Royal Bank of Canada Reaffirms “Outperform” Rating for Samsara (NYSE:IOT)

Royal Bank of Canada restated their outperform rating on shares of Samsara (NYSE:IOT) in a research report report published on Friday, Benzinga reports. The firm currently has a $47.00 price target on the stock.

IOT has been the subject of a number of other research reports. Loop Capital assumed coverage on Samsara in a report on Thursday, April 18th. They set a buy rating and a $42.00 target price for the company. Evercore ISI decreased their price objective on Samsara from $41.00 to $40.00 and set an in-line rating for the company in a research note on Friday. Finally, StockNews.com upgraded Samsara from a sell rating to a hold rating in a research note on Saturday, May 25th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $34.91.

Samsara Stock Performance

NYSE:IOT opened at $30.95 on Friday. The firm has a 50-day simple moving average of $35.74 and a 200-day simple moving average of $34.45. Samsara has a one year low of $21.48 and a one year high of $42.28. The firm has a market cap of $17.04 billion, a P/E ratio of -61.90 and a beta of 1.52.

Insiders Place Their Bets

In other news, insider Adam Eltoukhy sold 10,737 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $36.47, for a total transaction of $391,578.39. Following the transaction, the insider now owns 535,149 shares in the company, valued at $19,516,884.03. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CAO James Andrew Munk sold 9,714 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $35.46, for a total transaction of $344,458.44. Following the sale, the chief accounting officer now directly owns 307,185 shares of the company’s stock, valued at $10,892,780.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Adam Eltoukhy sold 10,737 shares of the firm’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $36.47, for a total value of $391,578.39. Following the completion of the transaction, the insider now owns 535,149 shares of the company’s stock, valued at approximately $19,516,884.03. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,604,483 shares of company stock valued at $58,215,522. 60.04% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of IOT. 1832 Asset Management L.P. lifted its holdings in shares of Samsara by 102.1% during the first quarter. 1832 Asset Management L.P. now owns 7,628,100 shares of the company’s stock worth $288,266,000 after purchasing an additional 3,853,400 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Samsara by 18.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,639,141 shares of the company’s stock valued at $666,584,000 after acquiring an additional 2,797,326 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Samsara by 12.1% in the 1st quarter. Vanguard Group Inc. now owns 17,101,156 shares of the company’s stock valued at $646,253,000 after acquiring an additional 1,841,149 shares during the last quarter. Baillie Gifford & Co. increased its stake in shares of Samsara by 5.4% in the third quarter. Baillie Gifford & Co. now owns 22,586,188 shares of the company’s stock worth $569,398,000 after acquiring an additional 1,166,989 shares during the period. Finally, FMR LLC raised its holdings in shares of Samsara by 11.8% during the third quarter. FMR LLC now owns 6,959,343 shares of the company’s stock worth $175,445,000 after purchasing an additional 731,963 shares during the last quarter. 89.39% of the stock is owned by institutional investors and hedge funds.

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.