Following a rather impressive earnings call, shares of Samsara (NYSE:IOT) are surging today. At the time of writing, IOT stock has moved roughly 30% higher as investors pile into this cloud services and Internet of Things (IoT) company.
Samsara announced a smaller-than-expected loss of only 2 cents per share, relative to the 5 cents expected (which would have been the same as the prior year’s quarter). Additionally, revenue increased 43% on a year-over-year basis to $204.3 million, bolstered by increased spending from its clientele, who seemingly have prioritized IT spending to a greater degree than many expected.
Notably, Samsara’s annual recurring revenue also came in strong, showing 41% growth year-over-year, also topping estimates.
These results were solid, but some commentary around a potential shift toward artificial intelligence (AI) by the company’s management team has investors excited. If Samsara is able to leverage the growth AI has shown is possible, then perhaps these earnings beats aren’t a fluke. That’s what many investors are betting on right now, it appears.
With that said, let’s dive into which investors are making the biggest bets on IOT stock right now.
The 5 Biggest Investors in IOT Stock
According to data from Yahoo Finance, here are the five largest institutional holders of Samsara. Notably, these five companies hold approximately 55% of the company’s total shares.
- General Catalyst Group owns 33.4 million shares, or 20.3% of the company.
- Morgan Stanley (NYSE:MS) owns 19.1 million shares, or 11.6% of the company.
- Baillie Gifford owns 18.8 million shares, or 11.4% of the company.
- Vanguard owns 10.6 million shares, or 6.4% of the company.
- General Atlantic owns 9.2 million shares, or 5.6% of the company.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
