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Samsara (NYSE:IOT) Issues Q3 2023 Earnings Guidance

Financial News Live · Sep 23, 2022 15:12

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 Price Performance

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

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Samsara (NYSE:IOT – Get Rating) last issued 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 business had revenue of $153.52 million during the quarter, compared to the consensus estimate of $143.70 million. Research analysts expect that Samsara will post -0.56 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on IOT shares. Royal Bank of Canada increased their price objective 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. Wells Fargo & Company increased their price objective on Samsara from $20.00 to $22.00 and gave the company an overweight rating in a research report on Thursday, September 1st. Moffett Nathanson initiated coverage on Samsara in a research report on Thursday. They issued a buy rating and a $40.00 target price for the company. The Goldman Sachs Group lowered shares of Samsara from a buy rating to a neutral rating and reduced their price target for the stock from $27.00 to $16.00 in a research note on Monday, June 27th. Finally, Cowen dropped their target price on shares of Samsara to $20.00 in a report on Friday, May 27th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $26.00.

Insider Activity

In other news, CAO James Andrew Munk sold 7,496 shares of Samsara stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $12.25, for a total value of $91,826.00. Following the sale, the chief accounting officer now directly owns 309,820 shares of the company's stock, valued at $3,795,295. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO James Andrew Munk sold 7,496 shares of the firm's stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $12.25, for a total value 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 filing with the SEC, which can be accessed through this link. Also, insider Benjamin Calderon sold 39,715 shares of Samsara stock in a transaction dated Thursday, July 7th. The stock was 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 $2,343,172.50. The disclosure for this sale can be found here. Insiders have sold 166,899 shares of company stock worth $2,115,000 over the last ninety days. Corporate insiders own 81.12% of the company's stock.

Institutional Trading of Samsara

Several institutional investors and hedge funds have recently made changes to their positions in the business. Legal & General Group Plc purchased a new position in shares of Samsara during the second quarter worth approximately $13,394,000. Goldman Sachs Group Inc. raised its holdings 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 valued at $13,031,000 after acquiring an additional 19,490 shares in the last quarter. Creative Planning lifted its position in shares of Samsara by 64.4% in the 2nd quarter. Creative Planning now owns 117,374 shares of the company's stock worth $1,311,000 after purchasing an additional 45,967 shares during the period. State Street Corp boosted its position in Samsara by 230.8% during the second quarter. State Street Corp now owns 430,527 shares of the company's stock valued at $4,809,000 after purchasing an additional 300,365 shares in the last quarter. Finally, Cubist Systematic Strategies LLC grew its position in shares of Samsara by 51,676.8% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 263,544 shares of the company's stock worth $2,944,000 after buying an additional 263,035 shares during the last quarter. 23.68% of the stock is currently owned by institutional investors.

About Samsara

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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.