Samsara (NYSE:IOT) Issues FY 2023 Earnings Guidance

Samsara (NYSE:IOTGet Rating) updated its FY 2023 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of -$0.23–$0.21 for the period, compared to the consensus estimate of -$0.24. The company issued revenue guidance of $610.00 million-$614.00 million, compared to the consensus revenue estimate of $594.77 million. Samsara also updated its Q3 2023 guidance to -$0.07–$0.06 EPS.

Samsara Price Performance

Samsara stock traded down $0.26 during mid-day trading on Friday, reaching $11.58. The company had a trading volume of 29,237 shares, compared to its average volume of 1,880,440. The company has a 50 day moving average of $14.50 and a 200-day moving average of $13.60. Samsara has a 52 week low of $8.72 and a 52 week high of $31.41.

Samsara (NYSE:IOTGet Rating) last released its earnings results on Wednesday, August 31st. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.11. The firm had revenue of $153.52 million for the quarter, compared to analyst estimates of $143.70 million. Analysts expect that Samsara will post -0.56 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Wells Fargo & Company lifted their price objective on Samsara from $20.00 to $22.00 and gave the company an overweight rating in a report on Thursday, September 1st. Royal Bank of Canada boosted 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. Moffett Nathanson started coverage on Samsara in a research report on Thursday. They issued a buy rating and a $40.00 price objective for the company. Evercore ISI increased their target price on Samsara to $17.00 in a report on Tuesday, September 6th. Finally, Cowen reduced their price target on shares of Samsara to $20.00 in a research report on Friday, May 27th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Samsara currently has an average rating of Moderate Buy and an average target price of $26.00.

Insiders Place Their Bets

In related news, insider Benjamin Calderon sold 39,715 shares of the firm’s 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 sale, the insider now directly owns 167,250 shares in the company, valued at $2,343,172.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Samsara news, CAO James Andrew Munk sold 7,496 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $12.25, for a total transaction of $91,826.00. Following the completion of the sale, the chief accounting officer now directly owns 309,820 shares in the company, valued at $3,795,295. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Benjamin Calderon sold 39,715 shares of the business’s stock in a transaction that occurred on Thursday, July 7th. The shares were sold at an average price of $14.01, for a total value of $556,407.15. Following the completion of the sale, the insider now owns 167,250 shares of the company’s stock, valued at $2,343,172.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 166,899 shares of company stock worth $2,115,000. Corporate insiders own 81.12% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Royal Bank of Canada lifted its stake in Samsara by 61.6% in the 1st quarter. Royal Bank of Canada now owns 6,127 shares of the company’s stock valued at $98,000 after purchasing an additional 2,335 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Samsara during the second quarter valued at about $33,000. Brandywine Managers LLC increased its stake in shares of Samsara by 110.7% in the first quarter. Brandywine Managers LLC now owns 20,268 shares of the company’s stock valued at $325,000 after buying an additional 10,647 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Samsara by 141.6% during the first quarter. PNC Financial Services Group Inc. now owns 20,170 shares of the company’s stock worth $322,000 after purchasing an additional 11,820 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Samsara by 1.7% in the second quarter. Goldman Sachs Group Inc. now owns 1,166,561 shares of the company’s stock worth $13,031,000 after acquiring an additional 19,490 shares during the period. Institutional investors own 23.68% of the company’s stock.

Samsara Company Profile

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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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