Shares of Samsara Inc. (NYSE:IOT – Get Rating) fell 5% on Wednesday after an insider sold shares in the company. The company traded as low as $26.40 and last traded at $26.69. 3,137,981 shares changed hands during mid-day trading, an increase of 3% from the average session volume of 3,048,997 shares. The stock had previously closed at $28.09.
Specifically, CEO Sanjit Biswas sold 89,800 shares of the firm’s stock in a transaction that occurred on Monday, March 13th. The stock was sold at an average price of $19.43, for a total value of $1,744,814.00. Following the completion of the transaction, the chief executive officer now owns 91,438 shares in the company, valued at approximately $1,776,640.34. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Samsara news, CEO Sanjit Biswas sold 89,800 shares of Samsara stock in a transaction that occurred on Monday, March 13th. The shares were sold at an average price of $19.43, for a total value of $1,744,814.00. Following the completion of the sale, the chief executive officer now owns 91,438 shares of the company’s stock, valued at approximately $1,776,640.34. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO James Andrew Munk sold 7,316 shares of the business’s stock in a transaction on Wednesday, March 15th. The stock was sold at an average price of $19.36, for a total transaction of $141,637.76. Following the completion of the transaction, the chief accounting officer now directly owns 365,362 shares in the company, valued at approximately $7,073,408.32. The disclosure for this sale can be found here. Insiders sold 4,886,805 shares of company stock valued at $93,179,673 over the last three months. Insiders own 66.14% of the company’s stock.
Wall Street Analysts Forecast Growth
IOT has been the subject of a number of recent research reports. Morgan Stanley lowered shares of Samsara from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $18.00 to $19.00 in a research report on Thursday, March 23rd. Wells Fargo & Company raised their target price on shares of Samsara from $23.00 to $25.00 in a research note on Friday, June 2nd. JPMorgan Chase & Co. raised their price target on shares of Samsara from $14.00 to $17.00 and gave the stock a “neutral” rating in a report on Friday, March 3rd. Truist Financial began coverage on shares of Samsara in a research note on Friday, April 21st. They issued a “hold” rating and a $20.00 price objective for the company. Finally, StockNews.com began coverage on Samsara in a research report on Thursday, May 18th. They set a “sell” rating for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $23.30.
Samsara Trading Down 5.4 %
Institutional Investors Weigh In On Samsara
Large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new position in shares of Samsara in the 1st quarter worth about $558,000. PNC Financial Services Group Inc. grew its position in Samsara by 141.6% in the first quarter. PNC Financial Services Group Inc. now owns 20,170 shares of the company’s stock worth $322,000 after buying an additional 11,820 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Samsara by 17.3% in the first quarter. BlackRock Inc. now owns 3,227,576 shares of the company’s stock worth $51,704,000 after buying an additional 477,013 shares during the period. Vanguard Group Inc. lifted its position in shares of Samsara by 52.8% in the 1st quarter. Vanguard Group Inc. now owns 3,033,132 shares of the company’s stock valued at $48,591,000 after acquiring an additional 1,048,694 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. purchased a new stake in shares of Samsara in the first quarter valued at $3,109,000. 43.05% of the stock is owned by institutional investors and hedge funds.
About Samsara
Samsara Inc provides solutions that connect 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; and applications for video-based safety, vehicle telematics, apps and driver workflows, equipment monitoring, and site visibility.
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