Samsara (NYSE:IOT) Releases FY 2023 Earnings Guidance

Samsara (NYSE:IOTGet Rating) issued an update on its FY 2023 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of -$0.24–$0.22 for the period, compared to the consensus estimate of -$0.29. The company issued revenue guidance of $590.00 million-$600.00 million, compared to the consensus revenue estimate of $575.57 million. Samsara also updated its Q2 2023 guidance to -$0.07–$0.06 EPS.

Shares of IOT opened at $11.89 on Thursday. Samsara has a fifty-two week low of $8.72 and a fifty-two week high of $31.41. The business’s 50-day simple moving average is $11.60.

Samsara (NYSE:IOTGet Rating) last announced its earnings results on Thursday, June 2nd. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.03. Research analysts expect that Samsara will post -0.57 EPS for the current fiscal year.

Several equities research analysts have recently weighed in on IOT shares. Cowen decreased their target price on shares of Samsara from $31.00 to $27.00 in a research note on Thursday, March 3rd. Cowen cut their price target on shares of Samsara to $20.00 in a report on Friday, May 27th. StockNews.com assumed coverage on shares of Samsara in a report on Thursday, March 31st. They set a sell rating for the company. Royal Bank of Canada cut their price target on shares of Samsara from $28.00 to $18.00 in a report on Tuesday, May 31st. Finally, The Goldman Sachs Group cut their price target on shares of Samsara from $30.00 to $27.00 and set a buy rating for the company in a report on Thursday, April 14th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $26.00.

In other news, insider Kiren Sekar sold 70,062 shares of the stock in a transaction that occurred on Wednesday, June 15th. The shares were sold at an average price of $10.99, for a total value of $769,981.38. Following the sale, the insider now directly owns 264,045 shares in the company, valued at $2,901,854.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 81.12% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the company. PointState Capital LP grew its position in shares of Samsara by 62.7% in the first quarter. PointState Capital LP now owns 3,641,355 shares of the company’s stock valued at $58,335,000 after purchasing an additional 1,402,994 shares during the last quarter. BlackRock Inc. grew its position in shares of Samsara by 17.3% in the first quarter. BlackRock Inc. now owns 3,227,576 shares of the company’s stock valued at $51,704,000 after purchasing an additional 477,013 shares during the last quarter. Vanguard Group Inc. boosted its position in Samsara by 52.8% during the first quarter. Vanguard Group Inc. now owns 3,033,132 shares of the company’s stock worth $48,591,000 after acquiring an additional 1,048,694 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Samsara by 13.1% during the first quarter. Goldman Sachs Group Inc. now owns 1,147,071 shares of the company’s stock worth $18,376,000 after acquiring an additional 132,824 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. acquired a new stake in Samsara during the first quarter worth approximately $3,109,000. Institutional investors and hedge funds own 45.47% of the company’s stock.

About Samsara (Get Rating)

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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