Samsara Inc (IOT) PT Raised to $45 at Goldman Sachs

Goldman Sachs analyst Kash Rangan raised the price target on Samsara Inc (NYSE: IOT) to $45.00 (from $44.00) while maintaining a Buy rating.

The analyst comments "We reiterate our Buy rating while raising our Price Target to $45 (from $44) following Samsara’s F2Q25 earnings. Keeping with prior quarters, Samsara outperformed Consensus (FactSet) on ARR (+1%), Revenue (+4%), Operating Margins (+800bps), and Free Cash Flow Margins (+400bps). Furthermore, F3Q25 / F25 guidance outpaced expectations across Revenue and Operating Margins. The stock’s reaction (+5%) is likely a function of: 1) A sequential increase in revenue outperformance (+4%, F1Q25: +3%) and a better-than-expected F25 guidance on Revenue (+31%) and Non-GAAP Operating Margins (5%) – helping support the valuation profile, 2) $100K+ customers sequentially increasing by 169 (Total: 2,144). Following F1Q25’s performance (+116), this likely assuaged investor concerns around potential macro and / or competitive headwinds, and 3) The core offerings exhibiting durable growth (>30%) at scale – Telematics and Video Based Safety (ARR >$500MM each), Equipment Monitoring (ARR > $150MM) – as Samsara’s capital-intensive customers appreciate the tangible ROI. Other key factors supporting our thesis (F27 Revenue: $2B) included: 1) Continued product innovation – evidenced via Asset Tags (NNACV: $1MM), Connected Workflows, and Connected Trainings – which can strengthen pricing and retention power, 2) A sizable, underpenetrated TAM (C26: $200B, per Samsara), seen via continued strength in NNACV growth and $1MM customer additions (+14), and 3) Continued diversification of business exposure, with 87% of NNACV stemming from non-transportation verticals, complemented by Europe – possessing a larger Connected Fleets opportunity than North America – delivering a 4th consecutive quarter of accelerating YoY ARR growth."

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