Samsara (NYSE:IOT) Shares Gap Down After Insider Selling

Shares of Samsara Inc. (NYSE:IOT) gapped down before the market opened on Friday following insider selling activity. The stock had previously closed at $41.88, but opened at $39.00. Samsara shares last traded at $37.64, with a volume of 1,243,579 shares traded.

Specifically, insider Sanjit Biswas sold 145,392 shares of Samsara stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $44.27, for a total transaction of $6,436,503.84. Following the transaction, the insider now owns 120,000 shares in the company, valued at approximately $5,312,400. The trade was a 54.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Royal Bank of Canada cut their price target on shares of Samsara from $64.00 to $54.00 and set an “outperform” rating on the stock in a report on Friday. Morgan Stanley boosted their price objective on Samsara from $40.00 to $52.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 20th. Loop Capital lifted their price objective on Samsara from $46.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Piper Sandler upped their target price on shares of Samsara from $40.00 to $50.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Finally, StockNews.com raised Samsara from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. Eleven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Samsara presently has a consensus rating of “Hold” and an average price target of $49.60.

Samsara Stock Down 15.7 %

The company has a market cap of $19.82 billion, a P/E ratio of -75.14 and a beta of 1.63. The company has a fifty day moving average of $49.21 and a 200 day moving average of $48.29.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC increased its position in shares of Samsara by 77.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,881 shares of the company’s stock valued at $91,000 after purchasing an additional 821 shares during the last quarter. State of New Jersey Common Pension Fund D boosted its holdings in Samsara by 2.8% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 78,287 shares of the company’s stock valued at $3,767,000 after acquiring an additional 2,114 shares during the period. Baillie Gifford & Co. boosted its holdings in Samsara by 23.4% during the 3rd quarter. Baillie Gifford & Co. now owns 33,844,390 shares of the company’s stock valued at $1,628,592,000 after acquiring an additional 6,411,178 shares during the period. Rakuten Securities Inc. boosted its holdings in Samsara by 100.4% during the 3rd quarter. Rakuten Securities Inc. now owns 46,903 shares of the company’s stock valued at $2,257,000 after acquiring an additional 23,495 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in Samsara by 4.6% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 376,283 shares of the company’s stock valued at $18,107,000 after acquiring an additional 16,528 shares during the period. 96.02% of the stock is owned by hedge funds and other institutional investors.

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.