a new position in Samsara during the fourth quarter valued at $431,000. HighTower Advisors LLC lifted its position in Samsara by 193.4% during the third quarter. HighTower Advisors LLC now owns 61,946 shares of the company’s stock valued at $2,981,000 after purchasing an additional 40,833 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Samsara by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,876,944 shares of the company’s stock valued at $82,004,000 after purchasing an additional 47,911 shares during the period. Finally, Swiss National Bank raised its position in shares of Samsara by 3.1% in the third quarter. Swiss National Bank now owns 615,600 shares of the company’s stock worth $29,623,000 after acquiring an additional 18,400 shares during the period. 96.02% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on IOT. Cowen reiterated a “buy” rating on shares of Samsara in a research note on Friday, March 7th. BMO Capital Markets upgraded Samsara from a “market perform” rating to an “outperform” rating and set a $48.00 price objective for the company in a research report on Monday, March 10th. Raymond James began coverage on Samsara in a research report on Wednesday, February 26th. They set a “market perform” rating for the company. Loop Capital raised their price objective on Samsara from $46.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Finally, Royal Bank of Canada cut their price objective on Samsara from $64.00 to $54.00 and set an “outperform” rating for the company in a research report on Friday, March 7th. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $49.60.

Samsara Stock Performance

NYSE IOT traded up $0.05 during trading on Thursday, hitting $39.87. The stock had a trading volume of 1,336,355 shares, compared to its average volume of 3,553,379. The stock has a 50 day simple moving average of $47.96 and a 200 day simple moving average of $48.10. Samsara has a one year low of $27.14 and a one year high of $61.90. The stock has a market capitalization of $22.37 billion, a price-to-earnings ratio of -84.60 and a beta of 1.63.

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.