Form 4: Andreessen Horowitz Entities Sell Over 793K Samsara Shares

Multiple Andreessen Horowitz affiliated entities, including funds and a capital management firm, sold a combined 793,331 shares of Samsara Inc. Class A Common Stock following internal distributions.

Summary

• On September 8, 2025, several Andreessen Horowitz funds (AH LSV Fund I, AH Fund IV, AH Parallel Fund IV, AH Parallel Fund V) distributed a total of 15,773,565 shares of Samsara Inc. Class A Common Stock to their limited partners and general partners for no consideration.
• On the same date, a16z Capital Management, L.L.C. acquired 33,331 shares and the 1997 Horowitz Family Trust acquired 868,485 shares, both through these distributions.
• On September 9, 2025, Andreessen Horowitz LSV Fund I, L.P., AH Parallel Fund V, L.P., and a16z Capital Management, L.L.C. collectively sold 793,331 shares of Samsara Inc. Class A Common Stock on the open market.
• The sales occurred at weighted average prices ranging from $37.38 to $40.10 per share.
• Following these transactions, Andreessen Horowitz LSV Fund I, L.P., AH Parallel Fund V, L.P., and a16z Capital Management, L.L.C. no longer hold indirect beneficial ownership of Samsara Class A Common Stock as reported in this filing.
• The 1997 Horowitz Family Trust now indirectly beneficially owns 4,351,006 shares, and the Horowitz 2020 Dynasty Trust indirectly beneficially owns 749 shares.
• This Form 4 is the first of three filings related to the same event, with the full scope of transactions involving more reporting persons.

Sentiment

Score: 3

Explanation: The significant volume of insider selling by multiple Andreessen Horowitz entities, despite being preceded by internal distributions, indicates a reduction in exposure to Samsara Inc. by key institutional investors. While one trust increased its holdings, the overall market sales are a negative signal.

Positives

• The 1997 Horowitz Family Trust increased its indirect beneficial ownership by 868,485 shares through internal distributions, indicating continued long-term holding by a related entity.

Negatives

• Andreessen Horowitz LSV Fund I, L.P., AH Parallel Fund V, L.P., and a16z Capital Management, L.L.C. fully divested their reported indirect beneficial ownership of Samsara Class A Common Stock through market sales, totaling 793,331 shares.
• The sales occurred at prices ranging from $37.38 to $40.10, suggesting a belief that the stock was adequately valued at these levels.

Risks

• Significant insider selling by major institutional investors like Andreessen Horowitz entities can be perceived negatively by the market, potentially signaling a lack of confidence in future growth or a belief that the stock is overvalued.
• The large volume of shares distributed and subsequently sold could increase selling pressure on Samsara Inc.'s stock.

Future Outlook

NA

Management Comments

• Each of the Reporting Persons disclaims the existence of a 'group' and disclaims beneficial ownership of the securities held by the AH LSV Fund I Entities and this report shall not be deemed an admission that such person is the beneficial owner of such securities, except to the extent of such person's pecuniary interest therein, if any.
• The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Industry Context

Insider selling, especially by prominent venture capital firms, is closely watched by the market. While distributions can be part of a fund's lifecycle, subsequent market sales indicate a strategic decision to reduce exposure or realize gains. This could be interpreted as a rebalancing of their portfolio or a signal regarding their valuation of Samsara relative to other opportunities.

Related Party Transactions

• The distributions of shares from Andreessen Horowitz funds to their limited partners and general partners (including a16z Capital Management, L.L.C. and the 1997 Horowitz Family Trust) are considered related party transactions.

Stakeholder Impact

• Shareholders may react negatively to the news of significant insider selling, potentially leading to downward pressure on Samsara Inc.'s stock price.
• The sales by major institutional investors could influence market sentiment and analyst ratings.

Next Steps

• Investors will monitor subsequent Form 4 filings from other Andreessen Horowitz entities to understand the full scope of their divestment or retention of Samsara shares.

Key Dates

Recommendation

The substantial insider selling by multiple Andreessen Horowitz entities, totaling 793,331 shares, suggests a strategic decision to reduce exposure to Samsara Inc. While some shares were acquired by related trusts through distributions, the open market sales by the funds and a capital management firm indicate a belief that the stock is fully valued or that capital can be better deployed elsewhere. This action by a prominent institutional investor typically signals a negative outlook for the stock's near-term performance.

Keywords

Samsara Inc., IOT, Andreessen Horowitz, insider selling, beneficial ownership, Form 4, venture capital, institutional investor, stock distribution