Fred Alger Management LLC Buys 10,915 Shares of Samsara Inc. (NYSE:IOT)

Fred Alger Management LLC grew its position in shares of Samsara Inc. (NYSE:IOT) by 314.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,389 shares of the company’s stock after buying an additional 10,915 shares during the quarter. Fred Alger Management LLC’s holdings in Samsara were worth $692,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Cetera Advisors LLC lifted its holdings in Samsara by 6.8% in the first quarter. Cetera Advisors LLC now owns 7,805 shares of the company’s stock valued at $295,000 after acquiring an additional 497 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in Samsara during the first quarter valued at approximately $362,000. RFG Advisory LLC raised its position in Samsara by 41.5% in the second quarter. RFG Advisory LLC now owns 12,486 shares of the company’s stock worth $421,000 after acquiring an additional 3,662 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Samsara by 165.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 15,848 shares of the company’s stock worth $534,000 after acquiring an additional 9,875 shares during the last quarter. Finally, Baader Bank Aktiengesellschaft bought a new stake in shares of Samsara during the 2nd quarter valued at $506,000. 89.39% of the stock is currently owned by hedge funds and other institutional investors.

Samsara Trading Down 0.5 %

Shares of IOT opened at $53.49 on Monday. The company’s fifty day simple moving average is $49.91 and its 200-day simple moving average is $41.95. The company has a market cap of $29.76 billion, a P/E ratio of -111.44 and a beta of 1.52. Samsara Inc. has a twelve month low of $26.86 and a twelve month high of $57.51.

Samsara (NYSE:IOT) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate 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 period in the prior year, the business posted ($0.11) earnings per share. The company’s revenue for the quarter was up 36.9% on a year-over-year basis. Analysts predict that Samsara Inc. will post -0.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. BMO Capital Markets lifted their target price on Samsara from $40.00 to $44.00 and gave the company a “market perform” rating in a research report on Friday, September 6th. Truist Financial increased their target price on shares of Samsara from $40.00 to $50.00 and gave the stock a “hold” rating in a report on Monday, November 18th. Loop Capital lifted their price target on shares of Samsara from $42.00 to $46.00 and gave the company a “buy” rating in a report on Friday, September 6th. Piper Sandler increased their price objective on shares of Samsara from $36.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, September 6th. Finally, Craig Hallum began coverage on Samsara in a research note on Tuesday, October 22nd. They issued a “hold” rating and a $48.00 price target for the company. Nine research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $46.43.

Insider Activity

In other Samsara news, insider John Bicket sold 93,212 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $39.92, for a total value of $3,721,023.04. Following the completion of the sale, the insider now directly owns 76,800 shares in the company, valued at approximately $3,065,856. This represents a 54.83 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sanjit Biswas sold 93,107 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $39.92, for a total value of $3,716,831.44. Following the transaction, the chief executive officer now directly owns 76,800 shares in the company, valued at $3,065,856. The trade was a 54.80 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,809,695 shares of company stock valued at $85,445,322. 60.04% of the stock is currently owned by company insiders.

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.