Evercore ISI on Samsara Inc (IOT): 'remains one of the more interesting growth stories in software'

Evercore ISI analyst Kirk Materne reiterated an In Line rating and $45.00 price target on Samsara Inc (NYSE: IOT).

The analyst comments "Yesterday, we attended Samsara’s Beyond conference and Investor Day in San Diego, which was highlighted by a slew of product innovation that continues to accelerate. In our view, the sheer number of ‘shots on goal’ from an innovation standpoint continues to underpin the durability of growth, particularly as the company continues to leverage its massive operational dataset to expand workflow solutions that augment the (still underpenetrated) core Video-based Safety and Telematics solutions, as well as leverage AI technology to increase the ROI that it can deliver to customers using the platform. In other words, the flywheel is accelerating as Samsara has now processed more than 14 trillion data points, spanning video, equipment diagnostics, and fault codes, with the volume growing at a rapid 50% y/y, fueling increasingly intelligent insights for customers. The platform also handled 120 billion API calls last year, also growing 50% annually, while its coverage of 99% of U.S. roads provides unparalleled visibility into real-world conditions and risks. We also had a chance to chat with a number of customers and partners at the event (feel free to reach out to discuss), and what stood out to us was the focus on ‘service’ that Samsara offers, with the majority of individuals we chatted with noting the strong feedback loop and ‘closeness’ to the company as being a key differentiator. Bottom line: While valuation keeps us on the sidelines, IOT remains one of the more interesting growth stories in software and one that we believe investors should ‘sharpen the pencils’ on in the case of any material pullback as the level of innovation on the platform continues to drive durable growth."

For an analyst ratings summary and ratings history on Samsara Inc click here. For more ratings news on Samsara Inc click here.

Shares of Samsara Inc closed at $40.28 yesterday.

You May Also Be Interested In

• Stripe, Advent In Talks To Buy Paypal - WSJ
• Freedom Broker Upgrades Lifeway Foods (LWAY) to Buy
• Home Depot (HD) call put ratio 1.5 calls to 1 put with a focus on September 330 puts into quarter results