Shares of Sumo Logic, Inc. (NASDAQ:SUMO – Get Rating) have received an average rating of “Hold” from the seven research firms that are presently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $13.07.
A number of analysts recently commented on the stock. Morgan Stanley boosted their price objective on shares of Sumo Logic from $10.00 to $11.00 and gave the stock an “equal weight” rating in a report on Friday, August 26th. Royal Bank of Canada reduced their target price on Sumo Logic from $17.00 to $14.00 in a report on Monday, May 23rd. Jefferies Financial Group decreased their target price on Sumo Logic from $12.00 to $8.50 in a research report on Monday, May 23rd. Piper Sandler cut their target price on shares of Sumo Logic from $10.00 to $8.00 in a research note on Wednesday, July 13th. Finally, Cowen decreased their price target on shares of Sumo Logic to $13.00 in a report on Friday, May 27th.
Insiders Place Their Bets
In other Sumo Logic news, CEO Ramin Sayar sold 4,035 shares of the company’s stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $8.60, for a total value of $34,701.00. Following the completion of the transaction, the chief executive officer now directly owns 820,908 shares in the company, valued at approximately $7,059,808.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, General Counsel Katherine Haar sold 5,548 shares of Sumo Logic stock in a transaction dated Wednesday, June 15th. The stock was sold at an average price of $7.31, for a total value of $40,555.88. Following the completion of the sale, the general counsel now directly owns 220,912 shares in the company, valued at $1,614,866.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ramin Sayar sold 4,035 shares of the business’s stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $8.60, for a total value of $34,701.00. Following the sale, the chief executive officer now owns 820,908 shares in the company, valued at approximately $7,059,808.80. The disclosure for this sale can be found here. Insiders sold a total of 133,390 shares of company stock valued at $1,017,534 in the last quarter. Corporate insiders own 7.50% of the company’s stock.
Hedge Funds Weigh In On Sumo Logic
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A number of hedge funds and other institutional investors have recently bought and sold shares of SUMO. WealthShield Partners LLC increased its position in Sumo Logic by 12.1% during the first quarter. WealthShield Partners LLC now owns 12,583 shares of the company’s stock worth $147,000 after buying an additional 1,361 shares during the period. Handelsbanken Fonder AB grew its position in Sumo Logic by 10.9% during the second quarter. Handelsbanken Fonder AB now owns 17,300 shares of the company’s stock valued at $130,000 after acquiring an additional 1,700 shares during the period. US Bancorp DE boosted its position in shares of Sumo Logic by 32.0% in the first quarter. US Bancorp DE now owns 7,741 shares of the company’s stock worth $90,000 after buying an additional 1,875 shares during the period. Versor Investments LP boosted its position in shares of Sumo Logic by 11.8% in the first quarter. Versor Investments LP now owns 18,532 shares of the company’s stock worth $216,000 after buying an additional 1,949 shares during the period. Finally, Strs Ohio raised its stake in Sumo Logic by 6.0% during the second quarter. Strs Ohio now owns 38,900 shares of the company’s stock valued at $291,000 after buying an additional 2,200 shares in the last quarter. 72.04% of the stock is currently owned by hedge funds and other institutional investors.
Sumo Logic Trading Up 3.1 %
Shares of SUMO stock opened at $8.98 on Monday. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of -7.55 and a beta of 1.28. Sumo Logic has a 12-month low of $6.57 and a 12-month high of $19.49. The stock’s 50-day moving average price is $8.02 and its 200-day moving average price is $8.95.
Sumo Logic (NASDAQ:SUMO – Get Rating) last posted its quarterly earnings results on Thursday, August 25th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.04. Sumo Logic had a negative net margin of 49.82% and a negative return on equity of 28.29%. The company had revenue of $74.10 million for the quarter, compared to analyst estimates of $71.55 million. During the same period in the prior year, the company earned ($0.24) earnings per share. The firm’s revenue was up 26.0% on a year-over-year basis. As a group, research analysts predict that Sumo Logic will post -1.22 EPS for the current fiscal year.
Sumo Logic Company Profile
Sumo Logic, Inc provides cloud-native software-as-a-service platform that enables organizations to address the challenges and opportunities presented by digital transformation, modern applications, and cloud computing worldwide. It offers Continuous Intelligence Platform, a cloud-native, multi-tenant, and secure service that leverages to enable reliability and security of cloud applications and workloads.
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