Cornerstone Wealth Management LLC Raises Position in Samsara Inc. (NYSE:IOT)

Cornerstone Wealth Management LLC raised its position in Samsara Inc. (NYSE:IOT) by 14.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,277 shares of the company’s stock after acquiring an additional 815 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Samsara were worth $241,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. NewEdge Advisors LLC increased its position in shares of Samsara by 262.0% in the fourth quarter. NewEdge Advisors LLC now owns 572 shares of the company’s stock valued at $25,000 after acquiring an additional 414 shares during the period. Jones Financial Companies Lllp purchased a new position in shares of Samsara in the fourth quarter valued at about $31,000. IFP Advisors Inc increased its position in shares of 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 buying an additional 598 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Samsara during the first quarter valued at about $31,000. Finally, Fourth Dimension Wealth LLC purchased a new position in shares of 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 Stock Up 1.5%

IOT opened at $39.26 on Friday. The firm has a 50-day simple moving average of $42.41 and a two-hundred day simple moving average of $44.45. Samsara Inc. has a 52 week low of $28.69 and a 52 week high of $61.90. The company has a market capitalization of $22.35 billion, a PE ratio of -178.44 and a beta of 1.74.

Samsara (NYSE:IOT) last released its quarterly earnings data on Thursday, June 5th. The company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.06 by $0.05. Samsara had a negative net margin of 9.04% and a negative return on equity of 11.14%. The business had revenue of $366.88 million during the quarter, compared to the consensus estimate of $351.44 million. During the same quarter in the prior year, the firm earned $0.03 EPS. The business’s revenue was up 30.7% on a year-over-year basis. As a group, sell-side analysts expect that Samsara Inc. will post -0.3 earnings per share for the current year.

Insider Buying and Selling at Samsara

In related news, major shareholder Parallel Fund Iv L.P. Ah sold 399,026 shares of the stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $41.33, for a total value of $16,491,744.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sanjit Biswas sold 94,020 shares of the stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $42.68, for a total transaction of $4,012,773.60. Following the completion of the transaction, the insider now directly owns 114,000 shares of the company’s stock, valued at approximately $4,865,520. The trade was a 45.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,137,417 shares of company stock valued at $89,601,167 in the last 90 days. Insiders own 46.49% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on IOT. Truist Financial reduced their price target on shares of Samsara from $50.00 to $42.00 and set a “hold” rating on the stock in a research report on Friday, March 7th. Morgan Stanley cut their price objective on shares of Samsara from $56.00 to $50.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 16th. BMO Capital Markets upped their price objective on shares of Samsara from $48.00 to $54.00 and gave the stock an “outperform” rating in a report on Monday, June 2nd. Wells Fargo & Company upped their price objective on shares of Samsara from $48.00 to $50.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Finally, Wall Street Zen cut shares of Samsara from a “buy” rating to a “hold” rating in a report on Friday, May 30th. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.00.

Samsara 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.