Samsara (NYSE:IOT) Price Target Raised to $40.00 at JPMorgan Chase & Co.

Samsara (NYSE:IOT) had its price target hoisted by JPMorgan Chase & Co. from $37.00 to $40.00 in a research note issued to investors on Friday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Several other brokerages also recently issued reports on IOT. Wolfe Research reissued an outperform rating and set a $44.00 price objective on shares of Samsara in a research report on Friday, June 28th. Piper Sandler increased their target price on Samsara from $36.00 to $40.00 and gave the stock a neutral rating in a report on Friday. Royal Bank of Canada lifted their price target on Samsara from $47.00 to $49.00 and gave the company an outperform rating in a research note on Friday. BMO Capital Markets upped their price objective on Samsara from $40.00 to $44.00 and gave the stock a market perform rating in a research report on Friday. Finally, Wells Fargo & Company lifted their target price on Samsara from $42.00 to $46.00 and gave the company an overweight rating in a research report on Friday. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Moderate Buy and an average target price of $42.07.

Samsara Stock Up 4.8 %

IOT opened at $46.14 on Friday. The stock has a market cap of $25.41 billion, a P/E ratio of -92.28 and a beta of 1.50. Samsara has a 12 month low of $21.48 and a 12 month high of $46.22. The company has a fifty day simple moving average of $38.34 and a 200 day simple moving average of $36.18.

Samsara (NYSE:IOT) last announced its quarterly earnings results on Thursday, September 5th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.04. Samsara had a negative return on equity of 20.58% and a negative net margin of 24.19%. The company had revenue of $300.20 million during the quarter, compared to the consensus estimate of $289.53 million. During the same period in the prior year, the company earned ($0.11) earnings per share. The company’s revenue for the quarter was up 36.9% compared to the same quarter last year. On average, equities research analysts expect that Samsara will post -0.39 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Samsara news, CEO Sanjit Biswas sold 96,000 shares of the stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $29.49, for a total transaction of $2,831,040.00. Following the transaction, the chief executive officer now owns 1,466,299 shares in the company, valued at approximately $43,241,157.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Samsara news, Director Marc L. Andreessen sold 277,484 shares of Samsara stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $28.88, for a total value of $8,013,737.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Sanjit Biswas sold 96,000 shares of the firm’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $29.49, for a total value of $2,831,040.00. Following the completion of the transaction, the chief executive officer now owns 1,466,299 shares in the company, valued at approximately $43,241,157.51. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,683,696 shares of company stock valued at $60,945,238. Insiders own 60.04% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in IOT. Resources Management Corp CT ADV lifted its stake in Samsara by 104.0% during the second quarter. Resources Management Corp CT ADV now owns 961 shares of the company’s stock worth $32,000 after purchasing an additional 490 shares during the last quarter. Quarry LP bought a new stake in shares of Samsara during the 4th quarter worth $37,000. National Bank of Canada FI acquired a new stake in Samsara in the second quarter valued at about $38,000. Montag A & Associates Inc. grew its position in Samsara by 1,200.0% in the fourth quarter. Montag A & Associates Inc. now owns 1,300 shares of the company’s stock valued at $43,000 after acquiring an additional 1,200 shares during the last quarter. Finally, Nemes Rush Group LLC acquired a new position in Samsara during the second quarter worth about $45,000. 89.39% of the stock is owned by 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.