Samsara (NYSE:IOT) Issues Q2 2023 Earnings Guidance

Samsara (NYSE:IOTGet Rating) issued an update on its second quarter 2023 earnings guidance on Thursday morning. The company provided earnings per share guidance of -$0.07–$0.06 for the period, compared to the consensus earnings per share estimate of -$0.08. The company issued revenue guidance of $142.00 million-$144.00 million, compared to the consensus revenue estimate of $137.50 million.Samsara also updated its FY 2023 guidance to -$0.24–$0.22 EPS.

Shares of NYSE:IOT traded up $0.50 during midday trading on Thursday, reaching $11.93. The company’s stock had a trading volume of 2,195,823 shares, compared to its average volume of 1,556,743. Samsara has a twelve month low of $8.72 and a twelve month high of $31.41. The firm has a fifty day moving average price of $12.95.

Samsara (NYSE:IOTGet Rating) last released its quarterly earnings data on Wednesday, March 2nd. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. The business had revenue of $125.75 million during the quarter, compared to analyst estimates of $116.15 million. Equities research analysts forecast that Samsara will post -0.24 EPS for the current fiscal year.

Several analysts recently commented on IOT shares. Wells Fargo & Company dropped their price target on shares of Samsara to $20.00 and set an overweight rating on the stock in a research report on Wednesday, May 18th. The Goldman Sachs Group dropped their target price on shares of Samsara from $30.00 to $27.00 and set a buy rating on the stock in a research report on Thursday, April 14th. Cowen dropped their target price on shares of Samsara from $31.00 to $27.00 in a research report on Thursday, March 3rd. Morgan Stanley dropped their target price on shares of Samsara from $30.00 to $28.00 and set an overweight rating on the stock in a research report on Thursday, March 3rd. Finally, Zacks Investment Research upgraded shares of Samsara from a hold rating to a buy rating and set a $11.00 target price on the stock in a research report on Wednesday, May 25th. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Buy and an average target price of $24.50.

In other Samsara news, insider Kiren Sekar sold 60,534 shares of Samsara stock in a transaction dated Tuesday, March 15th. The shares were sold at an average price of $13.34, for a total transaction of $807,523.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 81.12% of the stock is owned by company insiders.

Several hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE acquired a new position in Samsara during the 4th quarter worth approximately $38,000. Royal Bank of Canada grew its holdings in Samsara by 61.6% during the 1st quarter. Royal Bank of Canada now owns 6,127 shares of the company’s stock worth $98,000 after acquiring an additional 2,335 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in Samsara during the 4th quarter worth approximately $195,000. The Manufacturers Life Insurance Company acquired a new position in Samsara during the 4th quarter worth approximately $281,000. Finally, Brandywine Managers LLC grew its holdings in Samsara by 110.7% during the 1st quarter. Brandywine Managers LLC now owns 20,268 shares of the company’s stock worth $325,000 after acquiring an additional 10,647 shares in the last quarter. Hedge funds and other institutional investors own 45.47% of the company’s stock.

About Samsara (Get Rating)

Samsara Inc provides solutions that connect 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; and applications for video-based safety, vehicle telematics, apps and driver workflows, equipment monitoring, and site visibility.

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