Royal Bank of Canada Cuts Samsara (NYSE:IOT) Price Target to $14.00

Samsara (NYSE:IOTGet Rating) had its target price lowered by Royal Bank of Canada from $19.00 to $14.00 in a research note released on Monday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other equities analysts have also recently issued reports on the company. Wells Fargo & Company increased their target price on Samsara from $20.00 to $22.00 and gave the stock an overweight rating in a report on Thursday, September 1st. Evercore ISI increased their target price on Samsara to $17.00 in a report on Tuesday, September 6th. Moffett Nathanson assumed coverage on Samsara in a report on Thursday, September 22nd. They issued a buy rating and a $40.00 target price on the stock. Morgan Stanley dropped their price objective on Samsara from $18.00 to $17.00 and set an overweight rating on the stock in a research note on Tuesday, November 22nd. Finally, StockNews.com assumed coverage on Samsara in a research note on Wednesday, October 12th. They set a sell rating on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Samsara presently has a consensus rating of Moderate Buy and a consensus price target of $24.20.

Samsara Stock Performance

Samsara stock opened at $9.90 on Monday. Samsara has a 52-week low of $8.42 and a 52-week high of $31.41. The stock’s 50 day moving average price is $11.01 and its two-hundred day moving average price is $12.44.

Samsara (NYSE:IOTGet Rating) last issued its earnings results on Wednesday, August 31st. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.11. The firm had revenue of $153.52 million during the quarter, compared to the consensus estimate of $143.70 million. Analysts anticipate that Samsara will post -0.56 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Kiren Sekar sold 77,824 shares of the firm’s stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $12.23, for a total transaction of $951,787.52. Following the completion of the sale, the insider now directly owns 323,721 shares of the company’s stock, valued at approximately $3,959,107.83. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Kiren Sekar sold 77,824 shares of Samsara stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $12.23, for a total value of $951,787.52. Following the completion of the sale, the insider now owns 323,721 shares of the company’s stock, valued at approximately $3,959,107.83. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Benjamin Calderon sold 35,519 shares of Samsara stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $12.25, for a total value of $435,107.75. Following the completion of the sale, the insider now directly owns 115,583 shares of the company’s stock, valued at approximately $1,415,891.75. The disclosure for this sale can be found here. Insiders sold a total of 390,017 shares of company stock valued at $4,562,386 in the last ninety days. 81.12% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Samsara

Several large investors have recently added to or reduced their stakes in IOT. TimesSquare Capital Management LLC boosted its stake in Samsara by 117.4% in the 1st quarter. TimesSquare Capital Management LLC now owns 1,875,600 shares of the company’s stock worth $30,047,000 after purchasing an additional 1,012,900 shares during the period. Qube Research & Technologies Ltd boosted its position in shares of Samsara by 84.1% during the 1st quarter. Qube Research & Technologies Ltd now owns 21,727 shares of the company’s stock valued at $348,000 after acquiring an additional 9,927 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Samsara during the 1st quarter valued at about $558,000. PNC Financial Services Group Inc. boosted its position in shares of Samsara by 141.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 20,170 shares of the company’s stock valued at $322,000 after acquiring an additional 11,820 shares during the last quarter. Finally, Triatomic Management LP boosted its position in shares of Samsara by 637.0% during the 1st quarter. Triatomic Management LP now owns 110,547 shares of the company’s stock valued at $1,771,000 after acquiring an additional 95,547 shares during the last quarter. Hedge funds and other institutional investors own 23.68% of the company’s stock.

About Samsara

(Get Rating)

Samsara Inc provides solutions that connect 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; and applications for video-based safety, vehicle telematics, apps and driver workflows, equipment monitoring, and site visibility.

Further Reading

Analyst Recommendations for Samsara (NYSE:IOT)

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