Samsara (NYSE:IOT – Get Rating) issued an update on its third quarter 2023 earnings guidance on Wednesday morning. The company provided earnings per share guidance of -$0.07–$0.06 for the period, compared to the consensus earnings per share estimate of -$0.07. The company issued revenue guidance of $154.00 million-$156.00 million, compared to the consensus revenue estimate of $151.09 million. Samsara also updated its FY 2023 guidance to -$0.23–$0.21 EPS.
Samsara Stock Performance
Samsara stock opened at $13.04 on Wednesday. Samsara has a 52-week low of $8.72 and a 52-week high of $31.41. The firm has a 50 day moving average price of $14.54 and a two-hundred day moving average price of $14.15.
Samsara (NYSE:IOT – Get Rating) last released its quarterly earnings results on Wednesday, August 31st. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.11. The firm had revenue of $153.52 million for the quarter, compared to the consensus estimate of $143.70 million. Equities analysts expect that Samsara will post -0.58 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
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IOT has been the subject of several research analyst reports. The Goldman Sachs Group lowered shares of Samsara from a buy rating to a neutral rating and lowered their price objective for the company from $27.00 to $16.00 in a research note on Monday, June 27th. Evercore ISI lifted their price objective on shares of Samsara to $17.00 in a research note on Tuesday. Cowen lowered their price objective on shares of Samsara to $20.00 in a research note on Friday, May 27th. Wells Fargo & Company lifted their price target on shares of Samsara from $20.00 to $22.00 and gave the company an overweight rating in a research report on Thursday, September 1st. Finally, Royal Bank of Canada lifted their price target on shares of Samsara from $18.00 to $21.00 and gave the company an outperform rating in a research report on Thursday, August 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $24.44.
Insiders Place Their Bets
In other Samsara news, insider Benjamin Calderon sold 39,715 shares of Samsara stock in a transaction on Thursday, July 7th. The shares were sold at an average price of $14.01, for a total transaction of $556,407.15. Following the transaction, the insider now directly owns 167,250 shares of the company’s stock, valued at approximately $2,343,172.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Samsara news, insider Benjamin Calderon sold 39,715 shares of Samsara stock in a transaction on Thursday, July 7th. The shares were sold at an average price of $14.01, for a total transaction of $556,407.15. Following the transaction, the insider now directly owns 167,250 shares of the company’s stock, valued at approximately $2,343,172.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kiren Sekar sold 70,062 shares of Samsara stock in a transaction on Wednesday, June 15th. The stock was sold at an average price of $10.99, for a total transaction of $769,981.38. Following the transaction, the insider now directly owns 264,045 shares in the company, valued at $2,901,854.55. The disclosure for this sale can be found here.
Hedge Funds Weigh In On Samsara
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. PointState Capital LP raised its stake in Samsara by 62.7% in the 1st quarter. PointState Capital LP now owns 3,641,355 shares of the company’s stock valued at $58,335,000 after acquiring an additional 1,402,994 shares during the period. BlackRock Inc. raised its stake in Samsara by 17.3% in the 1st quarter. BlackRock Inc. now owns 3,227,576 shares of the company’s stock valued at $51,704,000 after acquiring an additional 477,013 shares during the period. Vanguard Group Inc. raised its stake in 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 during the period. Legal & General Group Plc bought a new stake in Samsara in the 2nd quarter valued at about $13,394,000. Finally, Goldman Sachs Group Inc. raised its stake in Samsara by 1.7% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,166,561 shares of the company’s stock valued at $13,031,000 after acquiring an additional 19,490 shares during the period. 23.68% of the stock is owned by hedge funds and other institutional investors.
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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