Samsara (NYSE:IOT) Issues FY24 Earnings Guidance

Samsara (NYSE:IOT) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.00-0.02 for the period, compared to the consensus earnings per share estimate of ($0.02). The company issued revenue guidance of $896-900 million, compared to the consensus revenue estimate of $872.81 million. Samsara also updated its Q3 guidance to $0.00-0.01 EPS.

Samsara Stock Up 11.6 %

Shares of NYSE:IOT traded up $3.18 during trading on Friday, reaching $30.54. The stock had a trading volume of 2,475,058 shares, compared to its average volume of 3,027,097. The stock has a market cap of $16.14 billion, a P/E ratio of -63.96 and a beta of 1.39. The business has a fifty day moving average price of $26.12 and a 200-day moving average price of $22.35. Samsara has a fifty-two week low of $8.42 and a fifty-two week high of $30.91.

Samsara (NYSE:IOT) last released its earnings results on Thursday, June 1st. The company reported ($0.13) EPS for the quarter, hitting the consensus estimate of ($0.13). Samsara had a negative net margin of 34.20% and a negative return on equity of 21.20%. The firm had revenue of $204.32 million during the quarter, compared to analysts’ expectations of $193.03 million. As a group, equities analysts forecast that Samsara will post -0.41 EPS for the current year.

Analysts Set New Price Targets

IOT has been the topic of several recent analyst reports. Truist Financial increased their target price on Samsara from $20.00 to $27.00 in a research report on Friday, June 23rd. BMO Capital Markets increased their price target on shares of Samsara from $27.00 to $28.00 in a research note on Friday. Piper Sandler upped their price objective on Samsara from $21.00 to $23.00 in a report on Friday, June 2nd. StockNews.com assumed coverage on Samsara in a research report on Thursday, August 17th. They issued a sell rating on the stock. Finally, Royal Bank of Canada boosted their price target on Samsara from $32.00 to $34.00 in a research report on Friday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Samsara has an average rating of Hold and a consensus price target of $26.20.

Insiders Place Their Bets

In other news, CEO Sanjit Biswas sold 77,960 shares of Samsara stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $25.80, for a total transaction of $2,011,368.00. Following the sale, the chief executive officer now owns 1,269,040 shares in the company, valued at $32,741,232. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Sanjit Biswas sold 77,960 shares of the company’s stock in a transaction on Tuesday, August 29th. The shares were sold at an average price of $25.80, for a total value of $2,011,368.00. Following the completion of the transaction, the chief executive officer now directly owns 1,269,040 shares in the company, valued at $32,741,232. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Adam Eltoukhy sold 16,668 shares of Samsara stock in a transaction on Monday, June 5th. The stock was sold at an average price of $25.91, for a total transaction of $431,867.88. Following the sale, the insider now directly owns 863,150 shares in the company, valued at approximately $22,364,216.50. The disclosure for this sale can be found here. Insiders sold a total of 2,303,746 shares of company stock worth $62,782,314 in the last 90 days. 66.14% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Macquarie Group Ltd. increased its holdings in Samsara by 37.3% during the 4th quarter. Macquarie Group Ltd. now owns 2,391 shares of the company’s stock worth $30,000 after purchasing an additional 649 shares during the last quarter. Quarry LP acquired a new stake in shares of Samsara during the second quarter worth approximately $44,000. IFP Advisors Inc increased its stake in shares of Samsara by 3,665.1% in the second quarter. IFP Advisors Inc now owns 1,619 shares of the company’s stock worth $45,000 after buying an additional 1,576 shares during the last quarter. Coppell Advisory Solutions LLC acquired a new stake in Samsara in the second quarter valued at $47,000. Finally, Citigroup Inc. boosted its stake in Samsara by 44.5% during the 4th quarter. Citigroup Inc. now owns 5,870 shares of the company’s stock valued at $73,000 after acquiring an additional 1,807 shares during the last quarter. Institutional investors and hedge funds own 52.47% of the company’s stock.

About Samsara

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.