Short Interest in Samsara Inc. (NYSE:IOT) Declines By 11.3%

Samsara Inc. (NYSE:IOT) was the target of a large drop in short interest during the month of November. As of November 15th, there was short interest totalling 11,580,000 shares, a drop of 11.3% from the October 31st total of 13,060,000 shares. Based on an average trading volume of 3,250,000 shares, the days-to-cover ratio is presently 3.6 days. Currently, 5.6% of the company’s shares are sold short.

Samsara Price Performance

Shares of IOT traded down $0.25 during mid-day trading on Friday, reaching $53.49. 1,046,733 shares of the company’s stock traded hands, compared to its average volume of 2,484,746. The stock’s 50-day moving average is $49.91 and its two-hundred day moving average is $41.95. Samsara has a 12 month low of $26.86 and a 12 month high of $57.51. The stock has a market cap of $29.76 billion, a P/E ratio of -111.44 and a beta of 1.52.

Samsara (NYSE:IOT) last released its quarterly earnings data on Thursday, September 5th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.04. Samsara had a negative return on equity of 20.39% and a negative net margin of 24.19%. The firm had revenue of $300.20 million during the quarter, compared to the consensus estimate of $289.53 million. During the same period in the previous year, the company posted ($0.11) earnings per share. The firm’s quarterly revenue was up 36.9% on a year-over-year basis. Research analysts predict that Samsara will post -0.34 earnings per share for the current year.

Wall Street Analyst Weigh In

IOT has been the topic of a number of recent analyst reports. Truist Financial raised their price target on shares of Samsara from $40.00 to $50.00 and gave the company a “hold” rating in a report on Monday, November 18th. Morgan Stanley boosted their target price on shares of Samsara from $40.00 to $52.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 20th. BNP Paribas began coverage on Samsara in a research note on Tuesday, October 8th. They set a “neutral” rating and a $46.00 price target for the company. TD Cowen upped their price objective on Samsara from $46.00 to $56.00 and gave the stock a “buy” rating in a research note on Friday, October 11th. Finally, Wells Fargo & Company raised their target price on Samsara from $42.00 to $46.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Nine investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $45.67.

Insider Buying and Selling

In other news, CEO Sanjit Biswas sold 93,107 shares of Samsara stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $39.92, for a total transaction of $3,716,831.44. Following the sale, the chief executive officer now owns 76,800 shares of the company’s stock, valued at approximately $3,065,856. The trade was a 54.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John Bicket sold 93,212 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $39.92, for a total transaction of $3,721,023.04. Following the completion of the sale, the insider now owns 76,800 shares of the company’s stock, valued at $3,065,856. This trade represents a 54.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,809,695 shares of company stock valued at $85,445,322 over the last three months. 60.04% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Continuum Advisory LLC lifted its position in Samsara by 39.1% during the 3rd quarter. Continuum Advisory LLC now owns 879 shares of the company’s stock worth $45,000 after acquiring an additional 247 shares during the period. Private Trust Co. NA lifted its holdings in shares of Samsara by 19.2% during the third quarter. Private Trust Co. NA now owns 1,550 shares of the company’s stock worth $75,000 after purchasing an additional 250 shares during the period. Assenagon Asset Management S.A. boosted its position in Samsara by 3.5% in the third quarter. Assenagon Asset Management S.A. now owns 9,001 shares of the company’s stock valued at $433,000 after buying an additional 304 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Samsara by 5.1% in the 3rd quarter. Wellington Management Group LLP now owns 7,959 shares of the company’s stock valued at $383,000 after acquiring an additional 388 shares during the last quarter. Finally, UMB Bank n.a. increased its stake in shares of Samsara by 69.1% in the third quarter. UMB Bank n.a. now owns 1,023 shares of the company’s stock worth $49,000 after acquiring an additional 418 shares during the period. 89.39% of the stock is 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.