PNC Financial Services Group Inc. Lowers Stake in Samsara Inc. (NYSE:IOT)

PNC Financial Services Group Inc. cut its holdings in shares of Samsara Inc. (NYSE:IOT) by 7.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 15,880 shares of the company’s stock after selling 1,270 shares during the period. PNC Financial Services Group Inc.’s holdings in Samsara were worth $530,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of IOT. Vanguard Group Inc. grew its position in shares of Samsara by 6.4% in the fourth quarter. Vanguard Group Inc. now owns 15,260,007 shares of the company’s stock valued at $509,379,000 after purchasing an additional 917,389 shares during the period. Qube Research & Technologies Ltd boosted its holdings in Samsara by 82.0% in the 3rd quarter. Qube Research & Technologies Ltd now owns 832,350 shares of the company’s stock worth $20,984,000 after buying an additional 375,017 shares during the last quarter. Westfield Capital Management Co. LP raised its holdings in shares of Samsara by 23.1% during the fourth quarter. Westfield Capital Management Co. LP now owns 1,985,589 shares of the company’s stock valued at $66,279,000 after acquiring an additional 372,073 shares during the last quarter. Norges Bank purchased a new position in shares of Samsara in the fourth quarter valued at approximately $11,693,000. Finally, Wealth Dimensions Group Ltd. acquired a new stake in shares of Samsara in the fourth quarter worth approximately $8,382,000. Hedge funds and other institutional investors own 89.39% of the company’s stock.

Insider Activity

In other news, insider Dominic Phillips sold 21,690 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $36.49, for a total value of $791,468.10. Following the transaction, the insider now directly owns 1,137,252 shares in the company, valued at approximately $41,498,325.48. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Samsara news, CEO Sanjit Biswas sold 96,000 shares of Samsara stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $34.69, for a total value of $3,330,240.00. Following the completion of the transaction, the chief executive officer now directly owns 57,600 shares of the company’s stock, valued at approximately $1,998,144. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Dominic Phillips sold 21,690 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $36.49, for a total transaction of $791,468.10. Following the sale, the insider now owns 1,137,252 shares in the company, valued at $41,498,325.48. The disclosure for this sale can be found here. Insiders have sold a total of 1,707,743 shares of company stock valued at $58,180,086 in the last quarter. Insiders own 60.04% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on IOT. Royal Bank of Canada restated an “outperform” rating and issued a $47.00 price objective on shares of Samsara in a report on Wednesday. Evercore ISI lowered their price target on shares of Samsara from $41.00 to $40.00 and set an “in-line” rating on the stock in a research report on Friday, June 7th. BMO Capital Markets reiterated a “market perform” rating and issued a $40.00 price objective on shares of Samsara in a report on Tuesday, June 11th. Piper Sandler restated a “neutral” rating and set a $36.00 target price (down from $41.00) on shares of Samsara in a report on Friday, June 7th. Finally, StockNews.com upgraded Samsara from a “sell” rating to a “hold” rating in a research report on Saturday, May 25th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Samsara currently has an average rating of “Moderate Buy” and a consensus price target of $36.55.

Samsara Stock Performance

IOT opened at $32.70 on Friday. The business’s 50 day moving average price is $34.95 and its 200 day moving average price is $34.27. The stock has a market capitalization of $18.01 billion, a PE ratio of -65.40 and a beta of 1.51. Samsara Inc. has a one year low of $21.48 and a one year high of $42.28.

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.