Sit Investment Associates Inc. Cuts Stock Position in Samsara Inc. (NYSE:IOT)

Sit Investment Associates Inc. decreased its position in shares of Samsara Inc. (NYSE:IOT) by 12.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 69,615 shares of the company’s stock after selling 9,785 shares during the period. Sit Investment Associates Inc.’s holdings in Samsara were worth $2,668,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in IOT. NewEdge Advisors LLC increased its stake in Samsara by 262.0% during the 4th quarter. NewEdge Advisors LLC now owns 572 shares of the company’s stock worth $25,000 after buying an additional 414 shares during the period. Keystone Financial Group Inc. increased its stake in Samsara by 300.0% during the 1st quarter. Keystone Financial Group Inc. now owns 600 shares of the company’s stock worth $25,000 after buying an additional 450 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Samsara during the 1st quarter worth $31,000. Fourth Dimension Wealth LLC purchased a new stake in Samsara during the 4th quarter worth $38,000. Finally, CWM LLC increased its stake in Samsara by 385.3% during the 1st quarter. CWM LLC now owns 1,053 shares of the company’s stock worth $40,000 after buying an additional 836 shares during the period. Hedge funds and other institutional investors own 96.02% of the company’s stock.

Samsara Stock Up 4.0%

Samsara stock opened at $33.51 on Friday. The firm has a 50-day moving average price of $38.09 and a two-hundred day moving average price of $42.01. The firm has a market capitalization of $19.08 billion, a price-to-earnings ratio of -152.32 and a beta of 1.62. Samsara Inc. has a 52-week low of $31.40 and a 52-week high of $61.90.

Samsara (NYSE:IOT) last posted its earnings results on Thursday, June 5th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.05. Samsara had a negative net margin of 9.04% and a negative return on equity of 11.14%. The firm had revenue of $366.88 million during the quarter, compared to analyst estimates of $351.44 million. During the same period in the previous year, the business posted $0.03 EPS. Samsara’s revenue was up 30.7% on a year-over-year basis. Research analysts expect that Samsara Inc. will post -0.3 earnings per share for the current year.

Insiders Place Their Bets

In other Samsara news, insider John Bicket sold 37,632 shares of the business’s stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $36.15, for a total transaction of $1,360,396.80. Following the sale, the insider directly owned 1,258,347 shares in the company, valued at approximately $45,489,244.05. The trade was a 2.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Adam Eltoukhy sold 10,083 shares of the business’s stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $38.77, for a total transaction of $390,917.91. Following the completion of the sale, the insider owned 358,720 shares in the company, valued at $13,907,574.40. The trade was a 2.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,926,739 shares of company stock worth $119,969,024. 46.49% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on IOT shares. BMO Capital Markets lifted their price target on shares of Samsara from $48.00 to $54.00 and gave the stock an “outperform” rating in a research note on Monday, June 2nd. Wells Fargo & Company raised their price objective on shares of Samsara from $48.00 to $50.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Evercore ISI set a $45.00 price objective on shares of Samsara in a report on Wednesday, June 25th. Wall Street Zen lowered shares of Samsara from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Finally, Piper Sandler reissued an “overweight” rating and set a $47.00 price objective (down from $53.00) on shares of Samsara in a report on Thursday, August 7th. Nine equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $50.21.

Samsara Company Profile

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.