Samsara (NYSE:IOT) Stock Price Down 3.3% Following Insider Selling

Samsara Inc. (NYSE:IOT)’s stock price traded down 3.3% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $37.91 and last traded at $38.11. 781,613 shares changed hands during trading, a decline of 80% from the average session volume of 3,876,075 shares. The stock had previously closed at $39.40.

Specifically, insider Adam Eltoukhy sold 9,344 shares of the firm’s stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $33.84, for a total transaction of $316,200.96. Following the transaction, the insider now owns 707,818 shares in the company, valued at $23,952,561.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Sanjit Biswas sold 96,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $31.76, for a total transaction of $3,048,960.00. Following the completion of the sale, the chief executive officer now directly owns 1,250,634 shares in the company, valued at $39,720,135.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Adam Eltoukhy sold 9,344 shares of the firm’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $33.84, for a total transaction of $316,200.96. Following the sale, the insider now owns 707,818 shares of the company’s stock, valued at $23,952,561.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,733,274 shares of company stock worth $59,313,029. 66.14% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on IOT. Wells Fargo & Company raised their target price on shares of Samsara from $32.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, December 1st. Morgan Stanley raised their price objective on shares of Samsara from $25.00 to $31.00 and gave the stock an “equal weight” rating in a research note on Friday, December 1st. StockNews.com raised shares of Samsara from a “sell” rating to a “hold” rating in a research note on Tuesday, March 5th. Royal Bank of Canada raised their price objective on shares of Samsara from $34.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, December 1st. Finally, BMO Capital Markets raised their price objective on shares of Samsara from $28.00 to $32.00 and gave the stock a “market perform” rating in a research note on Friday, December 1st. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $31.56.

Samsara Stock Performance

The business’s 50 day simple moving average is $34.50 and its 200-day simple moving average is $30.44. The company has a market cap of $20.41 billion, a price-to-earnings ratio of -71.30 and a beta of 1.55.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. State of Wyoming bought a new position in shares of Samsara during the 4th quarter valued at $27,000. Fred Alger Management LLC bought a new position in shares of Samsara during the 3rd quarter valued at $28,000. Macquarie Group Ltd. raised its holdings in Samsara by 37.3% in the 4th quarter. Macquarie Group Ltd. now owns 2,391 shares of the company’s stock worth $30,000 after acquiring an additional 649 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Samsara in the 2nd quarter worth $33,000. Finally, Quarry LP bought a new position in Samsara in the 4th quarter worth $37,000. Institutional investors own 89.39% 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.