Morgan Stanley Forecasts Strong Price Appreciation for Samsara (NYSE:IOT) Stock

Samsara (NYSE:IOT) had its price objective lifted by research analysts at Morgan Stanley from $40.00 to $52.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would suggest a potential downside of 4.86% from the stock’s current price.

IOT has been the topic of several other reports. JPMorgan Chase & Co. raised their target price on Samsara from $37.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, September 6th. Wells Fargo & Company raised their price objective on Samsara from $42.00 to $46.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Bank of America raised their price objective on Samsara from $45.00 to $47.00 and gave the company a “buy” rating in a report on Friday, September 6th. TD Cowen raised their price objective on Samsara from $46.00 to $56.00 and gave the company a “buy” rating in a report on Friday, October 11th. Finally, Loop Capital raised their price objective on Samsara from $42.00 to $46.00 and gave the company a “buy” rating in a report on Friday, September 6th. Nine equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $45.67.

Samsara Stock Up 3.8 %

Samsara stock opened at $54.66 on Wednesday. The firm has a market cap of $30.41 billion, a price-to-earnings ratio of -113.86 and a beta of 1.52. Samsara has a 52 week low of $26.13 and a 52 week high of $55.39. The business’s 50-day moving average price is $49.08 and its 200 day moving average price is $41.29.

Samsara (NYSE:IOT) last posted its earnings results on Thursday, September 5th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.01 by $0.04. The firm had revenue of $300.20 million for the quarter, compared to analyst estimates of $289.53 million. Samsara had a negative return on equity of 20.39% and a negative net margin of 24.19%. Samsara’s revenue for the quarter was up 36.9% compared to the same quarter last year. During the same period last year, the company earned ($0.11) earnings per share. Equities analysts expect that Samsara will post -0.34 EPS for the current year.

Insider Buying and Selling

In related news, CAO James Andrew Munk sold 1,093 shares of Samsara stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $47.31, for a total transaction of $51,709.83. Following the transaction, the chief accounting officer now owns 319,667 shares in the company, valued at approximately $15,123,445.77. This trade represents a 0.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Adam Eltoukhy sold 9,308 shares of Samsara stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $50.64, for a total value of $471,357.12. Following the transaction, the insider now owns 396,784 shares in the company, valued at approximately $20,093,141.76. The trade was a 2.29 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,813,614 shares of company stock worth $83,336,654. 60.04% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Samsara

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Resources Management Corp CT ADV raised its position in Samsara by 104.0% in the second quarter. Resources Management Corp CT ADV now owns 961 shares of the company’s stock valued at $32,000 after purchasing an additional 490 shares during the period. Hobbs Group Advisors LLC acquired a new stake in shares of Samsara in the third quarter valued at $34,000. National Bank of Canada FI acquired a new stake in shares of Samsara in the second quarter valued at $38,000. Nemes Rush Group LLC acquired a new stake in shares of Samsara in the second quarter valued at $45,000. Finally, Continuum Advisory LLC grew its stake in shares of Samsara by 39.1% in the third quarter. Continuum Advisory LLC now owns 879 shares of the company’s stock valued at $45,000 after buying an additional 247 shares in the last quarter. Hedge funds and other institutional investors own 89.39% of the company’s stock.

About Samsara

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.