Samsara Inc. (NYSE:IOT) witnessed some unusual options trading activity on Friday, as investors purchased 5,164 call options on the stock, which is an 87% increase compared to its typical daily volume of 2,762 call options. This surge in call option buying could imply that investors are betting that the price of IOT will rise further in the near future. However, this is not the only recent movement in Samsara’s shares, as company insiders have been selling their stakes over the past few months.
According to a recent SEC filing, the Chief Accounting Officer James Andrew Munk sold 7,316 shares of IOT at $19.36 each on March 15th, amounting to a total sale value of $141,637.76. Another insider Adam Eltoukhy sold 3,334 shares of the company’s stock at an average price of $20.01 on March 6th for a total transaction value of $66,713.34. In total, insiders have sold 5,314,254 shares since March with a combined value exceeding $102 million.
Despite these insider sales and mixed analyst ratings, Samsara exceeded expectations with its earnings report on Thursday March 2nd as it reported earnings per share of ($0.02), better than the expected loss per share of ($0.13). Furthermore, in Q1 of this year it had revenue worth $186.58 million which was higher than analysts’ projected revenue worth $172.77 million.
BMO Capital Markets has raised its price target for Samsara from $19 to $23 while Royal Bank of Canada tipped its target from $21 to $24 following favorable financial results reported by Samsara this year.
It remains to be seen whether these optimistic signs are enough to appease investors during these tumultuous times for businesses dealing with IoT technologies like Samsara. However, recent insider selling coupled with the increase in call option buying could spark further speculation regarding the future price of Samsara’s shares. As of June 4th, 2023 overall, Bloomberg has given a consensus rating of “hold” for IOT shares with an estimated average target price of $23.30.
In conclusion, it is worth keeping an eye on Samsara for any more movement in its stock prices as new developments emerge across sectors dealing with IoT products and services within broader technology space.
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Samsara Attracts Institutional Investors with IoT Expertise
Samsara, a technology company specializing in Internet of Things (IoT), has recently caught the attention of several institutional investors. According to reports, major players such as JP Morgan Chase & Co., New York State Common Retirement Fund, Advisory Services Network LLC, Hollencrest Capital Management, and State Street Corp have made significant changes to their holdings of Samsara.
JP Morgan Chase & Co increased its position in shares of Samsara by 16.0% during the first quarter, owning 776,518 shares valued at $15,312,000 after buying an additional 107,262 shares last quarter. Meanwhile, New York State Common Retirement Fund saw a staggering increase of 2,682.1% in its stake in Samsara during the same period. The fund now owns 175,470 shares worth $3,460,000 after purchasing an additional 169,163 shares.
Advisory Services Network LLC experienced a remarkable lift of 9,807.0% in its stake in Samsara during Q1–now owning 9,907 shares worth $195,000. Finally adding to the list is Hollencrest Capital Management which acquired a new stake in the IoT company for $59k.
State Street Corp lifted its stake in Samsara by 20.3% for first-quarter ending March2023.This eventually resulted to State Street Corp owning about 770K+shares this year.
As it stands now,the institutional investors own about with43.05%of the company’s stock.These recent moves from big-time players suggest that there is a high level of confidence placed on the future prospects of Samsara.
Meanwhile,the price per share as at Friday was traded upwards by $5.44against what obtained during processing times.It peaked at$24.45per on June4.
This marks notable progress compared to her yearly low abut one year ago at $8.42.
With the present state of affairs, it is safe to say that Samsara’s future looks promising as more investors trickle in to acquire their stake in this cutting-edge IoT startup.
