Samsara Inc. (NYSE:IOT) Sees Large Decline in Short Interest

Samsara Inc. (NYSE:IOT) saw a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 13,060,000 shares, a drop of 5.8% from the October 15th total of 13,870,000 shares. Approximately 6.4% of the shares of the company are sold short. Based on an average daily volume of 3,250,000 shares, the short-interest ratio is presently 4.0 days.

Analyst Ratings Changes

Several equities analysts have recently issued reports on IOT shares. Bank of America upped their price target on Samsara from $45.00 to $47.00 and gave the company a “buy” rating in a research note on Friday, September 6th. BNP Paribas started coverage on shares of Samsara in a research note on Tuesday, October 8th. They issued a “neutral” rating and a $46.00 target price on the stock. Piper Sandler lifted their price target on shares of Samsara from $36.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, September 6th. Wells Fargo & Company raised their price objective on shares of Samsara from $42.00 to $46.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Finally, Craig Hallum assumed coverage on shares of Samsara in a research report on Tuesday, October 22nd. They set a “hold” rating and a $48.00 target price for the company. Nine investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $44.87.

Samsara Price Performance

Shares of IOT opened at $49.49 on Tuesday. The firm has a 50-day moving average of $48.68 and a 200-day moving average of $41.02. Samsara has a one year low of $25.76 and a one year high of $53.98.

Samsara (NYSE:IOT) last announced its quarterly earnings results on Thursday, September 5th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.04. Samsara had a negative return on equity of 20.39% and a negative net margin of 24.19%. The firm had revenue of $300.20 million for the quarter, compared to the consensus estimate of $289.53 million. During the same quarter in the previous year, the business earned ($0.11) earnings per share. The business’s revenue was up 36.9% compared to the same quarter last year. As a group, analysts expect that Samsara will post -0.34 EPS for the current year.

Insider Activity

In related news, insider John Bicket sold 83,583 shares of Samsara stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $41.94, for a total transaction of $3,505,471.02. Following the completion of the sale, the insider now owns 1,172,457 shares of the company’s stock, valued at approximately $49,172,846.58. This trade represents a 6.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sanjit Biswas sold 64,188 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $47.48, for a total value of $3,047,646.24. Following the completion of the transaction, the chief executive officer now directly owns 41,272 shares in the company, valued at $1,959,594.56. The trade was a 60.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,708,307 shares of company stock valued at $78,039,972. Company insiders own 60.04% of the company’s stock.

Institutional Investors Weigh In On Samsara

Several hedge funds have recently added to or reduced their stakes in the business. Continuum Advisory LLC raised its position in shares of Samsara by 39.1% in the third quarter. Continuum Advisory LLC now owns 879 shares of the company’s stock valued at $45,000 after purchasing an additional 247 shares during the period. Private Trust Co. NA grew its stake in Samsara by 19.2% in the 3rd quarter. Private Trust Co. NA now owns 1,550 shares of the company’s stock valued at $75,000 after buying an additional 250 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in Samsara by 9.4% in the 1st quarter. Advisors Asset Management Inc. now owns 3,246 shares of the company’s stock valued at $123,000 after acquiring an additional 280 shares during the period. Assenagon Asset Management S.A. lifted its position in Samsara by 3.5% during the third quarter. Assenagon Asset Management S.A. now owns 9,001 shares of the company’s stock worth $433,000 after acquiring an additional 304 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Samsara by 5.1% during the third quarter. Wellington Management Group LLP now owns 7,959 shares of the company’s stock worth $383,000 after acquiring an additional 388 shares during the period. Institutional investors and hedge funds own 89.39% of the company’s stock.

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.