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Adam Eltoukhy, Executive Vice President, Chief Legal Officer, and Secretary at Samsara Inc. (NYSE:IOT), recently sold shares of the company’s Class A common stock, according to a filing with the Securities and Exchange Commission. The company, currently valued at $21.39 billion, has shown impressive revenue growth of 33% over the last twelve months, though InvestingPro analysis suggests the stock is trading above its Fair Value. The transactions, executed on March 17, involved the sale of 21,918 shares at prices ranging from $38.0141 to $39.0079, totaling approximately $845,810.
These sales were conducted to cover tax withholding obligations related to the settlement of restricted stock units (RSUs). Following the transactions, Eltoukhy holds 284,618 shares directly and an additional 99,077 shares indirectly through a trust.
In other recent news, Samsara Inc. reported robust financial results, including a 36% adjusted growth in the fourth quarter and a revenue increase of approximately 3.5%, driven by significant deals with both new and existing customers. The company also announced a strategic partnership with Hyundai (OTC:HYMTF) Translead to deliver a factory-installed trailer monitoring system, enhancing safety and operational efficiency for North American fleets. Piper Sandler upgraded Samsara’s stock rating to Overweight with a price target of $50, citing the company’s potential for over 20% growth and its resilience against market volatility. Meanwhile, TD Cowen adjusted its price target for Samsara to $51, maintaining a Buy rating, and highlighted the company’s ability to secure larger customer deals. RBC Capital Markets reduced its price target to $54, maintaining an Outperform rating, and praised Samsara’s strong performance in the enterprise sector and product improvements. Truist Securities also adjusted its price target to $42, maintaining a Hold rating, while noting Samsara’s achievements in acquiring large customers and exceeding consensus estimates for annual recurring revenue growth. These developments reflect Samsara’s ongoing strategic efforts and financial performance, as the company continues to expand its market presence and product offerings.
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