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 Wednesday, Benzinga reports. Royal Bank of Canada currently has a $47.00 price objective on the stock.

Other analysts have also recently issued research reports about the stock. BMO Capital Markets reiterated a market perform rating and set a $40.00 target price on shares of Samsara in a research report on Tuesday, June 11th. Evercore ISI reduced their price objective on shares of Samsara from $41.00 to $40.00 and set an in-line rating for the company in a research note on Friday, June 7th. Piper Sandler reaffirmed a neutral rating and issued a $36.00 target price (down from $41.00) on shares of Samsara in a report on Friday, June 7th. Bank of America started coverage on shares of Samsara in a report on Thursday, June 20th. They issued a buy rating and a $37.00 price target on the stock. Finally, Loop Capital started coverage on shares of Samsara in a report on Thursday, April 18th. They issued a buy rating and a $42.00 price target on the stock. Six research analysts have rated the stock with a hold rating and seven have assigned 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 $37.17.

Samsara Stock Up 3.4 %

IOT stock opened at $33.74 on Wednesday. The business’s 50-day simple moving average is $35.02 and its 200 day simple moving average is $34.27. The company has a market cap of $18.58 billion, a PE ratio of -67.48 and a beta of 1.51. Samsara has a twelve month low of $21.48 and a twelve month high of $42.28.

Insider Buying and Selling at Samsara

In other Samsara news, CEO Sanjit Biswas sold 96,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $34.69, for a total value of $3,330,240.00. Following the sale, the chief executive officer now owns 57,600 shares in the company, valued at $1,998,144. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider John Bicket sold 57,770 shares of Samsara stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $33.48, for a total transaction of $1,934,139.60. Following the transaction, the insider now owns 1,153,612 shares in the company, valued at $38,622,929.76. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sanjit Biswas sold 96,000 shares of Samsara stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $34.69, for a total transaction of $3,330,240.00. Following the transaction, the chief executive officer now owns 57,600 shares in the company, valued at approximately $1,998,144. The disclosure for this sale can be found here. Insiders have sold 1,707,743 shares of company stock worth $58,180,086 over the last quarter. Corporate insiders own 60.04% of the company’s stock.

Hedge Funds Weigh In On Samsara

A number of hedge funds have recently modified their holdings of the business. Fred Alger Management LLC bought a new position in Samsara during the third quarter worth $28,000. Quarry LP bought a new position in Samsara during the fourth quarter worth $37,000. Montag A & Associates Inc. raised its stake in Samsara by 1,200.0% during the fourth quarter. Montag A & Associates Inc. now owns 1,300 shares of the company’s stock worth $43,000 after buying an additional 1,200 shares during the last quarter. Tradition Wealth Management LLC bought a new position in Samsara during the fourth quarter worth $46,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Samsara by 31.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,575 shares of the company’s stock worth $53,000 after buying an additional 381 shares during the last quarter. 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.