Samsara, Inc. (IOT) delivered the kind of quarterly results that make analysts reach for their spreadsheets and raise their price targets. The physical operations software company posted third-quarter earnings Thursday that sailed past expectations on both the top and bottom lines.
The numbers tell a pretty clear story: earnings came in at 15 cents per share, beating analyst estimates of 12 cents. Revenue hit $415.98 million, comfortably above the Street's $398.47 million expectation and up significantly from $321.98 million in the same quarter last year. That's roughly 29% year-over-year growth, which isn't exactly subtle.
"Samsara had another strong quarter of durable and efficient growth, ending Q3 with $1.75 billion in ARR," said Sanjit Biswas, CEO of Samsara. "Our momentum is driven by our partnership with some of the world's largest and most complex physical operations organizations."
The market apparently liked what it saw. ServiceTitan shares jumped 15.6% to trade at $47.07 on Friday.
Wall Street analysts wasted no time adjusting their outlooks. Seven firms raised their price targets on Samsara following the earnings announcement, though most maintained their existing ratings.
BMO Capital analyst Daniel Jester kept his Outperform rating and lifted his price target from $47 to $50. B of A Securities analyst Matt Bullock stuck with his Buy rating while raising the target from $53 to $55. RBC Capital analyst Matthew Hedberg maintained an Outperform rating and bumped his target from $46 to $50.
JP Morgan analyst Alexei Gogolev took a more cautious stance, maintaining a Neutral rating but still raising the price target from $46 to $48. Wells Fargo analyst Michael Turrin kept his Overweight rating and increased his target from $50 to $52.
TD Cowen analyst J. Derrick Wood maintained a Buy rating with a notably bullish move, raising his target from $49 to $55. Piper Sandler analyst James Fish maintained an Overweight rating and raised his target from $48 to $49.
The consensus is pretty clear: analysts see more upside ahead, even if they differ on exactly how much.
