Samsara CEO Sanjit Biswas sells $6.3 million in stock

Sanjit Biswas, the Chief Executive Officer of Samsara Inc. (NYSE:IOT), recently executed a series of stock sales totaling approximately $6.3 million. On February 25, Biswas sold shares at prices ranging from $48.14 to $50.24, according to an SEC filing. The sales come as the $28 billion market cap company has seen its stock rise over 40% in the past year, despite a recent 13% decline over the last week.

The transactions were carried out under a pre-established Rule 10b5-1 trading plan. The sales involved multiple tranches of Class A Common Stock, with the largest single transaction comprising 44,367 shares sold at an average price of $49.77. Following these sales, Biswas retains ownership of over 1.4 million shares, held indirectly through the Biswas Family Trust. According to InvestingPro, 14 analysts have recently revised their earnings upwards, with the company expected to achieve profitability this year.

In a separate set of transactions, Biswas sold an additional $1.6 million worth of stock, with prices ranging from $48.14 to $49.73. These shares are held by the Jordan Park Trust Company, LLC, Trustee of The Biswas Trust II.

The stock sales were part of a structured plan to diversify Biswas’s holdings while adhering to regulatory requirements.

In other recent news, Samsara Inc. has announced an integration with Mobilisights, Stellantis (NYSE:STLA)’ Data as a Service platform, to provide businesses in Europe with hardware-free access to vehicle telematics data. This collaboration aims to enhance fleet management by allowing operators to access critical data such as GPS location and mileage without additional hardware. Additionally, Samsara executives, including CEO Sanjit Biswas and CTO John Bicket, have initiated pre-arranged stock trading plans for their affiliated family trusts, set to commence in January 2025.

Furthermore, Raymond (NSE:RYMD) James initiated coverage of Samsara with a Market Perform rating, highlighting the company’s strong leadership and potential for growth, while noting that the current stock price reflects these strengths. Berenberg also initiated coverage, assigning a Hold rating with a $57 price target, acknowledging Samsara’s rapid expansion and innovation but expressing reservations about the stock’s immediate investment potential. These assessments reflect a cautious optimism about Samsara’s operational capabilities.

Lastly, during Piper Sandler’s Infrastructure Software (ETR:SOWGn) Bus Tour, Samsara maintained a strong tone on operational budgets, focusing on asset tagging and whitespace opportunities. This tour included discussions on various technology companies, with Samsara emphasizing its commitment to durable operational strategies. These developments highlight Samsara’s ongoing efforts to expand its market presence and enhance its technological offerings.

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