Royal Bank of Canada Cuts Samsara (NYSE:IOT) Price Target to $54.00

Samsara (NYSE:IOT) had its target price cut by Royal Bank of Canada from $64.00 to $54.00 in a research report sent to investors on Friday,Benzinga reports. They currently have an outperform rating on the stock.

Several other equities analysts have also recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on Samsara from $40.00 to $44.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Loop Capital upped their price target on Samsara from $46.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Morgan Stanley upped their price target on Samsara from $40.00 to $52.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 20th. Truist Financial cut their price objective on Samsara from $50.00 to $42.00 and set a “hold” rating for the company in a research note on Friday. Finally, Berenberg Bank began coverage on Samsara in a research note on Monday, February 3rd. They set a “hold” rating and a $57.00 price objective for the company. Eleven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $49.60.

Samsara Stock Performance

Samsara stock opened at $35.32 on Friday. The business’s 50-day simple moving average is $49.02 and its two-hundred day simple moving average is $48.36. The company has a market cap of $19.82 billion, a PE ratio of -75.14 and a beta of 1.63. Samsara has a fifty-two week low of $27.14 and a fifty-two week high of $61.90.

Insider Buying and Selling

In other Samsara news, Director Jonathan Chadwick sold 22,500 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $45.37, for a total transaction of $1,020,825.00. Following the transaction, the director now directly owns 396,079 shares in the company, valued at $17,970,104.23. This represents a 5.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Dominic Phillips sold 64,629 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $45.95, for a total value of $2,969,702.55. Following the transaction, the insider now owns 755,001 shares in the company, valued at $34,692,295.95. This trade represents a 7.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,369,776 shares of company stock worth $64,065,203. Company insiders own 60.04% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Baillie Gifford & Co. lifted its stake in Samsara by 23.4% during the third quarter. Baillie Gifford & Co. now owns 33,844,390 shares of the company’s stock worth $1,628,592,000 after purchasing an additional 6,411,178 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Samsara by 4.3% in the fourth quarter. Vanguard Group Inc. now owns 20,978,589 shares of the company’s stock valued at $916,555,000 after acquiring an additional 863,197 shares in the last quarter. FMR LLC raised its stake in shares of Samsara by 24.0% in the fourth quarter. FMR LLC now owns 14,743,175 shares of the company’s stock valued at $644,129,000 after acquiring an additional 2,852,575 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Samsara by 107.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,143,855 shares of the company’s stock valued at $181,045,000 after acquiring an additional 2,148,081 shares in the last quarter. Finally, Westfield Capital Management Co. LP raised its stake in shares of Samsara by 4.1% in the third quarter. Westfield Capital Management Co. LP now owns 3,506,681 shares of the company’s stock valued at $168,741,000 after acquiring an additional 138,702 shares in the last quarter. 96.02% of the stock is currently owned by institutional investors and hedge funds.

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.