Royal Bank of Canada Has Lowered Expectations for Samsara (NYSE:IOT) Stock Price

Samsara (NYSE:IOT) had its target price reduced by investment analysts at Royal Bank of Canada from $64.00 to $54.00 in a report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target suggests a potential upside of 54.71% from the company’s current price.

A number of other equities analysts have also commented on IOT. StockNews.com raised shares of Samsara from a “sell” rating to a “hold” rating in a research report on Friday, November 8th. BMO Capital Markets cut their price objective on Samsara from $57.00 to $48.00 and set a “market perform” rating on the stock in a research note on Friday. Morgan Stanley increased their price objective on shares of Samsara from $40.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 20th. Piper Sandler raised their price target on shares of Samsara from $40.00 to $50.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Finally, Berenberg Bank started coverage on shares of Samsara in a research note on Monday, February 3rd. They set a “hold” rating and a $57.00 price target for the company. Eleven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $49.60.

Samsara Stock Down 16.7 %

NYSE:IOT traded down $6.98 during mid-day trading on Friday, reaching $34.91. 6,245,848 shares of the company were exchanged, compared to its average volume of 3,286,563. The company has a fifty day moving average of $49.21 and a 200 day moving average of $48.29. The stock has a market cap of $19.59 billion, a PE ratio of -73.85 and a beta of 1.63. Samsara has a 12 month low of $27.14 and a 12 month high of $61.90.

Insider Activity

In related news, insider Sanjit Biswas sold 48,884 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $45.36, for a total value of $2,217,378.24. Following the sale, the insider now directly owns 2,007,964 shares of the company’s stock, valued at $91,081,247.04. This represents a 2.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jonathan Chadwick sold 22,500 shares of Samsara stock in a transaction dated Thursday, December 26th. The shares were 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 of the company’s stock, valued at approximately $17,970,104.23. This trade represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,389,912 shares of company stock valued at $65,081,064. 60.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Samsara

A number of institutional investors have recently made changes to their positions in IOT. NewEdge Advisors LLC increased its holdings in shares of Samsara by 262.0% in the 4th quarter. NewEdge Advisors LLC now owns 572 shares of the company’s stock worth $25,000 after purchasing an additional 414 shares in the last quarter. Jones Financial Companies Lllp purchased a new stake in Samsara during the fourth quarter valued at approximately $31,000. Hobbs Group Advisors LLC purchased a new stake in shares of Samsara in the 3rd quarter worth $34,000. IFP Advisors Inc lifted its position in Samsara by 290.3% during the fourth quarter. IFP Advisors Inc now owns 804 shares of the company’s stock valued at $35,000 after purchasing an additional 598 shares in the last quarter. Finally, Fourth Dimension Wealth LLC bought a new stake in Samsara during the fourth quarter valued at about $38,000. Hedge funds and other institutional investors own 96.02% of the company’s stock.

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.